Developing Horizons Magazine (2).pdf Spring 2015 | Page 18

Introducing “The Entrepreneurial Corner” Have you ever thought of starting your own business? Many have and more are doing so than ever before. Perhaps it stems from a desire to feel more connected to their work or feel more passionate about it, perhaps for a sense of control over their vocation and pertinent decisions, or maybe they have a persistent draw toward an outlet for a certain set of skills or creativity. While such benefits might be attractive, it is important to consider each new endeavor in a prayerful attitude, to take time to discover your unique, God-given design and purpose, including those that involve business ventures. If it is part of God’s plan, He will see it to fruition. Let us assume for now that you have taken that time to develop your ideas in prayer. The next question is to determine the financial risks of replacing, or supplementing, your income with a business venture. Many couples are now living comfortably enough to allow risking entry into the world of the self employed. On the flip side, we are also living longer, creating the need for prolonged income in a world where seniors are not always highly regarded, particularly in terms of productivity in the workforce. Consider these facts: According to the Census Bureau, 45% of America’s current workforce will be retiring in the next fifteen years. Also, Social Security statistics indicate that the average person will live to be 97 years old. (This fact was taken from the IRS mandatory disbursement formula of 401K’s at age 70.) These facts combined create something of a good news/ bad news effect – while we might have more years to enjoy our retirement, we might run out of money before we lose the need for it. One of the bestselling books of the 90’s, Die Broke, was written to highlight the timing of monetary needs 18 with monetary generation, with an emphasis on investing in yourself and your family. What happens when the timing is off and we outlive the fruits of our labor? Do we try to re-enter the workforce? Or take risky investments in the stock market? Or give ourselves a loan to begin a small business? While there is an element of risk, you can expect a Return on Investment (ROI) of 15% on most small businesses, which is more than you would net from any reliable stock market investment, with the added perks of personal productivity and service to a community. 1) 2) 3) 4) 5) Marketing Issues Legal Issues Personnel Issues Operating Issues Financial Issues In future articles, we will discuss the five basic elements of business development in order of their prioritization: We will caution future entrepreneurs against formulating ideas around seed capital; this is a classic mistake. We will pinpoint resources for estimating sales potential and researching codes that reflect feasibility before you fall too deeply in love with an idea that may be doomed to fail. We will also remind you to pray for God’s wisdom and guidance. In His light, you will find yourself able to fulfill your divine mission - to know, love, and serve Him on His earth. Rob James is a retired Professor at DeVry Univ. where he taught marketing courses to graduate students at Keller Graduate School, a subsidiary of the DeVry Educational Group. He founded Rob James & As., co-authored a textbook published by Prentice Hall and co-authors these articles with his wife, Judy. They own and operate Boats For Rent and a ‘Wellness Center’. You may send him questions about starting or enlarging a small business at [email protected].