2012 — Year of teh Successful Entrepreneur

There is a silver lining to sustained levels of high unemployment and a systemically damaged economy:  it is the impetus to do more with less; to make every dollar count; and to reorder priorities.  The survivors will be those who successfully find the right balance between independence and community.  Freelancers Union projects some 42 million Americans – 30% of the workforce — make their living independently.   But in truth, they can”t make it alone.  Beneath the surface of the stories of thousands of laid-off workers applying for jobs are many who have made the decision to strike out on their own — to make a future for themselves — to become entrepreneurs and masters of their own destiny.  The paradox is that they cannot succeed by themselves.  But perhaps never have there been so many tools and opportunities for the entrepreneur to succeed.

To be successful, an entrepreneur needs vision, opportunity, and guts.  On a practical level, the entrepreneur needs a functional structure,  access to resources, and funding.  For legal and tax reasons, today”s entrepreneur needs to give serious consideration to the right type of entity within which to operate, and it is relatively simple to set up a corporation or limited liability company (LLC).  Thanks to the ever-evolving social media (SM) tools available through the Internet, such as Google , Twitter, YouTube, Facebook, and Linkedin, not to mention the speed and ease of access provided by smart phones, tablets, and laptops connected by broadband and WiFi practically everywhere, today”s entrepreneur can quickly and easily get essential marketing and technical support, build customer bases, and with just a little effort, reach millions in moments as never before.  Third, with banking institutions stuck in neutral, many investors are discovering the treasure trove of privately held funds looking for an alternative to the roller coaster ride of Wall Street”s offerings, and with an estimated $94 billion in self-directed IRAs, there is plenty of opportunity to go around.

1.   Picking the right entity.  The romantic notion of the sole proprietor rising to the top on his or her own volition is the stuff of many novels, but in today”s complex and modern environment, the entrepreneur is well-advised to protect themselves with a structure within which to operate their business.  Concerns about liability and exposure to litigation may be a bit overblown by those who seek to alarm rather than inform, but there is more to forming a legal entity than just asset protection.  The right entity provides a framework or structure within which to carry on a business properly, with due consideration for proper accounting and legal elements.  Selecting the correct entity can help the entrepreneur confront and even take advantage of tax consequences.  And last, but certainly not least, forming an entity enhances credibility and sustainability of the enterprise — both of which are very attractive features to investors!

2.   Managing Resources.  It takes a village.  The common thread of all successful entrepreneurs is that they knew what they didn”t know, and knew enough to pick good Några av de största progressiva jackpottarna i online- spelautomater online nas historia finns här och väntar på att du ska vinna dem, och nya slots läggs regelbundet till på vår webbplats. people with the right skills to build successful teams of experts.  Most everyone recognizes that everything is connected — the successful entrepreneur focuses on the points of intersection.  In today”s online environment, where more and more resources are moving to the Cloud, the essential skill is not having the largest number of followers or Friends, but efficiently connecting with the mission-critical individuals and information necessary to achieve your objectives.  Fortunately, the same forces that threaten to overwhelm your bandwidth also provide you with access to extremely skilled individuals who, in their own entrepreneurial way, can help you sort the wheat from the chaff, manage information, and handle the technical details.

3.   Financing.  The mother”s milk of all great ventures is, of course, financing.  But for the vast majority who do not have ready access to venture capital or a loan officer on speed dial, finding working capital can be a challenge.  To the rescue — self-directed Individual Retirement Accounts — held by individuals looking for an opportunity to earn more than what Wall Street has provided, and perhaps gain a bit of altruistic pleasure from helping a fellow entrepreneur.  To be certain, there are rules and regulations, but with the banks and conventional lenders sitting on their hands, it is likely that more and more individuals will seek alternative sources of funding.  It may be 0nly a matter of time before the sum of retirement funds assets held in self-directed IRAs — currently estimated at around 2%, or $94 billion — will expand as the opportunities grow.  When self-directed IRAs compete, entrepreneurs win.

Crisis breeds opportunity.  Motivated by the harsh reality of sustained levels of high unemployment, more and more individuals will be striking out on their own.  Those who take the proper steps will find an interesting combination of new tools and resources, as well as access to financing, that was not available only a few short years ago.   Combining vision, opportunity and guts with practical and professional legal and tax advice, today”s entrepreneur can significantly enhance the probability of success in these turbulent times.