Fear and the New Economy
by Elizabeth Cusulas
Details In Retail, Inc.
My neighbor lost half her job last week. She’s worked for a hospital in Detroit for 10 years. An evaluation team was called in to make cost-saving cuts. Her department was told they had to cut exactly ½ of an employee – based solely on seniority. So, as the last hired, she found herself in the frightening position of having her full-time job turn into a part-time job. Without any warning or notice, half her income vanished overnight.
Welcome to the new economy. The hits just keep coming…
I’m old enough to remember the days of job security. It seems a quaint notion now, the idea that you can get a job and keep it – as long as you don’t screw up too badly. Now employment is more like a combination of the stock market and a carnival ride. Up, down…round and round…try not to lose your lunch.
What’s the answer? Increasingly, the solution seems to be: create your own job. Find a way to be your own boss and you can reduce the randomness in your career path. No faceless bureaucrat will downsize you if you’re the boss. No one will ignore your experience, expertise or advice. You won’t take the blame for someone else’s failures or have someone else reap the rewards of your success. Owning your own business also offers the advantages of low overhead and flexibility – allowing you to quickly adapt to changing market conditions. In this economy, small businesses often have a competitive edge.
So why aren’t more people becoming business owners?
According to Paul Bensman, President of Details In Retail, a business consulting firm in Metro Detroit, the two main factors are: fear of the unknown and fear of failure.
Fear of the Unknown:
My neighbor was a model employee, but she became a casualty of the unknown. She was diligently doing her job – going above and beyond, in fact – but she ended up as an extra 1/2 employee on a balance sheet. Fear of the unknown is a fact of life. This economy has brought fear of the unknown into every home. There’s no job security anymore. Your job could be on another continent or gone entirely by tomorrow.
Get over it! If you want to start your own business, there are many resources available to help you. Don’t think you have to know it all before you begin. Knowing where to find the answers is as important as knowing the answers. Learn a little and the great unknown becomes a lot smaller and a lot less intimidating. Find an advisor with real-world business experience who can help you explore your options.
Fear of Failure:
Failure is a given. Everyone will eventually fail at something. Wouldn’t it be nice if you weren’t always at the mercy of someone else’s failure? My neighbor didn’t fail her employer, her employer failed her.
Again, GET OVER IT! Every job is risky these days. But if you’re the one making the decisions, won’t you have a greater chance of making the decisions that are right for you? With a good idea, smart planning, professional advice, hard work and the right support team, there’s no reason you can’t succeed. If you don’t have your own idea for a business, you can buy an existing business or franchise. Why not consider the possibilities?
Is being your own boss the right path for you? Maybe. Maybe not. Just don’t let fear decide.
If you’d like to talk to an experienced business consultant to see if you’re ready to be your own boss, Details In Retail offers a FREE initial consultation. Just complete the online request form to get started.
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