Being an entrepreneur has serious benefits. As an entrepreneur, I am my own boss. I get to choose what kind of business I want to run and set my own hours. I am able to enjoy the benefits of total responsibility when I succeed. I am able to financially benefit from selling a product that people want. Needless to say, making it as a successful entrepreneur is a very rewarding experience.  If you want to know more reasons why I think being an entrepreneur is great, you should read this article I wrote last August when you finish reading this post.

However, there is a downside to entrepreneurship. While I stand to benefit from my success, I also stand to lose from failure. Last week, I experienced a truly painful failure for the first time.

To put it simply, I was beat by a competitor I didn’t even know I had in getting my product to market. I won’t bother going into detail about the product or the competitor as neither of those things matter now. The point here is how I felt when suddenly and without warning, a window of opportunity that I was tremendously excited to exploit was slammed shut. Sadly, there is no room for two identical businesses in the market I was hoping to enter. There were a few things that made this particularly painful. The first thing was just how much time I spent doing the research and legwork needed to get my new idea off the ground. All of that time was lost. The second thing was that I had ignored my gut instincts to launch my new business as soon as I had the idea. I waited a few months to finish another project that I was working on. If I had started sooner, I would have beat my competitor to market. The last thing is that I could have made a lot of money had I been the first one to get this product to market.

Now, a week later, I have realized that not all is lost. While it took me a few days to clear my head and get back on track, my entrepreneurial resolve is now stronger than ever. Able to start from scratch, it is clear to me that even in these frightening economic times, there are plenty of opportunities. Let me tell you what my strategies are in finding the next big idea and why I think entrepreneurship is the key to creating jobs and stabilizing the struggling economy.

1. Network like crazy.  To put it simply, business is all about who you know and connections are key.  Your job as an entrepreneur will be much easier if you know people, so print some new business cards and get out there.  Meeting people also exposes you to new ideas and perspectives which is great for creativity.  A networking event sparked the creative process that led to my last big idea.  Also, as an entrepreneur without a plan, I make for a pretty good business partner.  I might end up meeting somebody with a great idea that doesn’t have my particular set of skills which are useful in launching any business.  Even if you don’t want to own your own business, meeting people is a great way to sell yourself and land a job.  Do a Google search for entrepreneurship networking events in your area and you will be surprised at what comes up.  What could be more rewarding in this economy than actually getting out there and working with your fellow community members to create jobs?
2. Read, read and read some more.  Knowledge is the key to understanding market opportunities and coming up with new ideas.  Read about investing, read about economics, read about specific industries, and read about new scientific and technological developments.  All you have to do as an entrepreneur is fill a need for a specific demographic.  Maybe you see that there is a way for businesses to operate more efficiently using technology and you save them money.  Maybe you figure out a consumer need and create the next product that changes the way we live.  Maybe you see that there is a local need for a restaurant that delivers huge burritos.  Learning never hurt anybody and nobody has come up with a great idea without doing some serious research.
3. Find a way to earn enough cash to get by while you work on your business.  Landing a job right now isn’t easy and people are reluctant to part with their cash.  Either way, you need to pay the bills and ideally, you want to earn money in a way that helps you learn and network.  I’m lucky to be in a stable financial position right now because I made sure I had enough to get by before I began the work needed to launch my last business.  I hope to grow this long neglected blog as a way to make money, share some of the things that I know and network with people.  I’ve already found an economist who has expressed interest in posting here and working with me on other projects which I believe will be of great benefit to my readers along with any future businesses that we start together.  I also am about to send out a mass mailing offering low cost consulting services to small businesses and non-profits in some of my other areas of expertise.  Even if you don’t have your dream job, you always have control over your life, and it is easy to choose a path that sets you up for success down the road.

One week after a painful setback, I have seen that not all is lost.  I have already put together a huge local mailing list, business plan and pitch letter for my consulting services that will be of great benefit for years to come.  I have discovered that there are more entrepreneurship networking events than I could possibly begin to attend within driving distance and I have done a fantastic amount of reading on the fundamental economic forces that are operating on a market that I find extremely interesting.  I’ve spent time brainstorming and I am confident that even during these tough times, there is still immense opportunity.  Despite my setback, I’m still eager to create value, create jobs, and make this world a better place.  Who is with me?