Did you know that 75% of company founders worked for someone else for at least six years before launching their own firms? Moreover, half the company founders worked for someone else for more than 10 years. This summer survey of 549 company founders (conducted by Ewing Marion Kauffman Foundation) also found that millions of ex-employees are now starting their own businesses rather than stand in the unemployment lines. Most people are working the jobs of many — doing all the web design, marketing, office supply purchasing, IT and business work themselves. If you have the drive and the patience, there may be the perfect internet business waiting for you.
There are many different types of internet business ventures to consider. Some people prefer to go with what they know. Brent Bouchez, David Page and Nancy McNally all worked for top-tier ad agencies before forming their own marketing company targeting consumers 50 and older. Michelle DeAngelis worked at Bank of America for 15 years before branching off to do her own private consulting. By contrast, some internet business entrepreneurs decided to forego their past identities and follow a particular pursuit or passion. Ali Galgano transitioned from a corporate recruiter at Goldman Sachs to a seller of unique costume jewelry. Kelly Elvin went from being a corporate lawyer to a dog trainer. What matters most is that your home based business is something about which you are knowledgeable and passionate.
If you are wondering if you have what it takes to be your own boss and run an internet business from home, then you may be interested in the most recent Ewing Marion Kauffman Foundation survey of 549 company owners. Based on the responses, EMKF found that there were some typical traits associated with entrepreneurs. Most come from upper-lower or middle classes, performed well in school and obtained at least a bachelor’s degree (only 5% did not). Just over half the company founders were the first in their families to launch a business. Three-quarters of all respondents said they worked for another company for 6-10 years before branching out on their own. Many of these business owners were the middle child in a three-child household and are currently married with kids. These are people who are, by and large, motivated to build wealth and capitalize on a great idea.
Ray Gaines, entrepreneur and author of Start Your Own Business, says that it usually takes about six months to get an internet business up and running, but it’s certainly worth the time and effort. “Surprisingly, a recession can provide opportunities for business startups, particularly as the proverbial green shoots appear and the wheels of industry start to churn again,” he says. “When the recovery begins, people and companies start to spend and look for suppliers. Those new businesses that have made their names known through good marketing during the downturn will be noticed.”
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