- Posted in: Business Planning
It takes a certain type of person to be a successful small business owner; someone resourceful, optimistic, and willing to work hard and take risks. People with these qualities aren’t going to feel daunted by a recession or slow economy. In fact, some will even look with relish upon the challenge it presents. One recent article in the New York Times, Betting Your Retirement on Your Startup, highlights exactly this resourcefulness.
Not about to let the panic on Wall Street slow them down, certain determined entrepreneurs have chosen to forgo investors and small business loans. Instead, they have taken the plunge on their own by investing their retirement savings in their own small business venture. “It’s a risky strategy,” writes author David S. Joachim, “one that has business owners essentially betting their retirement on their company.” But a willingness to take risks is exactly the quality that can make business owner a success.
Of course, a willingness to take risks should not translate into rash decision-making. A strong legal and investment background will be required to make this particular strategy, one that Joachim says is “so novel that many business analysts, tax experts, and even Internal Revenue Service officials said they had never heard of it” work for your company. In situations such as this, serious research and quality advisors can mean the difference between success and failure.
Our firm has worked hard to serve small business owners in the past, and we intend to continue helping our entrepreneurial friends far into the future, through times both lean and robust. Call our office for help moving your business in the right direction.