Entepreneurial Solution to Job Shortages

If you’re like millions of new college graduates, you’re having a very hard time finding a job now that you’re out of school. Unemployment is high, and competition for the few open entry-level positions is fierce. Is there a better way?

This Sunday’s New York Times article “No Jobs? Young Graduates Make There Own” explores and often-overlooked option: entrepreneurialism. More and more college graduates are starting their own entrepreneurial projects and taking advantage of specific market niches. This is made possible by the internet, which has made starting a business cheaper than ever before.

Actually, I think this is a great idea for all people having trouble finding a more conventional job. As an entrepreneur myself, I can speak to how rewarding the undertaking is if it’s managed right. Here are some of my tips to potential entrepreneurs just getting their start:

  1. Plan on something simple with high demand for your products or services in the marketplace.
  2. If you don’t have an idea already, start brainstorming with what you know.
  3. Use a shoestring budget to make the most of your limited resources. Save money wherever you can.
  4. Take advantage of all shared or open resources afforded to you, including the Young Entrepreneurial Council started by the entrepreneur at the center of the NYT article.
  5. Do as much of the work needed by your company by yourself. Use open-source software and anything free to save money. The article mentions entrepreneurs teaching themselves HTML and using free online resources so that they could design their websites themselves without hiring a web designer.
  6. Set up a professional “front’ office by using a hourly office service. This is especially useful for startups, especially since they have hourly rates for conference rooms and phone answering services. Most major cities have services like this, including New York City and Chicago.

Though entrepreneurialism is always a risky enterprise, now is the time to take a shot if you’re young and serious about your idea. It’s a difficult way of life, but the best if you learn to love it.

What are your thoughts?

JS

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