Entrepreneurship

 

FIRE YOUR BOSS WHEN YOU ARE 30 :

START WHEN YOU ARE 18

By
Yank Elliot, MBA & IAHBE
Staff Writer

This report  applies to college graduates as well as those completing high school. The college person should act as soon as they read this; they have already lost valuable time. We’ll begin by explaining WHY you need to have your own business (even if—especially if—you’re employed elsewhere). Then we’ll discuss HOW.

Age 18 is the starting point because that is the age of legality. You have to be able
to make agreements without the consent of your parents to have your own business.

High school and college people are all young enough to think they are invincible.

They are armed with tremendous knowledge, and they can change the world and live happily
forever. That is, until the first pink job-termination slip comes and payments
are due on that spiffy new SUV. There may also be family considerations. Everyone
has to have a roof over his or her head, clothes, and food. Health also is not
usually an issue for young people, but the very lifestyles we all enjoy are
beginning to sicken us. Nothing is ever secure and certain, especially in the
present economic climate.

Think for a minute what you are to your employer.

No matter the level of your training when you go to your first job, you know absolutely
nothing. Everyone requires some amount of orientation to learn about the company
environment. You will probably never specifically use much of what you were
taught in school. You will learn about ongoing processes in your company and
go from there. In time, you will become an asset of some economic value to your
employer. You’re human, but after that you are much like a computer or
machine that has been purchased.

When buying machinery and equipment, what happens? The buyer tries to negotiate the lowest
price. The same thing happens when an employee is hired. You are paid the lowest
amount required to get you to work. That may be hard, but it is true.

Then, when the economy sours and business is off, who goes first? Absent a requirement
for experience or unusual ability, the oldest will go first, then the highest
paid and those with the longest service time or seniority.

Why? Because these classes of employees:
Make too much money

Have too many health problems

Know too much about the company and its managers

Aren’t as attractive as younger people

Resist change

May soon be eligible for expensive retirement benefits

In an interview with the Washington Post (www.washingtonpost.com/wp-srv/ liveonline/01/politics/johnson110201.htm),
Heritage Foundation Economist Dr. Kirk Johnson said economists generally believe
the “natural rate of unemployment” is about 6%. In fact, according
to the U.S.Bureau of Labor Statistics, since 1939, there has been no decade
without at least one year of unemployment exceeding 6%. That’s for the
entire year, not just a month or two. In all of those years of relatively high
unemployment, many persons were unable to find work.

If your job is terminated for any reason, or if you leave the workforce for a time and
try to return, you may have difficulty. Where you live and the state of the
economy may have a lot to do with your chances of finding employment.

If you are over 30, your problems begin to accelerate. This is why you should be able
to fire your boss if you want to or if you must.

What is happening at this time in your career? “I just started,” you say.
Your employability could change quickly.

Consider these facts:

If you had a good job before being unemployed, your previous pay scale may be a barrier.
Even if you are willing to accept less pay, your employer is likely to believe
you will be dissatisfied. Given a choice, the employer will likely choose someone
who isn’t used to making a lot of money.

Sometimes a high level of education works against you. You may be willing to take a job
below your skill level, but an employer is likely to view you as a potentially
unhappy employee if you are overqualified for your job (and your salary). You
may be expected to take a better job as soon as one is available; the employer
will then have to go to the effort and expense of finding and training a new
person.

Soon your age will also become an impediment to finding a new job.

When you’re 30, you’re still a viable employee with seemingly endless opportunities.
This isn’t so in reality. You begin to lose much of your employment flexibility
around age 35!

When you’re 40 you are out of the desirable hiring group. Proof of this is the age bias
law covering employees 40 or older. This is the Age Discrimination in Employment
Act of 1967.

The law sounds fine, but without an overt act by a company manager, you’re toast
after 40. You can’t stop potential employers from considering your age
in their mind, can you? They will act on what they are thinking and little of
this will help you as birthdays mount.

There is no loyalty in the job market, and employees know this. They begin to try to
manage their own destiny early. CNN quotes a study by the National Association
of Colleges and Employers, in December, 2000, money.cnn.com/2000/12/11/people/
q_college/index.htm as saying 25 percent of college graduates leave their first
jobs within five years. Although the article cites a strong economy as one reason
for this situation, the fact remains that this trend continues to be a factor
for many businesses.

Assuming most college graduates are 22 or 23 (unless you are on the increasingly common
six-year schedule) five years will bring you close to 30 years old. You need
to be able to fire your boss, as stormy years are approaching for your career.

In "Die Broke" by Stephen M. Pollan and Mark Levine (Harper Business, First Edition,
1998), the authors deal with some facts many people don’t want to acknowledge:
There is no such thing as job security, and to seek such a position in today's
job market is useless and very frustrating.

"Die Broke" provides a great solution to this problem. Wherever you are, whatever
your age, “quit your job”…at least in your mind.

To quit—in your mind—just realize your job does not define you. It is simply a way
of making as much money as you can.

Constantly keep a current resume and do your networking in order to stay in the highest
paying job you can find. The authors call this the “Mercantile Ethic”;
you work simply to increase your earnings.

This is an excellent plan, but remember you become less able to do this after 35. Therefore,
your home-based business is a must for your future financial security.

Also, consider this chart showing the employment situation for each of the 50 states:

Current Unemployment Rates for States and Historical Highs/Lows

SOURCE: Bureau of Labor Statistics

Current Unemployment Rates for States and Historical Highs/Lows

Seasonally Adjusted

Mar. 2003p Historical High Historical Low

State Rate Date Rate Date Rate

ALABAMA 5.7 Dec. 1982 15.6 Aug. 1998 4.1

ALASKA 6.8 Aug. 1986 11.6 Nov. 1998 5.6

ARIZONA 5.9 Feb. 1983 11.7 Jan. 2001 3.7

ARKANSAS 5 Feb. 1983 10.5 Nov. 1999 4.2

CALIFORNIA 6.6 Feb. 1983 11 Feb. 2001 4.7

COLORADO 5.7 Oct. 1982 8.8 Jan. 2001 2.6

CONNECTICUT 5.2 Feb. 1992 8.2 Aug. 2000 2.1

DELAWARE 4.1 Jan. 1982 9.1 May-88 2.9

DISTRICT OF COLUMBIA 6.4 Jul-83 11.9 Nov. 1988 4.4

FLORIDA 5.3 Mar. 1983 9.7 Jul-00 3.5

GEORGIA 4.6 Dec. 1982 8.5 Mar. 2001 3.5

HAWAII 3.7 Sept. 1978 7.8 Jul-89 2.3

IDAHO 5.5 Jan. 1983 11.4 Jan. 2001 4.4

ILLINOIS 6.6 Dec. 1982 12.9 Apr. 2000 4.1

INDIANA 4.7 Nov. 1982 12.7 Sept. 2000 2.8

IOWA 4 Jan. 1983 8.9 Nov. 1999 2.3

KANSAS 4.7 Aug. 1982 7.5 Jun-78 2.7

KENTUCKY 5.7 Dec. 1982 12.6 Apr. 2000 3.8

LOUISIANA 6.3 Sept. 1986 13.6 Dec. 1999 4.7

MAINE 4.5 Feb. 1983 9.9 Jan. 2001 3.3

MARYLAND 4.5 Jan. 1982 8.7 Jan. 2000 3.5

MASSACHUSETTS 5.7 Jul-91 9.6 Aug. 2000 2.5

MICHIGAN 6.7 Nov. 1982 16.3 Mar. 2000 3.1

MINNESOTA 4.4 Feb. 1983 9.2 Apr. 1999 2.4

MISSISSIPPI 5.9 Feb. 1983 13.8 Feb. 1999 4.7

MISSOURI 4.8 Apr. 1983 10.6 Jan. 2000 2.9

MONTANA 4.2 Mar. 1983 9.2 Feb. 2003 4

NEBRASKA 3.7 Jan. 1983 7.1 Jun-90 2.1

NEVADA 5.5 Feb. 1983 11.6 Jun-78 3.7

NEW HAMPSHIRE 4.1 Jul-82 7.9 Mar. 1988 2.2

NEW JERSEY 5.9 May-92 9.4 Feb. 2001 3.4

NEW MEXICO 5.9 Feb. 1983 11.7 Mar. 2001 4.6

NEW YORK 6 Apr. 1983 9.2 Apr. 1988 3.9

NORTH CAROLINA 6 Feb. 1983 10 Jun-99 3

NORTH DAKOTA 3.7 May-86 6.7 Oct. 1997 2.3

OHIO 6.1 Jan. 1983 13.8 Mar. 2001 3.6

OKLAHOMA 5.1 May-83 9.7 Feb. 2000 2.9

OREGON 7.6 Jan. 1983 12.4 Mar. 1995 4.4

PENNSYLVANIA 5.8 Feb. 1983 13.1 Apr. 2000 4

RHODE ISLAND 5.3 Oct. 1982 10.9 May-88 2.7

SOUTH CAROLINA 5.9 Feb. 1983 11.7 Mar. 1998 3.3

SOUTH DAKOTA 3.2 Feb. 1983 6.3 Mar. 2000 1.9

TENNESSEE 4.8 Dec. 1982 12.8 Mar. 2000 3.7

TEXAS 6.7 Oct. 1986 9.4 Dec. 2000 3.8

UTAH 5.8 Apr. 1983 10.5 Mar. 1997 2.9

VERMONT 4.1 May-83 7.5 Jul-88 2.4

VIRGINIA 4.2 Mar. 1982 8 Jul-00 2.1

WASHINGTON 7 Nov. 1982 12.5 Nov. 1997 4.4

WEST VIRGINIA 5.7 Feb. 1983 19.5 Oct. 2001 4.7

WISCONSIN 5.5 Jan. 1983 12.7 Jun-99 2.8

WYOMING 4.1 Feb. 1987 10.7 Apr. 1979 2.2

Note: Data series begin in January 1978, except for California, where it begins
in January 1980.

Rates shown are a percentage of the labor force.

p = preliminary.

NOTE: Data refer to place of residence. Estimates for recent years are provisional
and will be revised when new benchmark and population information becomes available.
Historical highs and lows show the most recent month that a rate was recorded
in the event of multiple occurrences.

Last Modified Date: May 8, 2003

If you live in a state with 5.5 % unemployment or higher you will have difficulty
finding a new job.

There IS a better way!

There is a new business model made easier by Internet technology. It provides a way for
a person to devote a small amount of time each week and gradually build a business
with great flexibility in a few years. It has the power to provide an income
in six figures.

So, if your job is terminated, if you are laid off, if you become ill, or you just
get tired of the hassle, so what? You don’t need to work for anybody but
YOURSELF!

Everyone won’t have the vision to see how such a business really works. A doctor
or lawyer making perhaps hundreds of thousands of dollars each year is likely
to scoff at anyone’s ability to spend a small amount, perhaps just $29.95
per month, to make any kind of serious income.

But many successful entrepreneurs have done just that.

How do you start a home-based business?

Excellent blueprints for success are right in your MoneyPak. There are interviews with
successful entrepreneurs who have appeared in past issues of SFI Magazine. These
may be viewed from your MoneyPak or online at IAHBE (www.iahbe.org) under the
MoneyPak section. Pick a month, and you’ll find archived interviews.

In Volume 5, No. 4, Charles Fuchs tells how he became a Diamond in Lifeforce International
in just five months. His best month at the time of the interview was $57,000.

The story of Jennifer Ambrose is in Volume 6, No. 1. Her business is Empowerism and she
was profitable after one month. At the time of her interview, her monthly income
was $20,000.

Gery Carson has written two books about great entrepreneurs. His latest one is "The
Home Business Revolution’s Greatest Entrepreneurs, Volume 2" (HBRGE),
Carson Services, Inc., 2003.

Joseph Lemire is interviewed in this book. Mr. Lemire represents Pre-Paid Legal Services.
Although he did not specifically say what he makes in a month, he did indicate
it’s about what many make in a year.

There are many other success stories in Gery’s HBRGE books and there will be more
to come as free book-of-the-month offers with your monthly MoneyPak. There’s
no need to re-invent the wheel. Study these interviews and fit their ideas into
your plan.

If you’re interested in one of the businesses you find here, contact the person mentioned.
They may not directly put you in their downline, but they will surely place
you where someone will be happy and able to help you get started.

There are more ideas about succeeding in a home-based business in “Stories About
People With Successful Home-Based Businesses” in the March, 2003, MoneyPak.
If you don’t have the CD, you can find it on the IAHBE
site.

There is an enormous amount of help available right here at the
IAHBE. Add the resources from SFI, and you have everything you need to succeed.
Use all of it.

If you are already older than 18, don’t hesitate. Start your plan to make your
own job and fire your boss whenever you want. It’s your key to financial survival.

SOURCES
Pollan, Stephen M., and Levine, Mark. Die Broke. Harper Business, First Edition, 1998.
RESOURCES
Home page of the Bureau of Labor Statistics, Everything the government knows about employment—www.bls.gov/home.htm

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Article by Yank Elliott, MBA. Yank is a home-based entrepreneur and freelance business
writer in Belhaven, North Carolina, USA. His Website is www.furriwhalesworld.com.
He is currently a staff writer for
IAHBE. Contact Yank at globalbiz@furriwhalesworld.com