You May Be Today’s New Face of Entrepreneurship - Part 3

In the final installment of this series of blog posts, I'm happy to point out that our area is filled with individuals grabbing the bull by the horns -- taking control of their own destiny. Franchise industry statistics tell much of the story.

In fact, the trend toward small business ownership is especially pronounced in the franchising industry. Projections for franchising industry growth in 2012 provide a fair amount of hope for a large-scale economic turnaround. According to an IHS Global Insight report for the International Franchise Association Educational Foundation, the number of franchise establishments will increase by 2 percent this year. Output of franchise businesses will grow by 5 percent and growth of GDP originating in the franchise sector will increase by nearly 5 percent.

In many cases, first-time entrepreneurs are choosing franchising over Wall Street investments. They consider the former a more formidable way to invest in their future than the stock market. Investing or creating stable, recession-resistant concepts, rather than the flavor of the day is more common today. Plus, many independent sellers of businesses and franchisors are retooling to attract today’s new investor. The seller side of the process is playing into a new type of investor more concerned, but more optimistic; hopeful about making a career change but significantly more careful about the business they buy. Investors want to know: Will this concept or product be relevant in 10 years?

Of course entrepreneurship isn’t for everyone. Becoming a success story requires time, money, and personal sacrifice to achieve the ultimate goal of financial freedom. Yes, you must be pioneering, but you must also be disciplined, energized, and laser focused. Do you have “the fire in the belly?” If yes, then you’re headed in the right direction.

So, are you the entrepreneur of today – energized about controlling your own destiny and tired of running into barriers? Enough Chicagoans have seen the economy and the job market sink for far too long, and an air of entrepreneurial optimism is among us.