Now is a Great Time to Start a New Company

Penelope Trunk’s post :”Starting a Company in Silicon Valley” is Stupid reminds us that we have a lifestyle to maintain (husband, wife, children, etc.) planning is essential to taking the first step for a new business.

“Business Startup Successes of 2008” from the start company blog includes the list of 25 most successful startups of 2009  from Business Week. The start company also has a post entitles “Yes, it is a good idea to start a business in this economy!”. This post includes these facts from the SBA Office of Advocacy:

  • Small businesses make up more than 99% of all employers
  • Small businesses create more than 50% of the non-farm gross domestic product (GDP).
  • Small businesses employ about 50% of all private sector workers.
  • Home-based businesses account for 53% of all small businesses.
  • Four (4) years after start-up, half of all small businesses with employees remain open.
  • Small businesses create 75% of the net new jobs in our economy.

Venture Hacks has some ideas if you want to start your company and keep your day job. This post is by Tony Wright from tonywright.com. Tony’s ideas for doing both at the same time include:

1. Have a co-founder and some cheerleaders.

2. Pick a day or two where you always work, ideally in the same room as your co-founders.

3.  Have a boat-burning target.

4.  Pick an idea that is tractable.

5.  Understand that your first version is probably going to suck.

6.  If you’re going to screw off at work (everyone does), spend it getting smart about the stuff you don’t know.

7.  Be sure you own your startup.

In his post, Brian Fling suggests that anytime is the right time to start a company. He believes the following plan will help to get started,

1.  You should do what you love.

2.  Anytime is the right time to do what you love.

3.  Find someone to support and coach you through it.

4.  If you do what you love, rewards will follow.

5.  Have an exit plan, but more importantly have a business plan.

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