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Susan Wilson Solovic Headshot

The Recession Creates a New Business Paradigm: Entrepreneurial Independence and Individualism

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Take at face value the unemployment statistics and you'll be sadly mislead. The current 9.7 percent unemployment rate is only part of the story. The real story is behind the numbers -- the story the media never speaks about -- and that is the number of people who have become employed because they created their own jobs by starting a business. I call this new group of business owners -- entrepreneurs by default, and we are just beginning to see the impact of this group on our economy.

It's a complete realignment of our economy thanks to the recession and the current Administration. People are fed up and tired of fighting the traditional career path -- vying among hundreds for one job opportunity. They are tired of watching unethical corporate greed-mongers avoid the consequences of their actions. They are ready to turn their backs on a world of broken promises, and build a world where their future depends on their own personal fortitude. integrity and hard-work.

Instead of rejoining the ranks of the W-2 workforce, these spirited individuals are choosing to take control of their own destiny and become their own boss. They are starting out as independent consultants, taking on freelance jobs, and identifying unique business opportunities. In this new era, workers recognize the importance of learning how to fend for themselves. No it isn't an easy journey, but it is one American's are tackling with the same spirit this country was built on -- independence and individualism.

Existing business owners too have shifted their outlook as they realize they can't count on government promises to bail them all. Fortunately, most know how to bootstrap and accomplish a lot with a little. Bootstrapping is something all too familiar to these hearty entrepreneurs. The new economy is all about the survival of the fittest. Business owners who hang on to the past and wait for "things to improve" will be sorely disappointed. Businesses that adapt and are innovative will most likely thrive despite current economic conditions.

Finally, the new business paradigm is one of collaboration. Individuals or businesses who want to be an island will find the business waters difficult to navigate in this new environment. In a world where technology and global interdependence defines us, we must all be willing to work together and support one another. Let's go back to the foundation this country was built upon. Individualism and independence. That's what small business is about. And that's what will be the essence of recovery for our nation. A business economy built on the shoulders of individuals willing to take a risk and build the American dream -- their own business enterprise.