A laid-off worker struggles with many different emotions: anger, disappointment, embarrassment, and self-doubt. But for many laid-off corporate workers, the change opens up new doors, providing them with hope and opportunity.
Spurred by the drive to succeed and spurned by a former employer, a laid-off employee has just the right motivation and drive to try something innovative and new. Consider these top reasons laid off workers make the best entrepreneurs.
1. The Motivation is High
When you have been laid off, there is a lot of motivation, not only to prove your former employer wrong, but to support you and your loved ones. This drive is both palpable and powerful; it is a big motivator for success.
2. There Is Time
Too many would-be entrepreneurs are only tinkering in the work, thinking of it as a hobby while they continue to work full-time. When a layoff happens, however, you have the time to commit fully to your new venture. Thinking of your new business as a job, not a hobby, is the right approach.
3. Adversity Builds Character
People who have been laid off have already been through the school of hard knocks and graduated with honors. That adversity can be converted to steely-eyed determination that drives entrepreneurial success. If you have been laid off, you have already experienced one of the most difficult life events, meaning you are well prepared for the challenges of running your own business.
4. Energy is Renewed
After a layoff, workers often find they discover energy and commitment they either never realized they had or have not had in a long time. If that is true in your case, you can focus that new enthusiasm and commitment fully into a new venture.
5. Passion for Work
Laid off employees have a world of options. And perhaps for the first time in their professional lives, they can work in an industry in which they have always wanted to work. Just think of the possibilities. You can be your own boss and control your own destiny, feelings that are difficult to come by in a corporate job.
6. Lots of Support Available
Entrepreneurs have many resources available to them, from the U.S. Small Business administration to local incubators and start up support groups. Thus, you may find a wealth of resources and information you can use to pursue a new career course.
7. Tap Into a Resourceful Spirit
There are few things in life that can rev up your resourceful nature more than being laid off. Rather than viewing a lay-off as an end, entrepreneurs view it as a great motivator to use their available resources in new and inventive ways.
Once you have decided on a new career path, a quick inventory of your existing resources may help you fund your dream. For example, consider this inventive funding strategy. If you have an existing 401(k), you may already have the funds you need. What a wise use of resources that can prove to be!
At Benetrends, we work closely with entrepreneurs to find the financing and support they need for success in their next business venture. For decades, Benetrends has been a leader in securing funding using existing 401(k) and IRA funds.
Using a specific corporate structure, your business can leverage your retirement funds to gain access to much-needed funds in a matter of weeks. At Benetrends, we provide entrepreneurs the advice and guidance that let them be operational quickly.
In addition, we provide a full range of other business support services, including retirement fund management, credit card processing, payroll management, and insurance options. Schedule a consultation with your FranNet consultnat to see how Benetrends can help you use 401(k) business funding in the next phase of your professional life.