…and why we need to build our own businesses to create wealth. I remember once reading that a job means that you are “Just Over Broke”. Owning your own business means you can pay your self first, set aside greater funds for your retirement in a SEP-IRA or other tax-advantaged savings vehicle and start building equity.
(Double-click on the graphic to enlarge it for reading.)
I recently completed the FastTrac New Venture program of the Kauffman Foundation, offered by the Levin Institute of the State University of New York with the New York City Department of Small Business Services. I am to complete the follow-on program, FastTrac Growth Venture to focus on turbo-charging my business. While at the Levin Institute, I learned of another of their programs: JumpStart NYC to help unemployed professionals in the financial services sector prepare for new roles in small, entrepreneurial businesses.
I was surprised to learn just how many New York residents who lost their jobs in the financial crisis of the fourth quarter of 2008 remain unemployed and are challenged to make the transition to other sectors. Several told me that they found the doors to the non-profit sector and other industries closed because they were “labeled” or pigeon-holed into finance without being given the opportunity to show how their skills could be applied to other needs. As we think about the fact that the U.S. has lost more than 8 million jobs and many Americans have negative home equity, this is sobering indeed. We have to invest in entrepreneurial development if we are to grow our way out of this financial crisis.