Summary: Obama may have won the 2008 election, but what does that mean for small business? Check out some of the buzz about upcoming entrepreneurial expectations, fears, and hopes, and then weigh in and discuss how you think your business will be affected by an Obama presidency.

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I think enough time has gone by now that plenty of folks have weighed in on President-Elect Obama and the potential impact a Democratically-led federal government may have on small businesses nationwide. Today I’d simply like to direct you to some of those thoughts, giving you some things to think about, whether you’re hopeful about or dreading the next four years:

• Obama’s Impact on Small Business – BusinessWeek
• What’s the Economic Climate for Small Business? – The Wall Street Journal
• Taxes, NAFTA Among Concerns of Entrepreneurs – El Paso Times
• Business Reacts to Obama Win – Birmingham Business Journal
• A Small Business Agenda for President Obama – AllBusiness.com
• Reaction: Pittsburgh’s Business Community Weighs in on Obama’s Victory – Pittsburgh Business Times
• Minority Business Leaders Euphoric Over Obama Win – Portland Business Journal

How do you think an Obama presidency and democratic Congress will affect your small business or freelance career?

Summary: According to a recent NY Times article, entrepreneurs are finding comfort back in the corporate world, deserting their businesses in the economic downturn. Are you one of them? I don’t know about you, but I’m in it for the long haul.

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I was reading an article from about a week and a half ago on the NY Time site: Economy to Entrepreneurs – Turn Back.The article shares a story about one entrepreneur whose business started to fade when clients started opting to do things for themselves – she made the jump back to the 9-5 lifestyle, and apparently others are too – for the security of it.

Maybe it’s just my “never say die” attitude, but I really don’t think these kinds of folks were worthy of a story to begin with – in my eyes, they’re nothing but entrepreneurial slackers.

Why?

Any good entrepreneur knows that when the needs of your market change, so must your business (and your marketing strategy).

In the primary example in the article, we’re talking about an event management / planning company which seemed to have highly specialized interests. Clients started feeling like it was more cost-effective to deal with things internally.

Oddly, that’s usually not the case – contractors are far more often the cost-effective option over having salaried employees devote time to specialized projects. That’s a selling point I don’t think enough entrepreneurs either understand or know how to convey well to prospective clients.

Rather than work through the tough times and learn how to adapt (by altering her specialty, reaching out to new client bases, or developing a stronger USP), this entrepreneur (and others) called it quits.

So tell me again… why was this a story worthy of being picked up by the NY Times? As far as I’m concerned, it’s not – just people who couldn’t cut it in their game, and the Times is letting the economy serve as scapegoat in an example that’s entirely illogical. Bravo.

What do you think? Am I being too hard on them? Would you quit if things got tough, or do you have the entrepreneurial balls to keep on going, adapting to our everchanging markets rather than expecting your tried and true methods to work indefinitely? I’m sure you can guess which camp I’m in.

Summary: US small business owners are worried about inflation and the weakening economy. As an entrepreneur, what are your biggest business concerns right now?

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I came across an article from Reuters this morning talking about the small business outlook on the US economy, and how apparently it’s the worst it’s been since 1980. Read the article.As a small business owner in the US, how do you feel about the weak economy? Are you worried? According to the article, inflation is the biggest business concern for small businesses – with the slowing economy not stopping that inflation. Do you agree?

I’ll admit that inflation’s a problem. As I mentioned in a past post though, the thought of a recession really doesn’t bother me – given the type of work I do, it can even be good for my business, because folks are more interested in hiring independent professionals to save on labor costs. So while it’s a problem in my eyes, I wouldn’t necessarily say it’s the biggest.

Are your views more in line with this report? What business problems plague you the most from an economic standpoint as an entrepreneur?

I came across an article on small businesses and the fear of a recession at the US News & World Report website today. In short, apparently small business owners in the US are concerned about a potential economic downturn. Are you worried? I’m not. (more…)