Blog from Holly A. Magister, CPA, CFP®–November 10, 2008
So Glad To Be an Entrepreneur During This Financial Mess!
Holly A. Magister, CPA, CFP®, founder of Enterprise Transitions, LLP
November 10, 2008
This may be quite contrary to what one may think when all you hear is doom and gloom through the media about the financial mess we are in. Mess, yes indeed, we have a mess on our hands! However, I truly believe that people in America are the most resilient people on earth. And the most resilient people I know are Entrepreneurs. They have built our country and will be the greatest contributors to the solution to the mess we are in.
Frankly, what Wall Street, Main Street, and Congress find most concerning is what the lack of credit available to Entrepreneurs will do to our economy. Entrepreneurs are Business Owners that create and maintain more jobs in America than any other category of employer. Without affordable and accessible credit, Entrepreneurs will not order inventory. Likewise, rent, utilities, and payrolls cannot be paid. There is nothing more important to an Entrepreneur than cash provided through the availability of credit. And there is nothing more critical to the American economy than credit.
What I find ironic about the financial mess that we are in is that the mess was not created by Entrepreneurs while the lack of credit available to Entrepreneurs is bringing the American economy to its knees. The banking industry was incentivized to write bad mortgage loans and indeed they did so for more than a decade. Entrepreneurs did not create this mess!
Entrepreneurs are innately capable to deal with messes. They do it every day and they do it very well! The Entrepreneurs that I have the pleasure to work with have already developed their “Plan B and Plan C”. Many of them do it on the back of an envelope; many do it when they are not sleeping at three o’clock in the morning. Nothing pretty, nonetheless, they have a plan.
We are living at a time that we will remember and talk about for decades. I cannot wait to see how the most resourceful, resilient people in America clean up this mess–the Entrepreneur.
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