Chapter 1: The Right Time to Start

In the late 1970s, I purchased my first house amid challenging economic conditions: home loans were at 15 percent, unemployment hovered around 10 percent, inflation was also at 10 percent, and the prime rate reached 20 percent. It was a daunting time to make such a commitment. Fortunately, I secured a GI Loan, which allowed me to pay only 11 percent interest.

During that era, many believed they were witnessing the end of low home loan rates and full employment. It certainly appeared to be an unfavorable climate for launching a small business, yet entrepreneurs took the plunge.

Resilience in Adversity

As the following decade unfolded, we realized that circumstances evolve. Businesses that began during those tough years emerged significantly more robust after weathering the storm. Consider the entrepreneurs who started their ventures during the Great Depression of 1929. If iconic figures like Henry Ford, Carnegie, Edison, Proctor & Gamble, US Steel, and Standard Oil had chosen to wait for better times, where would we be today?

Chapter 2: Embracing Risk

Entrepreneurs are inherently risk-takers. The reality is that risk will always be present; unfortunate events can befall even the most diligent business owners. The pandemic caught many by surprise, leading to the closure of numerous businesses, including hundreds of restaurants in metropolitan areas such as New York due to government mandates.

Life's Uncertainties

Just as there are no guarantees in business, life itself is fraught with uncertainties. Market shifts, natural disasters, evolving consumer preferences, and innovations can derail any business plan. The transition from eight-track tapes to cassettes, then to CDs, and ultimately to digital downloads exemplifies this constant change. Even traditional communication methods have evolved, with cell phones replacing CB radios, while young creators now earn substantial incomes on platforms like YouTube and TikTok.

Chapter 3: Moving Forward

Many may question the wisdom of starting a business when there are dire predictions regarding climate change. However, I view that as a pessimistic perspective. The same resilience that fueled innovations during the Great Depression will empower future entrepreneurs to tackle any forthcoming challenges.

So, take a deep breath and pursue your business idea. If you hesitate, someone else will seize the opportunity. As Davy Crockett wisely stated, "First be sure you're right; then go ahead."

I appreciate your time reading this piece, and I encourage you to support me and other writers on Medium. For just $5 a month ($50 annually), you gain unlimited access to an impressive array of articles by top writers. Click this link to join my Medium community and explore countless enriching stories.

I extend my heartfelt thanks to my followers and those who have referred others; your support makes writing a joyful endeavor. I also invite you to subscribe for updates on my latest posts.

For further insights, check out my Amazon best-selling book, "How to Market, Advertise and Promote Your Business or Service in Your Own Backyard."

Don't forget to subscribe to my YouTube channel, The Art of Learning Small Town Business, and tune into my weekly radio show, "Open For Business," airing Saturdays from 8 AM to 11 AM Mountain Time. You can listen live at kmmsam.com.

Here's a video titled "There's Never Been A Better Time To Start" that elaborates on the advantages of seizing the moment to begin your entrepreneurial journey.

Another insightful video, "There's Never a 'Right Time' to Start a Business," reinforces the idea that timing is often a subjective notion in the world of entrepreneurship.