Just recently, while visiting
with a client, I learned that
the payment we had just
received for the display
advertising he had previously
placed in one of our recent
publications came not from
income generated from his
business, but rather from
proceeds from his Individual
Retirement Account, or IRA.

This is not the first time
this has happened as another self-employed couple also sold
stock in their retirement account to pay debts incurred in the
operation of their business. Slumping sales made this action a
necessity if they were to continue the pursuit of their dream.

I’ve thought a great deal about this act and other actions
taken by so many self-employed entrepreneurs to remain
viable during this recession.

In the absence of bank financing and with depleted cash
reserves, many self-employeds turn to equity in their homes,
retirement accounts and alternative sources of revenue to
finance the operation of their businesses.

It must be difficult for non-self-employeds to appreciate the
level of commitment many self-employed entrepreneurs have
toward their businesses, that they would risk everything in
the pursuit of their dreams.

I’ve also come to realize that the term entrepreneur is little
more than a generic term today used to describe most
anybody with management responsibilities. I was even told
several years ago by the president of a division of a Fortune
500 company that he and other managers at his firm
“embraced the entrepreneurial spirit.”

When asked what that meant, he offered a seemingly weak
response, at least from my perspective of 26 years as a
self-employed entrepreneur. Perhaps he was dismayed by my
reaction, but I soon came to realize that he had never walked
in the shoes of a self-employed person.

I guess it’s like the story about the preparation of a bacon
and egg breakfast. While it can be said that the chicken is
involved, there is no question that it was the pig who was
totally committed.

While I don’t question the involvement of non-self-
employed management in the daily and future operation of
their respective companies, unlike the self-employeds, they’re
not required to finance operations from their personal fortunes.

Granted, while many management teams have taken
involuntary pay cuts and bonus reductions, I doubt that any
voluntarily contributed their own personal capital to the
companies they manage.

I’m not complaining mind you. We self-employed
entrepreneurs voluntarily chose our direction. But it seems
that a new definition is required to define those that are
committed and those that are merely involved.

Nearly half my life has been lived as a self-employed, so
there’s no question I lack objectivity. I’ve never regretted the
decision I have chosen, nor would I give up the risk/reward of
self-employment for the security of a paycheck.

I just wished there was a word to adequately describe the
self-employed entrepreneurs that I meet daily who risk
everything and that a nation looks upon to create the 60 to
80% of the jobs needed to lift us from the grip of the most
severe recession since the 1930’s.

Perhaps it’s hero? EK

It seems that a
new definition
is required
to define those
that are committed
and those that are
merely involved.