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Many individuals hit by the economic downturn are considering starting their own business from home. The first step for starting an internet business should be a thorough soul-searching and investigation into the risks and rewards associated with entrepreneurship. Nearly every community offers marketing training courses at local colleges, as well as marketing symposiums and workshops, and media buying seminars. Of course, there is really no substitute for being hip with today’s news, no matter what industry you’re in. You can also look for ebook downloads, internet design tutorials and read AFP business articles to prepare yourself for the big leap from corporate worker to entrepreneur.

There are many different types of internet business ventures to consider. Some people prefer to go with what they know. Brent Bouchez, David Page and Nancy McNally all worked for top-tier ad agencies before forming their own marketing company targeting consumers 50 and older. Michelle DeAngelis worked at Bank of America for 15 years before branching off to do her own private consulting. By contrast, some internet business entrepreneurs decided to forego their past identities and follow a particular pursuit or passion. Ali Galgano transitioned from a corporate recruiter at Goldman Sachs to a seller of unique costume jewelry. Kelly Elvin went from being a corporate lawyer to a dog trainer. What matters most is that your home based business is something about which you are knowledgeable and passionate.

If you are wondering if you have what it takes to be your own boss and run an internet business from home, then you may be interested in the most recent Ewing Marion Kauffman Foundation survey of 549 company owners. Based on the responses, EMKF found that there were some typical traits associated with entrepreneurs. Most come from upper-lower or middle classes, performed well in school and obtained at least a bachelor’s degree (only 5% did not). Just over half the company founders were the first in their families to launch a business. Three-quarters of all respondents said they worked for another company for 6-10 years before branching out on their own. Many of these business owners were the middle child in a three-child household and are currently married with kids. These are people who are, by and large, motivated to build wealth and capitalize on a great idea.

Even if you don’t want to run an internet business, you will need to learn about how IT and business complement each other. To get started, try to come up with a sensible plan that is based on what you already know. If you were a cook or baker, then open your own catering company or bakery. If you worked for a law firm, you can secure your own clients and start your only legal practice or outsource yourself to other law firms. If you worked in retail, start your own clothing design company. If you were an engineer, consider a startup or become a manufacturing consultant. If you love sports, become a personal trainer. If you love animals, start a doggie daycare, a grooming business or pet training service. There are many opportunities for advancement, despite the recession, so check out the Small Business Association resources and learn about how to proceed.

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