| How's That Retirement Planning Going? | | | | entrepreneurs work for themselves, but earn ALL of |
| "A good job should lead to security in retirement. I | | | | their income online. These businesses develop using |
| ask Congress to enact new safeguards for 401(k) | | | | newer methods of marketing, such as online |
| and pension plans. Employees who have worked hard | | | | advertising, online retailing and online services, to |
| and saved all their lives should not risk losing | | | | name a few. Then there's the term: |
| everything if their company fails." | | | | The Home Business Owners - The home business |
| -- President George W. Bush, State of the Union | | | | owner is another niche of entrepreneurship. These |
| Address, January 29, 2002 | | | | business owners run legal and official business models |
| The collapse of a large company, such as Enron | | | | with the exception that the business location is within |
| brings out many tales, but none motivate action | | | | their own homes and they do not commute to 'brick |
| more than images of workers now left with little or | | | | and mortar' offices away from the home. |
| nothing in the way of retirement plan benefits. In | | | | The Freelancers - The freelancer does not officially |
| response, President Bush requested legislation in 2002 | | | | or legally run a business entity, but is still considered |
| to help employees in the future against such | | | | to be self employed. The freelancers generally works |
| catastrophic losses. | | | | under a contract with several different clients and |
| Nevertheless, that safety net once in place for long | | | | may provide various services. He sometimes may |
| term employees in exchange for years of company | | | | work from a home, or on a temporary basis, may |
| loyalty has been torn to shreds. We now witness the | | | | also work from a particular client's business location. |
| abuse brought about through the alliance between | | | | The Independent Consultant - The independent |
| large corporations and government as more and | | | | consultant also usually works as an independent |
| more of our American jobs export oversees. | | | | contractor on a per-project basis and may consult his |
| A river of greed cascades from positions of power | | | | clients on various business matters. Essentially the |
| to drown the common worker in the white waters | | | | same as a freelancer, the independent consultant |
| of insecurity and lack of confidence. The belief that | | | | often manages his freelance jobs in a manner more |
| years of work and company loyalty secures your | | | | likely to resemble running an official business. In fact, |
| financial stability at the end of a working life is more | | | | some independent consultants form companies |
| wishful thinking, than an expectation for most of us. | | | | structured as sole proprietorship or partnerships as |
| So this is why I believe that each of us MUST | | | | opposed to simple freelancing without a business |
| consider relying more and more on our own | | | | entity. |
| independent efforts to secure our retirement. We | | | | The Investor - Some individuals resist working for |
| must start preparing and training for new income | | | | others as they enjoy the self employed life and |
| streams as an act of self preservation. This could | | | | choose to earn their incomes strictly through |
| include securing second incomes by starting a home | | | | investing in other businesses, projects, or |
| based business or joining an internet money making | | | | opportunities such as the stock market and forex |
| opportunity. The mindset has got to be restructured | | | | markets. |
| so that while you are still expecting a good outcome, | | | | The Partnership - It is really not necessary for a |
| you're also preparing for the worst (just in case)... | | | | business owner to actually own their own |
| Enter, Your Retirement Cashflow Solutions, Plan B | | | | solo-business to be considered self employed. In fact, |
| Self employment implies that someone works for | | | | many self employed people own businesses with one |
| themselves. These types of individuals are referred | | | | or more partners and share the risks and |
| to as either entrepreneurs or business owners. | | | | responsibilities under this type of protective entity. |
| In fact, there are several forms of self employment | | | | The Owner / President / CEO / Stockholder - This |
| that anyone wanting to work for themselves can | | | | group of people are a composition of a combination |
| pursue, such as: | | | | of several of the other types of self employment. |
| Entrepreneurship / The Small Business Owner - An | | | | The difference being that they tend to gravitate |
| "entrepreneur" is a small business owner of a | | | | towards larger corporations, or organizational models. |
| traditional business model. Lately however, this term | | | | It may consist of one owner in a large private |
| is taking on a broader meaning, to include those | | | | company, or several owners at various executive |
| people pursuing the newer online business models, | | | | levels, or simply a group of stockholders owning a |
| which leads me into the next category: | | | | company (some of whom |
| The Online Business Owner - A newer term used for | | | | "So, How Tight Is Your Leash?? |
| this group is, the "Webpreneur". These online | | | | |