Empty Nest Egg: Why You Must Start Your Own Business NOW

by Terry Noel

In the first edition of this book, I told you that we were in for a rough ride. I was wrong. We are in for an economic disaster. In late 2008 and early 2009, we came within hours (literally) of having the global financial system shut down completely. Through a set of maneuvers that boggle the mind, the United States government bailed out some of our largest financial institutions and insurance companies. Oh, and they made all of us proud owners of a large chunk of the auto-manufacturing industry as well.

Some say that without the bailout we would now be in the middle of a catastrophe worse than the Great Depression. Even if that were true, which I doubt, the bailouts only postponed our day of reckoning. Were we really better off skirting one disaster for a worse one later?

It is now 2013. We were recently informed that the Great Recession officially ended in 2009, but no one is celebrating. The unemployment rate is still high and there is little prospect of business expansion—people are nervous and unsure. The Federal Reserve is pumping even more money into the system, raising fears of inflation. Where is the good news?

I still believe that within all this apparent chaos, there is hope. A powerful engine has been building steam for the last thirty years—entrepreneurship. Long before the big banks, auto makers, and insurance companies started going bankrupt, our economy was transforming itself into a small business economy.

This is good news for people who are willing to learn how to start a new business. If your only answer to the question, “How do I make a living?” is “Get a job,” you may be in for a rude shock. Hopefully, you still have your job if you have been working. You may even get to keep it. But can you really convince yourself that your job is the answer to your financial future? To your retirement? To your children's future?

Are you retired already? Do you believe your savings will keep you going, even if you live longer than expected? My grandmother turned 102. What if you beat Grandma in longevity? Starting a business may have been the last thing on your mind when you retired. What about now?

This book was inspired by an ongoing passion of mine—how to teach entrepreneurship in a way that makes a real difference in the lives of real people. It contains no fluff, no cheer-leading, and no promise that good things will happen if you just think good thoughts. What it does give you is infinitely more valuable--the nuts-and-bolts knowledge you need to start a business. Read it, study it, absorb it. And welcome to your future.

174 pages, Kindle Edition

First published April 10, 2009

About the author

Terry W. Noel is Associate Professor of Management and Quantitative Methods at Illinois State University where he teaches classes in both Entrepreneurship and Management. Dr. Noel’s business background includes farming, business ownership, sales management, and consulting. He earned his doctorate from the University of Colorado at Boulder in 1997.

Dr. Noel’s experience includes managing the deal flow for a $1 million student venture fund and serving as a “Hot Seat Coach” for entrepreneurs seeking funding from a consortium of angel investors and venture capitalists. He often speaks to groups on the topics of motivation, goal setting, and liberty. He is author of the book Empty Nest Egg: Why You Must Start Your Own Business NOW, available on amazon.com.

Dr. Noel’s work has been published in such places as the Academy of Management Journal, the Journal of Management Education, and the Journal of Entrepreneurship Education. His research focuses on the process of entrepreneurial learning and how entrepreneurial thinking can benefit both start ups and established organizations.