January 2023

Welcome to the first Mentoraus.com newsletter for 2023. To open I thought I would bring out the current economic conditions impacting the globe.

So, what about starting a business in the current economic conditions?

Is it viable?

Is the timing right?

There are numerous advantages for entrepreneurs to start now.

With the current state of the economy, there are many opportunities for startups to grow and thrive.

Will it be viable? Well, it is up to you and how well you plan. I can say this, “There is never a right time”.

The time is now. The question to ask is, “am I ready? Is my time now?”

If you need to borrow startup capital then the higher interest rates might make it easier for businesses to budget and work cash flows at the current rate.

What I have been researching and reading is interest rates seem to be generally at their peak.

How long before they start to fall?

It’s anyone's guess, but they will come back.

When they do, you will be in a much better position to add to your net profit.

Think about it.

Another advantage of starting a business in the present economic conditions is the abundance of talent available.

If you need to staff up now is not a bad time to do it.

With the current job market being very competitive, many highly skilled individuals are looking for new opportunities.

This presents an excellent opportunity for startups to recruit talented individuals who can help drive your business forward.

Moreover, the current economic conditions also provide a great opportunity for startups to innovate.

With the rapid pace of technological advancements, startups can leverage technology to create new products and services that are more efficient and effective.

Technology allows startups to reach new markets and customers out of reach previously. Think about the amazing GPT-3 chat box and the potential this will bring to your business.

If you have not heard of it, research it now.

Finally, another advantage of starting a business in the current economic conditions is the opportunity to engage with a mentor.

Not to say this is an economic timing advantage, rather it is an advantage to get on board with a seasoned experienced mentor.

One who has been through similar economic conditions before.

One who knows what advantages and opportunities will come to pass.

A mentor can bring a wealth of knowledge and experience in starting a business anytime.

They help guide the business through its early stages.

With an experienced mentor, startups can avoid common mistakes and you will quickly learn from their experiences.

A mentor can also provide valuable insight into solid business plans and strategies.

In addition, a mentor can also help startups stay focused and motivated.

Starting a business can be challenging, but having a mentor can provide support and encouragement and offer awesome insights into the current economic conditions needed to overcome obstacles and achieve success.

Why?

Because they have been down this road before.

I know I bang on about this constantly but it is probably the key component to achieving your dreams of starting a business and achieving amazing results.

In summary, starting a business in the present economic conditions is an excellent opportunity for entrepreneurs.

With high-than-normal interest rates, a large pool of talented individuals, and the opportunity to innovate, startups have the potential to thrive in the current economic environment if they get their planning right.

Starting a business now is a great time to do so.

With the right idea and team, you could build a successful business to help it grow.

Engaging an experienced mentor as part of your team is a valuable investment for startups.

With the right mentor, startups will gain access to valuable knowledge and experience, as well as the support and guidance needed to succeed in today's economic environment.

Seriously consider engaging with a mentor who can help you achieve your goals and reach your full potential.

Until next time, have success, and fulfil your dreams.

Go you good thing.