Frugal Living & Entrepreneurship Is Possible




It’s remarkable to see that mainstream entrepreneurs have emerged at a time when the economy is going through financial crisis. This proves the notion that there is opportunity in adversity. This post examines how creating your business is one of the main ways of ensuring your financial security.

The buzz of micro-ecosystem

There has been a lot of innovation when it comes to minimizing the size of devices and expanding their capacity. Take smartphones for that matter or nanotechnology which is harboring a lot of potential ranging from healthcare treatments to use in the textile industry. This diversity shows the value created by making the access of technology easier.

You don’t need to come up with big ideas or massive inventions. Now, it’s the era of the micro-innovations or modification of existing technology to make it better. Smartphones or similar technologies have spawned off profit incentives. For example, app development is a massive business. Similarly, healthcare is now being defined by having better and bigger databases for treatment. All these factors indicate that there’s a looming opportunity in the micro-ecosystem.

Self-employment and being frugal-the connection

The philosophy is pretty simple. If you can control your cash, winning in business is a possibility. Since you are frugal, you won’t have the urge to spend unnecessarily. The element of research becomes important here. You have to identify a niche or an area which has not been maximized or used by existing entrepreneurs. This will allow you more room for growth.  It was generally thought that entrepreneurs spend big to win big. However, safe play has churned out the best results for many.

Understanding consumer behavior

The advent of social networking as well as free access of data on the internet has allowed entrepreneurs to analyze the target market in a refined manner. These channels have created businesses, for which, the target market is entirely virtual. This means that the opportunity is always there for you to grab. A frugal entrepreneur has a potent mixture of caution and motivation to succeed.

He would opt for term life insurance for ensuring some financial security while he could possibly use his retirement saving to invest in a business. With the consumer behavior is changing over a period of time; it is quite possible to examine it closely. After doing so, prediction can be made as to which side the market would turn.

Previously, such statistics were decided or predicted by a team of analysts trained in consumer psychology, but now, if you engage on social media, you can know the interests of people in your interaction zone, and this is where you can go for the kill. This is how consumer tips for various products/services are made.

The Paradigm Shift

The global economics has shifted from huge corporates to a multitude of profit earning micro set ups. The works in microfinance landed a Noble Prize in economics a few years back. The way down the road is still clear for people who want to do their business.

The competition is there, but the cost of living is also on the rise day by day. The ideal alternate exists in the form of having your own business. The idea is that in order to save money, you need to earn money.

 

About the Author SamPeters


Sam Peters is an avid blogger and frugal living whiz. Sam resides in sunny San Diego, California. If she is not writing, you can usually find her relaxing with a good book and her wheaten terrier, Kona.

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2 Responses to Frugal Living & Entrepreneurship Is Possible

  1. Emmett says:

    Being frugal does not mean spending when it is necessary or making sure to spend to keep equipment up to date and as state of the art as possible. Running a small tree removal company, I cannot afford to let my equipment suffer to save a few dollars. It is my lifeblood, and without it I am making a safe job dangerous. So while I agree with your thinking, there are many exceptions to the rule.

  2. Melanie says:

    Hi Agnes,

    I really enjoyed your article, especially the bit about being self employed and frugal. I know an entrepreneur who is a self made Internet millionaire, yet is so frugal that he still haggles over a few bucks, always trying to get the best deal. In fact he will give as much effort to saving a few bucks as he does a few thousand.
    I’ve sent him a link to this site, I think he’s gonna love it!

    Mel

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