If you're a PowerPAGE reader, you're an entrepreneur. Whether run your own business or work for someone else you focus on what is possible rather than worrying about the impossible. You do what you can with the resources available to you and you're actively engaged in creating your personal vision of success and happiness. That's the entrepreneurial mindset.

So, you can choose to wait and see what benefits might trickle down to you from the federal stimulus packages, or you can create your own stimulus package right now. Best of all; you can completely control the earmarks and pork barrel spending you want to include, or exclude from your package!

Let's do a quick breakdown of these major stimulus items:

Network...
Build your network, expand your network and if you're new to networking get out there and do it! If you're an employee join trade organizations and network with people who may be your next employer. For entrepreneurs networking is one of the most powerful ways to grow your business.

Develop new talents & abilities...
And if you're the boss, provide opportunities for your people to develop new talents and abilities. Training is not discretionary, for yourself or your team. In fact, when times are tough training becomes even more essential.

Find new applications for current talents and abilities...
Can you leverage your talents in another industry or market sector? Be ready for change before it happens. Find out what other companies or industries can use your talents and abilities; this may require some adjustments and additional training.

Start a home based business...
You can literally start a business with absolutely no money. You will need to invest some time and effort.

Research home based opportunities carefully; even part-time business is business. If you're getting involved in multi-level marketing or a franchise ignore get-rich-quick pitches and network with people who are in the business. You want to create a successful business, not just a job which may cost you money rather than making it.

Increase financial knowledge...
Get thee to the bookstore, library and internet. There are resources there for learning anything you need in personal and business finance. Once again be wary of the GRQ (Get Rich Quick) snake-oil peddlers. Creating wealth is hard work; it looks easy to some people because they enjoy the game!

Check out our PowerTEAM section for our trusted partners in this area: William R. Patterson, Joan Sotkin and Marsha Petrie Sue.

Most of all stay focused. Take some time to inventory your current material, emotional and spiritual resources. Know exactly where you are, define clearly who you are and move ahead by creating attainable PowerSTEPS. A good place to start is with our New Year REVOLUTION program.

Don't leave your success in someone else's hands! Stimulate your own success. Take some time now to create your personal and professional Stimulus Package.

 

 

1) Roll-back on business profits:
It seems you'll be able to apply losses from 2008 against profits earned at least two, but no more than six years ago. Check the details carefully.

 

2) 50% capital investment bonus:
This is to accelerate expenses for capital investments made in 2009. Of course, you need capital to invest in the capital you're going to expense! With lending tight right now, you may look at SBA options.

 

3) SBA threshold lowered, new funds to guarantee loans:
If I'm reading it right, some SBA loans may only require 10% down instead of 15%. Again the devil is in the details. It's worth a call to the SBA, they may have some answers.

 

4) New home buyer tax credit:
It's a buyer's market and this may be one ray of light in the long dark tunnel of this bill. If you've got the cash, it may be the right time to buy. This isn't for quick turn investors, you've got to live in the home for a minimum of 3 years or you're on the hook.

 

5) But...The $250,000 question:
The increased threshold and raise in the income tax percentage at the $250,000 threshold will likely have its greatest impact on entrepreneurs, particularly those of us with LLC or S-Corp status. Money you may have previously elected to put back into your business may be taxed away; at least you can try to get some of it back through these other stimulus items!

It's worth talking to your accountant and seeing what, if any provisions in the Stimulus Bill can leverage any advantage to your business. Remember after all, this is your money they're giving away! Just be careful not to chase nickels and leave dollars on the table.

The greatest opportunity in any economic downturn is in finding new and creative responses to the needs of your market. Focus on training, service and marketing and you'll leverage your greatest assets to come out on top: your talents and abilities.