In an economy that is seeing the highest unemployment numbers since the Great Depression many out-of-work Americans are looking for work, but the jobs are scarce. Many have given up their job search all together. For the solution for the future we may need to look to the past.

Many of the greatest business stories have come out of some of the worst economic times in history. So, if you are having trouble finding a job, perhaps you should create one for yourself. That’s right entrepreneurship could be the way to go! But how do you start a business when you have no money, no job, and the banks aren’t lending?

There are several ways to create a company out of thin air, even when you lack the resources. What DO you have? Too often we are so focused on what we don’t have that we don’t recognize what we do have. You may have an idea for a new invention or you may have the skills to run a business, but lack the capital. Perhaps you have the know how to make a company grow, but lack the idea and / or capital. Whatever you lack is what you need to look for in others. What you do have, is what you are bringing to the table.

If you lack the money, but have a great idea for a new product, service, or business, all you need is to find someone with the capital to get it going. You can trade a chunk of the company’s equity for the capital needed to launch and incubate the company as it grows. That investment will also pay your salary! You essentially become an employee of your company, which is funded by your investors, and as the business grows, you may have the option to either buy out your investors, or sell your interest to them.

Now you need to know where to go to get the money right? There are several different options. The first option is always friends and family. No one else would like to help you more than your friends and family. They would love to be part of your success. You may also get better terms than you would from an investor. You may be able to start the company on a loan from your friends and family, and then you would retain 100% control of the company and pay them back with interest over time after the company is successful.

What if you don’t want to go to your friends and family or if they don’t have the money to help you? First, if you don’t feel comfortable going to your friends and family, maybe you don’t believe enough in your idea or yourself. If that is the case then it will be difficult to get money from an investor. If your friends and family don’t have money to invest to help you get started, then you look up angel investors and venture capitalists in your area. Also research what grants may be available. Grants can be a slower process, but it is money that does not have to be paid back.

When seeking capital, you will need a good business plan, a great team, and confidence in yourself and your product or service. You will have to sell your idea and yourself in order to get the capital you need. Here are some things your potential investors will want to know:

• Do you believe in yourself, your product, service, or idea?
• What the market is for your business?
• Who is advising you (board or advisors or directors, attorneys, CPA, etc.)?
• Who is on your team?
• What are your short-term and long-term plans
• Exactly how much money you need?
• How you make the money to repay them?
• How long will it take to return their investment?
• What could be their long-term ROI?
• Do you have a contingency plan?
• What is your exit strategy?

Then the negotiating begins. Always have a good attorney that specializes in whatever it is that you are doing. Have a good NDA (Non Disclosure / Confidentiality Agreement) that must be signed by anyone you share our ideas with. It is also a good business practice to form a separate entity like an LLC or a corporation that owns your portion of the new company rather than having it in your personal name. Check with your attorney on the best way to structure this.

We were all created with talents and gifts; it is up to you to discover what yours are. Once you have discovered that, you can look for problems that your talents and gifts can solve. Whatever you lack is hidden in someone that is close to you. If you are having trouble finding a job in this economy, you may need to create one yourself.