Many people dream of starting their own business, making a great deal of money, and being their own boss. Unfortunately, more than half of entrepreneurial business ventures go bankrupt. Knowing that fact doesn’t mean that starting your own business is wrong for you; that failure is inevitable. Just make certain that you understand both the risks and the rewards for starting a business in America.
1. Being Your Own Boss
Most entrepreneurs are frustrated following orders and long to have control of their own business decisions. Owning a business allows you to make and enforce your own business rules and choices and gives you the opportunity to execute business ideas without asking permission.
2. Set Your Own Schedule
Business owners can set their own hours and be flexible with their priorities. The hours that you work are designed around your business needs not an 8 – 5 schedule that doesn’t work for you.
3. Work Doing Something You Enjoy
Regrettably, too many people work jobs that hate every day of the year. Many entrepreneurs get started by discovering their talents and developing their hobbies. Business owners can work a job they are genuinely passionate about which enriches and fulfills their life. They have control over their own destiny.
4. Make More Money
Some entrepreneurs start their own business to pay bills or make more money than they are able to at their regular job. Business ownership allows you to take control of your livelihood. The ultimate goal is to make your dreams become reality, to feel accomplished, and to feel the joy and pride of building something on your own.
5. Choose your Business Location
As a business owner you can choose to work from home, an office, garage, or elsewhere. Dreaded daily commutes can be avoided and more work time can be accomplished under your own devising.
1. Risk of Failure
Most innovative businesses fail. Starting a business is easy but usually there are few discernible winners. If the business fails, you don’t get paid and many entrepreneurs go through their savings rapidly. Don’t plan on gaining fast financial freedom or getting rick quick. For this reason, many business professionals recommend caution. If you have a well-paying job, financial security may be the single most important reason to stick with it.
2. Business Owners work 24/7
Most start-up business owners work harder at their own company than they have every worked at any other job. Owners may find themselves working 8 – 5 every day and also evenings and weekends for less money than they were earning before.
3. Less Time with Family and Friends
Business owners often have little time to spare for dates, meals, or weekend adventures with their spouses, children, or friends. They can’t afford the time away or the money because they manage the business website, deal with the phone lines and email, and purchase the office furniture.
Aspiring entrepreneurs should look at CEO, Jeff Bezos, who is the founder of Amazon and built a company from zero employees to over a hundred thousand. He suggests aspiring business owners stick to their vision and not give up too soon. He also recommends being flexible which will allow you to see different resolutions to problems. This CEO recommends entrepreneurs continue experimenting, measuring the results of the experiments, and inventing new products. According to Bezos, “If you double the number of experiments you do per year you’re going to double your inventiveness.” Finally, for those of you who want to start a business in America, Mr. Bezos recommends that you think long term, “Short term is a poor predictor for long term.” The best ideas don’t always pay off immediately.