Should You Start Your Own Business? image

Should You Start Your Own Business?

The Pros and Cons of Becoming an Entrepreneur

As many of you know from previous posts, I don’t like other people telling me what to do. This, along with my independence and need to control my financial well-being, led me to business ownership. And you may feel the same way.

According to statistics compiled by the National Association of Women Business Owners:

  • “10.1 million firms are owned by women (50% or more), employing more than 13 million people, and generating $1.9 trillion in sales as of 2008.
  • One in five firms with revenue of $1 million or more is woman-owned.
  • Three quarters of all women-owned businesses are majority owned by women (51% or more), for a total of 7.2 million firms, employing 7.3 million people, and generating $1.1 trillion in sales.”

If you want to start your own business, what’s stopping you?

It may be fear, lack of knowledge, non-supportive partners, and more. But these are all things you can overcome. After all, starting a business is simply about rising to the occasion and putting your business idea into practice.

But before you start on the path to entrepreneurship, let’s discuss some of the pros and cons of business ownership. One of the best parts of owning a business is that you have full control over everything – marketing, products, services, finances, etc. This can be empowering, but it can also be difficult.

Having control means that you oversee everything. You’ll need to deal with many different kinds of people and manage all of the operations for your business. This will probably entail many hours of work unlike a typical, 8-5 job. And even after you put all of your time and effort into your business, there is no guarantee for success or that you’ll have a steady paycheck.

This is scary stuff, but the benefits of owning your own business can far outweigh your fears. For example, when you work for yourself, you set your own hours, work wherever you want and have the freedom to express yourself through your business.

You can also take advantage of all the tax benefits specifically for business owners. Plus, you can leverage OPM (Other People’s Money) and OPT (Other People’s Time) to grow your business and create the life you want.

Got a Business Dream?

Per the Small Business Administration, “half of new employer firms survive at least 5 years.” That means you have a 50/50 shot at owing a successful business for five years… so if you have dreams of being your own boss, go for it!

Start with your business idea and figure out what you need to do to make it a reality. Get the education you need to succeed, and build a support group of mentors, coaches, friends, and family members who will be there for you in both good and bad times.

Then, take action on your dream! Owning a business is full of positive, priceless experiences. You just need to be willing to do what it takes to get through the negative times to succeed.

What one thing are you going to do today to start turning your business idea into a reality?

For more inspiration, check out the success stories featured in “It’s Rising Time!” and for help pursuing your business dreams and goals of financial freedom, check out our free, financial education community here.

Original publish date: May 30, 2013

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