10 Good Reasons to Start your Own Business

Are you crazy to consider starting your own business? Maybe you are crazy like a smart fox or just plain crazy. If you are a born entrepreneur like me the urge to start your own business is visceral and very hard to ignore. However, your logical brain and your family and friends may question your plans to launch your firm. Let’s take a moment and talk to that reasoning mind of yours and give it some facts to ponder on the reasons why to start your own business.

Top 10 Reasons to Start Your Own Business

1. Choose your Market – Whether offline retail, online business, in person or by telephone. You pick
2. Corporate culture Your Way – No more bowing down to the man – you are the man!. You get to decide what your company’s will be
3. Love What You Do  – Make passion a daily part of your work life
4. Be the Boss – You make the decisions
5. Flexible hours – Make your job schedule work for you. Plan your work hours around your school, family and personal preferences
6. Invest in You – Instead of investing in the stock market and betting on other people’s genius, bank on your hard work and smarts
7. Tax Savings – Benefit from tax laws that support small businesses and write off expenses to save on your tax payments
8. Meet New People – Connect with other entrepreneurial-minded people who understand and support your new venture
9. Learn New Skills – Every day of being a small business owner will offer opportunities to acquire new skills to build your business
10. Have Fun – Entrepreneurs enjoy their workdays building their businesses, contributing to society and profiting.

Rewards of being an entrepreneur

I am a lifelong, serial entrepreneur and thus my opinion will color this article. That being said, I have built my business on the belief that for the right individual who is willing to work hard and smart entrepreneurship is deeply rewarding both personally and professionally.

My primary motivation for starting my own business was freedom of time, mind and economics. It was more important to me to be able to make my own decisions about where I wanted to work, whom I wanted to work with, and what I wanted to do with my time than the security a weekly paycheck offered.

Additionally, I was more comfortable betting on my own work ethic to keep food on my family’s table than the capricious nature of corporate managers. Even though I had worked hard and did all the right things in my corporate job one day Joe manager woke up and decided that his business no longer needed my position and I was out of a job and a paycheck. As the manager my own business I can see the economic landscape and make provisions and shift directions to benefit may. Starting your own business is a calculated risk, which is defined as a risk that has been thoughtfully considered, and for which the possible costs and potential benefits have been weighted. Launching your own business is an undertaking of which the chance of failure has been formerly projected.

Additionally, I was more comfortable betting on my own work ethic to keep food on my family’s table than the capricious nature of corporate managers. Even though I had worked hard and did all the right things in my corporate job one day Joe manager woke up and decided that his business no longer needed my position and I was out of a job and a paycheck. As the manager my own business I can see the economic landscape and make provisions and shift directions to benefit may. Starting your own business is a calculated risk, which is defined as a risk that has been thoughtfully considered, and for which the possible costs and potential benefits have been weighted. Launching your own business is an undertaking of which the chance of failure has been formerly projected.

Additionally, I am more comfortable betting on my own work ethic to keep food on my family’s table than the capricious nature of corporate managers. Even though I had worked hard and did all the right things in my corporate job one day Joe manager woke up and decided that his business no longer needed my position and I was out of a job and a paycheck. As the manager my own business I can see the economic landscape and make provisions and shift directions to benefit may. Starting your own business is a calculated risk, which is defined as a risk that has been thoughtfully considered, and for which the possible costs and potential benefits have been weighted. Launching your own business is an undertaking of which the chance of failure has been formerly projected.

As the manager my own business I can see the economic landscape and make provisions and shift direction to benefit me. I am steering my own economic ship. Starting your own business is a calculated risk, which is defined as a risk that has been thoughtfully considered, and for which the possible costs and potential benefits have been weighted. Launching your own business is an undertaking of which the chance of failure has been formerly projected, assessed and accepted.

Failure Rate Overstated: SBA Reports 80% of New Businesses Survive First Year

Perhaps you’ve heard the old saying that 95% of all small businesses fail within the 1st five years. It has been proven that that is not true by the Small Business Administration (SBA) 2016 statistical report. This real life data states that close to 80% of all start-up companies survive the 1st year and over 50% survive for five years or more.  Get your facts from our governmental agencies and don’t let lies and scare you away from your startup success.

Corporate Jobs are Secure with US Job Tenure at under four years

Comparing the data above, that about 50% of businesses survive five years or more, to the average American job tenure of 3.6 years stated by the US Bureau Department of Labor statistics, this means that many jobs do not last as long as some small business startups. That is a very different business startup vs. corporate job scenario than some of us have been led to believe. It is important that you look at the data carefully to find the real facts to base your business decisions on upon

Risks for starting your own business

Sure, starting your business is risky, so is starting a new job, and getting married and having kids and getting up in the morning. Life is excellent, and most good things require a bit of risk. Your risk, security of a regular paycheck, possible loss of monies invested your self-confidence and time. As a potential entrepreneur, you need to carefully review and consider these risks and mitigates their possibility and damage to your pocketbook and psyche.