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Starting your own business has never been more popular. Why, despite the obvious risks, are so many people drawn to starting businesses of their own? Their reasons are as varied as the individuals themselves, but the most common include the following.
(1) To make more money
It's a well-known saying, but nonetheless true: nobody ever got rich working for someone else. If you run your own business, the profits will go into your pockets rather than those of someone else (who probably has more than enough already). If your business does well, you can make a lot of money - certainly more than you could ever earn doing a similar job for someone else.
(2) To be independent
In our fast-changing world, few if any jobs now offer long-term security, let alone opportunities for career progression. For many people, one major attraction of starting their own business is to obtain the security now seldom available in paid employment. By starting a successful business they hope to obtain greater independence and financial security for themselves and their loved ones, and perhaps in the long term generate a valuable legacy to pass on to their children.
(3) To gain personal satisfaction and fulfilment
This is a very important reason, especially for people whose current circumstances give them little of either. Being your own boss gives you a measure of freedom and power. You have the chance to exercise and develop your existing skills and learn new ones, and every day to face the excitement of fresh challenges.
(4) To obtain higher status in the eyes of others
Though some may be jealous of their achievements, successful business people are generally held in high esteem by others in the community. By providing goods or services, perhaps employing other people, and paying taxes and duties, they make a real contribution to their community and the quality of life of everyone in it.
(5) To follow through an idea or invention
This is not the most common reason, but many businesses exist because the owner had an idea or spotted a gap in the market, and saw an opportunity to make money from it.
Many people think from time to time about starting a business, but frequently it goes no further than that. Often it takes the spur of a sudden change in circumstances for vague plans to crystallise into something more definite. So perhaps one more reason should be added to this list:
(6) To escape from a sudden, unwelcome change in circumstances
The most common example is unemployment caused by redundancy, but there may also be changes that make your position at work uncomfortable or even untenable. For example, a reorganisation may mean that the nature of your job changes fundamentally, or a new manager may be appointed who decides your face no longer fits in his or her department. Or the change may be nothing to do with your job: perhaps for family reasons it becomes essential for you to spend more time at home (e.g. to care for an elderly relative). Any of these circumstances may provide the incentive for people to seriously consider setting up on their own.
All these reasons and more are potential advantages of starting your own business. There are, however, some possible drawbacks as well, and this is something to be aware of when deciding whether starting a business would be right for you.
(1) Possible variations of income
Instead of having a 'secure' regular weekly or monthly income, a business owner depends for his income on the success of the business, and this is likely to vary from month to month. Of course, an employee's sense of security may well be illusory; if the company employing him is unsuccessful, he will soon find himself out of a job. However, a large business is often able to absorb a temporary downturn in its fortunes by cutting costs and drawing on reserves, so employees are less quickly and directly affected by their employer's difficulties. A business owner, on the other hand, suffers an immediate loss of income if his business passes through a difficult period.
(2) Sacrifices
Starting a new enterprise may involve sacrifices both for you and your family. Many businessmen and women have sacrificed their career prospects in a large organisation in order to go out on their own. If you decide to be your own boss and it doesn't work out, you may find it difficult to re-enter paid employment for someone else. During the business's first few years it may be difficult to find time for a holiday or leisure activities. There may also be financial sacrifices, as in the early years most of the profits from the business may have to be re-invested or used to pay off loans. In the short term, you and your family's general standard of living may well be reduced.
(3) Hard work and stress
In spite of the apparent freedom of being your own boss, the early years of a new business generally require you to work longer hours than you did before. You will have to bear all the stress and worry of the business, and will probably carry this with you even when you are not actually working. There can also be a sense of loneliness and isolation. Many people who decide to set up in business begin (at least) on their own. One common complaint among such people is that they miss the day-to-day banter of the office or shop floor. They also miss having colleagues to turn to when it comes to making difficult decisions or solving problems.
Although at first sight the above may appear rather daunting, it is important not to over-emphasise the possible drawbacks. The truth is that for many people, especially those of a go-getting and entrepreneurial temperament, the attractions and advantages of starting a business greatly outweigh them. One message that should come through clearly, however, is that running your own business is far more than just a means of making a living: it is, quite literally, a way of life. It therefore requires commitment and self-belief, both on your part and that of your family.
