What are some reasons to start your own business?

[Prince Sajir 1]

Small businesses are big business – in fact, those with fewer than 100 employees account for 98 percent of all businesses in the U.S.1

Starting a business may be daunting, but if you take into account the 30.7 million small businesses operating in the U.S. alone,2 you’ll find learning how to start a business is a lot easier than it used to be.

Today’s interconnected world has opened up millions of new niches for entrepreneurs to start small businesses and countless sources of advice are available on the web. In addition, the internet has enabled business owners to connect with their peers, learn from their mistakes, and use their successful decisions as a guide for their own paths.

1. Be your own boss

Instead of bashing your head against a wall every time your boss makes a mistake, be the one making decisions – and hold yourself accountable to them. Of course, it’s human nature to want to avoid risks, but in the words of Nora Denzel, former CEO of American company Outerwall, “If you don’t take risks, you’ll always work for someone who does.

2. Define your job description

If you think you possess a range of key talents, entrepreneurship presents a way to utilize these skills to their full potential.
As an entrepreneur, you’ll fill many roles in your business, especially when starting out, which is why you can’t be afraid of doing the dirty work. Many days you’ll find yourself in the position of anything from leader and marketer to therapist and receptionist.

3. Turn your passion into profit

Starting a business is risky, so it’s important to remember why you’re doing this when the going gets tough.
Twenty percent of small businesses don’t survive their first year, and nearly a third fail in the second. Half-fold after five years in business.6 Those first few years of a business are hard, which is why passion is crucial to sustain you.

4. Increase your earning potential

Perhaps your current job doesn’t pay what you’d like, or maybe you’ve got a sideline passion project that has the potential to become a lucrative full-time career.

Either way, you’ll have to put in the hours to turn it into a business. As U.S. entrepreneur Lori Greiner says, “Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week for someone else.

5. Improve the lives of others

In the U.S. alone, new businesses create 1.5 million jobs annually.12 Starting a new business means you have the opportunity to hire and train those who may not have had the opportunity for decent work in the past. It also means you get to make a meaningful impact on society.

Thanks for reading. I hope you learn some important tips.