STARTING YOUR OWN BUSINESS – Majority of the millionaires are self-employed. That means that they have started their own business. In a world where working for yourself and building a business from scratch is viewed by society as the ultimate self-actualization, it’s not a surprise that many of us are it now more than ever. The growth rates are just staggering to say the least.
In the USA alone, around 25% are self-employed and that number continues to grow steadily. In the UK, there are over 700,000 start-up companies each year based on data. A lot are run by owners and have zero staffing. Just a few years ago, there were 4.3 million self-employed businesses that are existing. They make up about 75% of all the business in the UK. So why should you be starting your own business?
I always read in my social media posts comments of people who have never gone into business saying it’s not a sure thing. That you can fail when you start your own business. And yes that is true that there is no financial success guarantee. Few companies achieve high levels of growth and multi-million sales annually.
Most sole proprietors, if they are lucky, make almost the same as they would with their previous day jobs. Start-up failure rates are very high. Based on US statistics, the failure rate after 5 years of US companies is around 50% and north of 70% after 10 years. So that’s about 3 of 10 companies being successful after 10 years of existing.
Still interested in starting your own business?
Let’s look on the positive sides here. There’s an incredible freedom that is unexplainable when you are your own boss. You’re able to be yourself and choose what you want to create. You have the option to work with whomever you want to work. There’s also the option of which clients you want to serve and the best part is, how much money you want to make from it.
Of couse, with that freedom, there are plenty of responsibilities that come with it, not to mention stress of having to manage your own time, resources and money. Nobody automatically pays an entrepreneur a salary every 15 or 30 days all of a sudden. All part of starting your own business.
Overall, it is a great thing to be the master of your own destiny as the benefits ultimately outweigh the costs of it. That’s just my opinion still. Since 2010, I have worked on my own in terms of making money from all sorts of businesses. If you have read my previous blogs, I have openly talked about the many businesses I failed throughout my lifetime, 7 to be exact, plus some micro failures along with it. I saw all of them as learning curves that I charged to experience. I still continue to fail today, and I won’t stop doing so, as long as I’m starting my own business.
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READ MORE ON FAILURE: https://antonioaguirrejr.com/failure-your-best-friend/