why do people start a small business
It is interesting to contemplate what drives people to start a business. Starting a business of your own requires money, many hours of hard work, patience and the understanding that you might not make a whole lot of money the first year or two or your business could fail completely. According to the Small Business Administration (see SBA reference - page 1), approximately 30 percent of small businesses close their doors within the first two years. Yet people still start their own businesses on a regular basis. There are many factors that drive entrepreneurs to strike out on their own.
With the cost of a university education rocketing to around бе55,000 for a 3 year degree, and an increasingly tough job market due to the recession, now has never been a better time for young people in the UK to go it alone and create their own job by. This may seem like a daunting prospect, but there are many people out there who have struck out and succeeded in making their become a reality. So why do people decide to follow this path? Here are just some of the reasons: Setting up a business presents obstacles that you would not otherwise face if you continued working for someone else. These include keeping track of your finances, hiring and managing staff and conducting market research.
In order to overcome the challenges you will be presented with in your business venture, you will pick up new skills and enhance existing ones. These include time management, organisation, communication, teamwork, accounting and numeracy, giving presentations, business planning, developing a brand, and website design. itБs your business, so whatever you say, goes! Some people donБt like working for others because they donБt agree with their bossesБ decisions or just donБt like the feeling of being told what to do all day. ItБs true that most entrepreneurs will tell you that they could never go back to working for someone else! Being in charge means you can get things done your way. This means doing what you want with your business on a daily basis, and knowing that your actions have achieved any success you make. if youБre bored of sitting behind a desk at work, dealing with snippy customers or avoiding your constantly complaining boss, doing something you love every day seems like an attractive exit option. If you have a well-constructed business plan and think there is a gap in the market you can plug with something you enjoy doing, then itБs worth taking the leap.
Efficiency Running your own business means you get to lay down the deadlines. YouБre on your own, so itБs up to you to be self-disciplined enough to get things done on time in order for your venture to make good progress. Your idea is your business, so itБs entirely up to you what your business is about. Its success will also depend on how you develop your concept, allowing you to express yourself and find ways of making it attractive enough to generate profit. Being an entrepreneur means you have to wear many different hats. These include: accountant, marketer, manager, writer, pitcher, designer and researcher. Experiencing this sort of variation in your job every day can be very fulfilling as long as youБre prepared to learn all the skills and knowledge required to perform these roles. if your journey to work each day takes 45 minutes or more, thatБs an hour and a half each day that you could be spending doing something you enjoy! Although you may have to move your business to a small office once it has grown sufficiently, starting out by working at home is a great way to save money on costs. If youБre someone who has to endure a long commute to work and back each day, this may seem like a good enough reason in itself to become self-employed.
DonБt make the mistake of thinking only big companies can make big bucks. There are many entrepreneurs who have made millions on their own through hard work and lots of determination. If you still enjoy your day job but want to set up a business, or just want the security of a regular income until your venture becomes established, you can always juggle the two. Set yourself strict hours in your spare time when you will work on your business Б it may seem tricky at first, but works once you get yourself into the habit. After all, your health is more important than anything and you donБt want to burn yourself out! Despite what the papers say, the government isnБt completely useless at supporting the countryБs budding entrepreneurs. TheyБve made it easier in recent years to set up a company and secure funding by cutting red tape and other bureaucracy. Organisations such as the and also offer funds for business start ups. With the right attitude, your business venture can go a long way and make substantial profits. Check out our to be inspired by those who have already achieved their dreams.
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