Starting your own business gives you more control over your work, greater challenges and the potential to earn greater financial rewards. Your efforts and ideas generate rewards for yourself rather than another. However, before you quit your job and jump into a business venture, you might want to consider 10 facts about starting your own business.
Entrepreneurship Is Not for Everyone
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Successful entrepreneurs share certain attributes. They need to be self-motivated, since they do not have to answer to anyone else. A new business requires long hours and a lot of effort, so you will need to have both the energy and the freedom from other responsibilities to devote yourself to your business. Entrepreneurs need to be able to make decisions, plan ahead and deal with a variety of personality types.
Starting Your Own Business Is Risky
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No new business launched carries a guarantee of success. According to the Small Business Administration, approximately 30 percent of all new businesses fail within the first two years and about half do not survive five years. If you fail, you stand to lose your entire investment and may still be liable for any personal or business debts owed.