What are some reasons to start your own business?

Ronald Ray · May 13, 2022

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.

LiousGB · June 10, 2022

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Anne Chowdhury · April 30, 2023

I want to stand up on my own feet. This is why I have started the business so that I can have a future.

Hanan Öberg · March 19

Freedom and flexibility are the prime reasons we should start our own business. I started Forex as part of that plan. FXOpulence- indices broker more than a Forex broker- offers reliable mt5 trading platform and multiple types of trading accounts. They offer flourished trading instruments including indices1000, crypto500, USD basket and EURO basket.

maspluto · March 20

The selection of a broker must be carefully considered, as the broker serves as a bridge for traders to engage in forex trading. That's why I chose to join Tickmill broker, so here I can trade forex comfortably and safely.

uncle gober · April 18

Indeed, there are numerous brokers available in the forex market, and it's up to the trader to choose the one that suits them best. By making the right choice of broker, trading can proceed comfortably and safely alongside Tickmill broker.

Fin_Trader · April 26

Engaging in Forex trading means, first of all, being the master of your time and level of profitability. It all depends on you and your experience. You can trade on any time frames and, accordingly, spend different times on trading, and your amount of earnings will depend on the size of the deposit. That's why I like this type of business.

maspluto · April 29

There are so many things that traders need to understand and learn in forex. Forex trading is not easy or instant. So, a good initial step is to continue learning everything so that one can have a better understanding and trade effectively with Tickmill broker.

skrimon · April 29

3 hours ago, maspluto said:

There are so many things that traders need to understand and learn in forex. Forex trading is not easy or instant. So, a good initial step is to continue learning everything so that one can have a better understanding and trade effectively with Tickmill broker.

Absolutely! Continuous learning is vital in forex. There's always more to know about market dynamics and strategy development. Do you have any specific areas you're currently focusing on learning, or are you looking for general resources to get started?

Hanan Öberg · April 29

Starting a business offers autonomy, allowing you to pursue your passion and creativity. It provides potential for financial independence and wealth accumulation. Entrepreneurship fosters personal growth, resilience, and problem-solving skills. Additionally, it creates opportunities to make a positive impact on society and control over your work-life balance.

maspluto · April 30

To start forex trading well, traders should always learn and practice a lot. Especially now, learning has become much easier. Traders can watch YouTube videos, join forex forums, or take advantage of webinars from Tickmill.

Fin_Trader · June 12

I like Forex primarily because of its accessibility and flexibility. It is available 24 hours a day, 5 days a week. You can choose your trading method: full-time intraday trading or long-term trading - where the time spent on trading will be less, but here it is important to be able to keep your trades open for a long time.

Hanan Öberg · June 14

Embarking on entrepreneurship empowers individuals with the freedom to chart their professional journey, unleashing creativity and innovation. It presents avenues for financial self-sufficiency and personal development while fostering a sense of legacy and community contribution. Moreover, it affords the flexibility to harmonize work and life commitments.