Last Update – December 8, 2014
I always knew I wanted to start my own business and I knew why.
If you have been pondering entrepreneurship for awhile, there is a very good chance you have a ‘why’ as well. However, there is one important factor … the ‘why’ has to drive you to purposeful action. And it has to be a big enough priority for your life to sustain you through the ups and downs of running a business.
Whenever you find yourself on the side of the majority, it’s time to pause and reflect.Mark Twain
Every great endeavor starts with a small seed of faith. So, challenge yourself and think about what type of life you want to live. Then ask yourself, “Will I achieve it doing the same thing I’m doing now?” If not, it’s time to course correct and get moving one day at a time.
Why do people start businesses?
As daunting as it may seem, you are not alone. Many people, like you and I, start with a vision, hobby or a dream and turn it into a profitable living.
- They want to be your own boss
- They want financial independence and flexibility
- They want creative freedom
- They want to fully use their skills and knowledge
How important are small businesses to the U.S. economy?
Small businesses:
- Represent 99.7 percent of all employer firms
- Employ just over half of all private sector employees
- Pay 44 percent of total U.S. private payroll
- Have generated 64 percent of net new jobs over the past 15 years
- Create more than half of the non farm private gross domestic product
- Are 52 percent home-based and 2 percent franchises
- Produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited
Hopefully these facts shed light on a life full of possibilities.
Source: U.S. Dept. of Commerce, Bureau of the Census and International Trade Admin.; Advocacy-funded research by Kathryn Kobe, 2007 and CHI Research, 2003; U.S. Dept. of Labor, Bureau of Labor Statistics.
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