Talking to business owners can give you some great advice and insights into what it’s like to own your own business. By taking the time to ask questions and gather information, you can make an informed decision about whether or not entrepreneurship is right for you.
- Are You Dedicated to Growing Your Income?
Quite often, people like the idea of making more money – at least in the abstract. Owning and operating a business can be a lot of work and it’s not for everyone. Yet, those who embrace it can find it rewarding in a variety of ways.
Owning a business means that you can take steps to control your own financial destiny. You can make decisions that will, ultimately, boost the success of your business and in turn increase your own income. Statistics from 2010 show that the longer you own your business, the more money you will make. It is typical for those who have owned a business for ten years or more to earn upwards of $105,757 per year. If you have had more than one year of experience in running an organization, the yearly salary will likely range from $34,392 to $75,076. However, if you’ve owned your business for more than a decade, you will likely earn more than $75,076.
While there are no guarantees, owning a business can be a path to growing one’s income and wealth.
- Would You Like Greater Control Over Your Life?
Are you looking for more control over your life? If so, becoming your own boss might be the answer. Business owners have more control over their time, where, when and who they work with on a daily basis. This greater sense of control can be a great motivator for some people. However, it’s important to remember that owning a business is a lot of hard work.
- What is Your Personality Like?
Owning your own business comes with great control, but also with a degree of risk. You’ll have to determine how comfortable you are in dealing with risk. As a business owner the “buck” stops with you – you’re risking your time, effort and, of course, money. You also don’t get a paid vacation, sick days or any of the other benefits so often associated with being an employee.
But that’s not to say that owning your own business is a bad idea. In fact, there are certain personality traits that make people successful business owners. A study by the Guardian Life Small Business Research Institute identified collaboration, curiosity, focus on the future, and being self-fulfilled, tech savvy and action oriented as key characteristics of successful business owners.