By Ellen Dunnigan, Accent on Business
Starting your own company is perhaps the ultimate risk/reward proposition. When done successfully, the rewards of creating a profitable and valued business, beginning your legacy, designing your own future, and even being one’s own boss are pretty cool. When unsuccessful, the damage done to one’s finances and psyche are sometimes irreparable.
Even in the best of economic times, starting a new company is a gamble. While studies seem to contradict each other, there is at least some level of agreement that more than a third of all new businesses fail within the first five year. Here at the Entrepreneur Advancement Center, we help people understand the risks of missing or incomplete business plans, lack of funding and market research, work and life imbalance, and other such limiting factors.
Despite these risks, thousands of people start their own business everyday. Some do it as a change of pace, others out of necessity. Some want to be their own boss while others are chasing a dream or see an unmet need. Success is not guaranteed, but for many that’s what makes taking the leap all the more exciting. How about you? Why did you go into business for yourself and what advice do you have for those who are just beginning?
