Career
Pathways
The Move towards Entrepreneurship
Recessions are times when laid off workers decide to start their own business rather than work for other employers. New businesses spring up and most of them turn out to be very profitable ventures.
All of these success stories illustrate some very important facts which should be borne in mind while starting up your own business:
1. A business can be started at any age. There are no fixed age limits within which a business can be successful and entrepreneurs can start their business at any age. Research has shown that around 10 million adults in the United States have tried to start a business within the past year alone and do not believe that age is a restriction for them.
2. A desire to work independently is critical. Entrepreneurs typically start their own businesses because of a desire to have more independence, and it is this desire which keeps them going despite the long hours required and despite the poor initial returns.
3. Small businesses are actually more successful. Small businesses have the advantage of being closer to their clientele and gaining a better understanding of their needs, allowing them to serve them better. They thus have a higher chance of success.
4. A successful business is not possible without teamwork. Entrepreneurs are most successful when multiple people contribute their ideas, creativity, skills and talents.
5. Small businesses are usually started from home. More than half of small business-owners operate from their own homes. During the initial period, when the volume of business is small and profits are low, working from home provides an opportunity to save on rental expenses.
6. A large amount of capital is typically unnecessary. By setting up in your home and by starting out with a great idea, a source of cash or credit may become unnecessary. In fact, 53% of the largest companies started out with less than $10,000 of initial capital.
