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Is starting your own business worth it?

by Avengers
06/11/2013    10:44am

Is it worth it to start your own business these days? I think that there is just too much competition, cutthroat business practices, government regulations, and liability risks involved.

In my opinion the American dream of owning your own business is no more. You are better off working for someone.


1

by BizPlan+ 06/11/2013 11:19am

I don't believe that American dream of owning your own business is gone. It is true that starting a business from scratch and becoming successful at it will require a lot of hard work.

Most people start a business expecting to get rich quick. In most cases, it takes 5+ years before a start up business starts to make money. People are too impatient to want to hang in there for 5+ years without making any money.

Also, it requires careful business research and planning, having good knowledge in operating and managing a business, marketing, finance and government regulations. Also, you need to be able to work hard and sustain yourself for a few years without making any money and have some reserve to pay for your living expenses.

There are other things that can impact starting a business such as accepting the fact that sometimes in business you need to take financial risks, but you need to know when and where to spend the money.

You can also learn a lot by making mistakes, falling and getting up again.

Consider all of these when starting a new business from scratch.

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