Everyone should know how to start and run a business. Why not? It's not really rocket science. I've always wondered why "How to Start & Run Your Business" is not taught at the high school level. This is similar to "Personal Finance & Financial Stability," which isn't being taught either, although it is the single most crucial knowledge a human needs to survive in this capitalistic world. I could go on and on about this, but I will save it for the next opportunity. Without further ado, here are the five main reasons you should start your own business.
1) ROI ON YOUR TIME - While there are many reasons for starting your own business, the one reason that stands out most is the ROI (Return on Investment) on your time invested. Not only in terms of money but also in knowledge gained along the way. As you get involved in all aspects of business, you will gain well-rounded business knowledge that will benefit you for the rest of your life in different ways.
2) FINANCIAL FREEDOM is the main reason many entrepreneurs start their own businesses, and the financial reward of running a successful business can be life-altering. A piece of advice for those who would like to come out on the positive end of entrepreneurship, read the book "Profit First," by Mike Michalowicz. "The method is simple. Every time you get a deposit from sales, take a predetermined percentage of that money as profit."
3) FLEXIBLE WORK SCHEDULE - does not mean less work schedule; let's clarify that. Flexibility is a big perk of starting your own business, as you can work around your life schedule. Having said that, until your company reaches a level where it can operate and succeed without your presence, you will work more hours than any regular nine-to-five job. At least you will be working for yourself and on something you love and enjoy.
4) TO PURSUE YOUR PASSION. If you have a passion for something, you should follow it. While strong values, ambition, intellect, discipline, and persistence contribute to business and career success, following your passion can often make the most significant difference. Success is usually associated with making large sums of wealth, but the success that satisfies is more than just money. Passion in your business can bring true meaning to life and make you look forward to the sunrise every day.
5) MORE SPARE TIME (eventually)- As they say, you can work hard now, play later, or play now and work hard later. The same is valid for running a business. In the beginning, until your company becomes independent, you will have to work hard with almost no spare time. As the business grows and processes are in place, you can enjoy the fruits of your work.
There are countless reasons someone should start a business, but I only promised 5. A final piece of advice! Nike said it best, "Just Do It."
