There are many reasons why someone would decide to start their own business. After talking with small business owners, here are the top 5 reasons we uncovered:
1) Being Your Own Boss
Some people are content to take orders from others, and they do perfectly fine working for a boss. Those with an entrepreneurial spirit would rather take control of their own destiny and live by their own rules. When you own your own business, you get to make all the decisions.
2) Master of Your Own Financial Destiny
Unlike a traditional job, you don’t need to wait for a yearly raise. Owning your own business means you decide where you want your career to take you.
“I’ve always been a creative person,” said Leo Wang, jewelry designer and owner of Lavishy, a fashion accessories store. “The company I used to work for sold watches. The watch industry is going down in North America, so they wanted to start selling jewelry. I told them I could design it. It went really well, but I didn’t get any recognition or opportunities, no matter how hard I worked. So I quit.” Wang has been creating and selling his own designs ever since.
3) Creating Jobs for Others
Small businesses are a boon for local economies. We all know how hard it is to find a good job these days. Starting your own business is just one way to create opportunities for others. Small businesses are an especially supportive environment for new graduates or those looking to re-enter the workforce – you often have to wear many hats when working for a small business, so there are lots of opportunities to learn and grow.
4) Giving Back to the Community
Starting your own business means joining a local community – not just of other business owners, but of customers and average citizens. It gives you the opportunity to give back to those who support you.
“Looking out for other people changed me,” Wang said, when speaking of his experiences managing employees and working with customers. “I was the youngest person in my family. I had always been taken care of. Starting a business changes your perspective. You’re always looking out for others.”
5) Creating a Legacy to Pass On
So many great companies started out as a family business. Children look up to their parents and often follow in their footsteps. Running your own small business while raising a family has its tough moments, but the lessons your children will learn are invaluable. When you’re ready to move on, you’ll be leaving your children a legacy that can be passed down for generations.
Taking control over your creativity and destiny, creating opportunities, giving back to your community, and leaving a legacy. Doesn’t sound too shabby does it. If these reasons resonate with you, starting a small business might be the right path for you.