Owning a business is a goal for many professionals. Being self-employed and having final say over business decisions can give people a sense of satisfaction and professional accomplishment.
The small business landscape continues to evolve and expand. The Small Business Administration says that more than 50 percent of the working population is employed in a small business. There are almost 30 million small businesses in the United States, with roughly 540,000 new start-ups each month.
While owning a small business can be rewarding, it’s important that prospective business owners recognize that only around one-quarter of such businesses survive 15 years or more.
Taking heed of certain factors and educating themselves about entrepreneurship can help prospective small business owners prepare for and overcome some of the ups and downs of owning their own business.
Starting a new business can be an exciting venture. However, it should not begin without forethought and research.