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Is Starting a Business a Viable Journey for You?

A recent report by CBS News indicated that 84 percent of America’s workforce is dissatisfied with a current job and are looking for a way out. The survey results are surprising and begs the question; Why are so many of America’s workers so unhappy with the employment situation? The answers are as diverse as the lives of those purporting the dissatisfaction. A comprehensive study conducted jointly by the Lumina Foundation and Gallop found that employees from various income levels shared a common desire to have a job with a sense of purpose and the ability to advance based on one’s individual contributions. While the vast majority of unhappy workers will seek employment opportunities with other employers, many dream about working for themselves in a small business.

The feeling of business ownership captures the imagination of aspiring entrepreneurs of every generation, who envision a journey of self-reliance, independence, personal fulfillment and a future limited only by one’s will and effort. It’s a crowded field and while mid-sized and large businesses often receive the majority of notoriety, small businesses make up more than 99 percent of all businesses in America and produce 46.8 percent of all jobs. For many among the unhappily employed, going it “on your own” may be a viable option. Regardless of the industry, whether product or service, business ownership is a journey of significant financial risk, seemingly endless personal commitment and, always, very hard work.

Starting any new business venture requires significant investment of time and financial resources at the very outset. Forming the proper business structure and acquiring mandated licensing and trade permits can take months to complete. Financing is always the most formidable hurdle in launching a new business. In a dynamic economic environment, it remains the one aspect of business ownership that is most likely to determine success or failure of any venture. Analysis of the statistics on new small businesses’ performance indicate that approximately 21.8 percent of emerging businesses fail in the maiden year, and fewer than 70 percent of start-ups survive the first decade. While the statistics are daunting, it is interesting to note that small business failure rates have dropped by 30 percent since the late 1970’s.

Perhaps the most important considerations for the self-reliant journey don’t lie amid the objective obstacles that face any new endeavor — those personal qualities and skillsets of the individual. Successful entrepreneurs have a clear and responsible vision of the journey that lies ahead, a passion about the business and unlimited tenacity to overcome all obstacles to success. If you’re contemplating the number of hours necessary to become the boss, then it may be best to keep seeking a satisfactory future working for someone else. The journey to self-fulfillment can be very rewarding but not everyone has the required experience and personal skillsets to be a successful business owner. Success in business depends on a clear focus of purpose, discipline and developing habits that will drive success.

To learn more about developing a small business and a marketing strategy for success, call Junction Creative Solutions today at 678-686-1125. Our business development experts and strategists are experienced in what is required to make the emerging business journey a success.