Business Sphere

Business Advice, Entrepreneurship, Consulting, Real Estate

Why You Should Go Into Business?

Lian, who introduced herself in her e-mail to me as a Chinese would-be entrepreneur from Nanning City, Guangxi Autonomous Region, China, asks: “Is going into business better than being employed in an office?”

image source: www.virginia.edu/finance/uvabp/i...ness

image source: www.virginia.edu/finance/uvabp/i...ness

As a business owner myself, my answer is “It depends”.

What are the reasons why people go into business?

The reasons are many, as there are many businessmen and women.

I myself am into business to diversify my income from my profession.

In addition, based on my random interviews with businessmen and entrepreneurs who are my friends and clients, they told me the reasons why they went into business are:

1. Independence.

2. To be the boss and call the shots, instead of remaining as an employee.

3. Achievement.

4. To fulfill a childhood ambition of being the owner of a business.

5. To make money or lots of it.

Indeed, most businessmen said making money is one of the important reasons for their starting their own business.

This includes making money to be financially independent, to be free from financial worries, to provide for a decent living for the family, to travel to other countries, to help other people by providing them jobs, are some of their motivating factors.

The late famous American businessman and billionaire J. Paul Getty  once said:

“Almost without exception, there is only one way to make a great deal of money, and that is to own your own business. You’ll never do it working for someone else.”

So, if you want to make money and don’t want to work for someone else, my advice is: Go into business!


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12 Comments

  1. I went into business for myself many many years ago. And I think it was for achievement mainly. I don’t think I actually thought about the reason, I was just offered an opportunity and a place to have my own business. And I enjoyed every minute of it. I didn’t make much money but I really enjoyed the work. It is a lot of work because you have to be on the job all the time. Guess I wasn’t very good at allocating duties. But as I am sure everyone knows, only one person will do the job right, and that is you. Have a great week end.

  2. The one thing most people fail to realize is when in business for yourself, the first few years AT Least are lots of hours and very little to no pay. Yes you are independent, but far from being free, your customers all become your boss. But when you get everything running on all cylinders and you can feel success slowly coming your way, there is no better feeling in the world.

    As you know Eli many people say they are opening a business but I believe the percent is less then 7% actually do. I know I been there and while it is rewarding, it can also take over your life, so be prepared and go in with eyes wide open.

  3. My husband owns his own business and it sure beats my former career as a teacher! I am always coming up with business ideas, but am always afraid to jump in and “just do it”.

  4. Given all your experiences with businesses, what would you say is the rate of success? In other words, how many companies end up failing after putting in hours and hours of work for less pay (compared to a full time job)?

  5. @ Victor, it all depends on the type of business, the level of experience of the owner, the market (target customers) for the business, the location and the number of competitors, as well as available financing and sources of funds.

    Some businesses grow big from humble beginnings, while other floundered within a year of operations. About 60-80% of new businesses die within one year, while the rest survive, grow big and become successful.

    Again, the answer is in the first paragraph.

    Thanks for dropping by.

  6. My Father was in business for over twenty years for two main reasons that you mention, Eli. To be his own boss, and to make money. He was successful at the time, but now finds himself at the age of 77 having to work part-time due to the economic conditions back in America. But his part-time job lets him be the boss, so he likes that.

  7. I fully understand someone wanting to own their own business and be their own boss but I would urge them to work for someone else first and learn a little about the inner workings. At the very least, get some formal business training. However much passion you have, it will not teach you about the day-to-day of running a business. Jumping into business completely cold is a very dangerous thing in my opinion.

  8. it is easy to get Business ideas, just look for a product or service that has demand and fill it:,,

  9. it is quite hard to think of a great business idea that would earn you lots of money in a short period of time`.~

  10. i ran out of business ideas, but i mostly invest on stuffs related to food and real estate.’:

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