“Entrepreneurs make $70,849 per year on average, or $34.06 per hour, in the United States.” (ZIPPIA.COM, 2022). These statistics show us how being a business owner can certainly pay off in the long run. With all this in mind, you might want to consider entrepreneurship because it could make an impact on your community and may feel less like a job and more like a passion.
One main reason to start a business is small business owners contribute a great amount to their community by providing jobs and creating strong connections with community members. As Susan Ward, IT consultant and author states, “This can happen through the products or services they provide or through the local causes they support.” (TheBalancesMD.com, 2020). She goes on to say, “Small businesses also account for nearly half of the private workforce in the U.S” (TheBalancesMD.com, 2020). People in the community will be supportive of local businesses because it will create more jobs for the community.
Working for yourself can also have many personal benefits. As an entrepreneur, you choose your own hours, you reap your own rewards, and you do what you love. Darren Dahl, a financial writer, states, “Many entrepreneurs say the long hours they invest in growing their business doesn't feel like work because they're actually having fun in what they're doing (Dahl, INC, 2011).” This is a major reason many people start businesses. It's likely that if you find passion in your business, you will enjoy building it.
Lastly, it's important to learn from others when growing a business. Christopher L. Doyle, owner of RLTR MBA, Inc. advises to “learn from others' mistakes in order to not repeat the same mistakes.” Do your research to make sure you don’t make the same mistakes others have made when building their business. “Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open. Only 25% of new businesses make it to 15 years or more.” (Deane, Investopedia, 2022). Furthermore, Sergio Anarbia, a small business advisor, stated, “if someone is passionate enough, go ahead and do it but do your homework.” Planning is crucial to having a successful business but it can pay off by helping your community and the journey can be very enjoyable. The greatest reward is having a successful business!