The biggest appeal of starting your own business is the opportunity to be your own boss. Not taking orders from a micromanager, making your own decisions, and eventually reaping the rewards is the truth of starting your own business.
During the Major Resignation as a result of the COVID-19 pandemic, 32% of all Americans quit their job to do so to start their own business.
Are you unsure if you want to be your own boss? Here are some signs that now might be the time.
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It’s Your Dream
You may have talked about it with family and friends. You may have thought about it, otherwise you may even have researched different business ideas. But, if you have realized that it is nothing more than a passing thought, it is a sign that it is time to start your own business.
In the end, people who are continuously trying to convince themselves that being their own boss just is not for them are the kind of individuals who must take the plunge. But, sadly, millions of such candidates won’t ever have enough courage to pursue their dreams.
Don’t let the years pass you by. It is time.
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You Are Not Afraid of Risk
Jumping into life as a newly self-employed individual is never risk-free. Risk is part of the game because your business can fail. The fact is that 45% of all companies failed for the first five years. The odds are against you, but the payoff is worth it.
If you are not afraid to put your savings into a business venture you believe in, you are well on your way to starting your own business.
Before taking the risk, take action to reduce the risk. First, be sure you enter a sort of business that provides you with some form of limited liability protection to make sure that your personal assets aren’t put in danger.
You can even lower your risk by taking self-employed business insurance. A comprehensive insurance plan protects you if you’re sued by employees or customers. Insurance plans may be an added expense, but with legal bills, medical expenses, and settlements yielding six-figure and seven-figure payouts, it is an investment worth making.
Finally, perform some research before putting your money into the business. Make sure there’s real market demand for what you must offer. Do some studies, pitch your idea to a focus group, and see the feedback. You do not want to put your heart and soul into something that nobody cares about.
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Climbing the Corporate Ladder Is No Longer Interesting
If you have worked for somebody else, you have likely spent a large part of your life chasing promotions. Climbing the corporate ladder may have been the ultimate goal for the older generation, but the prospect is no longer lucrative with the increase in headcount.
According to Bureau of Labor Statistics, the average length of service for workers aged over 25 years is just five years. The traditional idea of staying with the same employer for life and climbing the rungs of your organizational ladder has been limited to history.
If moving up the ranks no longer appeals to you, it may be time to quit the rat race and begin your own business. Take control of yourself by creating your own business now.
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Your Job Persona Offers No Fulfillment
Fulfillment is essential to our mental health. If you end up dissatisfied with your work persona, it indicates you aren’t doing what satisfies you.
Many entrepreneurs become self-employed because they look at themselves in the mirror and determining who they’re in the office is not an accurate reflection of their personality. As a result, people with different traits in their professional lives are more and more moving away from personal pleasures.
Become who you really are by being your own boss.
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Feeling suffocated
Corporate jobs are infamous for making residents feel suffocated. Feel like you are living in a real life version repeating day no way to live.
Just doing work because it pays the bills is a simple way to feel suffocated. Unless you occur to be in a role where you think you can best express yourself, your job is likely to sap your energy.
If the thought of useless corporate brainstorming sessions wears you out, start your own business and use your time wisely.
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You Hate Being Managed
Most people have a love-hate relationship with management. Some people need guidance to get the job done and point them in the right direction. Other people hate other people looking over their shoulder.
All successful entrepreneurs are startups who do not need or want anyone else to interfere in their work.
If you want to enjoy your job without wanting to please other people, the life of an entrepreneur may be for you.
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You are an Independent Spirit
Not everyone seems to be designed to be their own boss. Although more and more people are toying with the idea of saying goodbye to the corporate world, many of these individuals are doomed to failure and return to the salaried way of life.
It does not show failure on their part. On the contrary, it shows that they’re not designed to be self-employed. So many people need a fixed salary structure and established roles.
So many aspiring entrepreneurs underestimate the work of making a successful business. You need to wear lots of hats and do lots of things that you do not want to do. While you can hire an independent contractor, this will require established business revenue or significant savings to manage.
The entrepreneurial way requires someone who is independently minded to make it occur.
Conclusion
Many Americans are considering starting new businesses and leaving work life behind endlessly. But unfortunately, most won’t ever take the risk because they’re afraid of the risks that come with it.
There’s no doubt that running your own business is a challenge that will basically change you, but the rewards are unmatched.
Are you ready to start your own business, and if so, what type of business would you like to start?
