The Risks in Starting Your Own Business
Should you start your own business?
Most people are scared of starting a business. They’re afraid of risk.
But what they don’t realize is that they’ve already taken a similar risk in the past before just by having gone to school.
To get a bachelor’s degree, you’re investing four years of your life and paying thousands of dollars in tuition every year, all for the sake of increasing your chances at getting a decent job. There are no guarantees or promises that you’ll actually find a job at the end of it, and you’ll owe thousands of dollars in school loans.
Compared to the time and money you spent on school, what’s spending two years of time in the grand scheme of things to build a business? Starting a business means giving yourself the opportunity to create the future you want for yourself.
There are risks to running a business but a significant part of those risks are highly dependent on you. Whether the business is likely to succeed, how fast it’ll grow, all of these depend on the amount of effort that you put in. When you run a business; you are the business.
The risks mainly stem from self-discipline. There are no grades, homework or tests to keep you in check and keep you continuing forward. If you don’t put in the effort, your business will cease to exist. Nobody’s going to teach you what to do; you’re forced to figure that out on your own.
Success is earned, not taught.
In the worst case scenario, even if your business fails, you’re still better off than not having started your business at all.
You don’t live with regret, thinking what could’ve happened.
And everything you’ve learned as you built your business — the skills, the knowledge, the connections, all of these are things that will stay with you for the rest of your life. Don’t underestimate the value of what you’ve learned growing your business; it’s experience that most people will never have and it’ll be key to building your next business or finding new job opportunities.
The risk to starting your own business isn’t as scary as some people make it out to be. Most people will recover even if they fail and get more out of it than if they had never started at all.
It’s up to you whether or not it makes sense for you to take that risk.
The choice is yours.
Originally published on imjonathanlee.com.
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