Should We All Start Businesses in Small Towns?
Nicole Dieker
3319

I have great admiration for people that open their own business. I support anybody that wants to try, but they need to know what they are getting into.

It’s a simple fact that most new businesses fail to turn a profit. And of those that do, most do not earn profits at a level that replaces the income the business-owner could be earning working a regular job.

Yep, without entrepreneurs, we’d have no companies at all, but it’s hardly a panacea. In fact, it’s about the exact opposite, as it’s a huge risk that can ruin you.

People get into the most trouble “not knowing what they don’t know”. Tasks like “Estimating the size of your market”, “Accounting for costs”, “Time management”, “Pricing”, are REALLY hard. Hard enough that even big companies screw it up with disturbing frequency. (The retail market, movies, music, pharmaceuticals, clothing, you name an industry, and you’ll see the failure-rate for new ventures is sky-high.)

The difference between MegaConglomerateCorp and you? They won’t go bankrupt because the MCC SuperUltraPlusGood Model 4253 Widget fails in the market. BillyBob’s OneAndOnly Widget? If that flops? BillyBob is bankrupt.

One clap, two clap, three clap, forty?

By clapping more or less, you can signal to us which stories really stand out.