Starting a Business: The Facts of Life

Starting a Business – Facts of Life

According to one Gallop poll, at least one half of American adults consider starting a business as a career option. That’s not only interesting news, but it also represents an enormous number of people. At first the size of that population took me by surprise, but the more I thought, it began to make perfect sense. Here’s how I made the connection between entrepreneurship and its attraction for at least 70 million Americans.

First, it might shock you to learn that nearly three-quarters of our adult population is unhappy at work. That’s what the literature tells us, and it applies across all career paths from blue collar to highly degreed professionals. We’ve all known people who are unhappy with their careers, and in turn, unhappy with their lives. If you were staring at the clock wondering what else you might be doing with your life, wouldn’t starting a business be on your list of options? Yes, I think so too. Starting a business seems to be a natural alternative to routine employment.

If you were wondering what to do with your life, starting a business would be on your list

Second, after years of experience, observation and thought, I’ve come to understand that starting a business is not just a job or career it’s a lifestyle. In fact, owning a business is no different than any other committed relationship, and if you work for yourself it is nearly impossible to separate your personal life from your professional life.

It’s not the notion of starting a business that attracts us, as much as it is the aura of creating a new lifestyle. That’s the charm and the magnetic core of entrepreneurship. Here’s another statistic. In this country, about 700,000 new businesses are launched every year which means that only about one in one hundred people (or 1%) ever get past the dreaming stage and actually get busy starting a business. Of the 700,000 or so new businesses started each year, very few are franchise businesses. Why is that? Very simply, franchising may be a great way of starting a business for some, but it isn’t for everyone. Far more independent ventures are started than franchised businesses for a number reasons, and if you are thinking about self-employment, you need to look at the pros and cons of different options. So, what are they?

Options begin with the realization that starting a business is a very broad umbrella under which many types of entrepreneurs can be found.

After careful analysis I have identified at least five types of entrepreneurs and each requires specific environments and conditions in order to flourish and be happy. For example, only one of those entrepreneurial types is real long-term franchise material. Other types of entrepreneurs starting a business require an environment either more or less structured than that provided by franchising. The true franchise personality wants a small business with a lifeline for support and that comes in the form of a helpful franchisor. There are basic personality differences between various types of entrepreneurs. To be happy and successful, one must first find out what type of entrepreneurial setting would be most personally rewarding.

This is a cursory look at self-employment and insight into a novel way of thinking about personal entrepreneurship. If you are wrestling with the idea of starting a business, but need more focus and direction, look into The Focus Program for Emerging Entrepreneurs. It is a one of kind personal insight program that will help you develop a personal plan for business ownership.