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Why Start
a Small Business?
I was reading
a post this morning on a small business forum from someone who had a great
job, a very comfortable lifestyle and a burning ambition to go into business
for himself.
He was faced
with the dilemma of what to do and so I shared my story with him and it
might have some value if I repeated it here.
"For
20 years I worked in a job that brought me into contact with small businesses
that were failing or in severe financial difficulties every day.
From that
I developed the mantra that "only an idiot has himself for a boss".
Like you
I had a good income and a family that depended on me but life has a
way of changing things when you least expect it.
A divorce
and the failing health of a parent meant that I left my job and, with
a new partner moved several states. When things finally settled down
my partner and I began to think that starting our own business might
be a good idea.
We did
some research and found that the life expectancy of most small businesses
was less than 2 years and, of those that did survive that time, most
would be gone within 5 years.
With statistics
like that we were in no hurry to go ahead with our plans but once again
life got in the way and an old back injury of mine got much worse and
I couldn't work for much longer at the job I then had.
So we started
in 1998 with my partner full time and me doing it part time. and I have
now been full time at what I now do since 2001. We are now doing very
well and have people working for us but I have to be honest and tell
you there were times when we wondered where the next dollar was coming
from.
I guess
the bottom line for you comes down to whether you want to take the gamble
and see if you can survive beyond the 5 year point. And if you can survive
can your family?
The pressures
are great, the rewards are few and I'm still not sure that my mantra
from years ago wasn't right ... for most people."
Even today
I look back and wonder where I would be if I had not left that job. I
was a Senior Sergeant in the New South Wales Sheriff's Office at the time
with the prospects of moving further up the ladder.
My career
was secure, the challenges were always welcome and the pay rolled into
my bank account every two weeks. Do I miss it? I'll have to think about
that a bit more.
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