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20 Reasons You Should Start Your Own Business

20 Reasons You Should Start Your Own Business

Becoming an entrepreneur easier than ever before—technology is shrinking the world, opening markets, and making it possible for many people to strike out on their own in the field of their dreams.

Yet, many who feel the tug of inspiration are afraid to take the leap.  Don’t be one of those people who look back and regrets not starting their own business.  Take control of your life, and your dreams.  There are countless great reasons for starting your own business, and I’ve gathered 20 of the most compelling here—but whatever your reasons, don’t hold back.  It’s time to start taking steps to take control of your own life, and there’s absolutely no better way to do that than to take ultimate control of your career, through starting your own business.

1. You Receive Many Tax Benefits

Living on a salary, as someone else’s employee, there’s little you can do to control your tax situation.  It’s simply a fact of life.  There are some things you can do to affect it, of course—using retirement plans, deferrals, special savings accounts, and the like, but your options are truly very limited.  On the other hand, starting a small business can transform your relationship with taxes.  The government is very supportive of small businesses right now, and is likely to continue to be.  You’ll be able to write off extraordinary amounts of your income, as long as you hire a good accountant (or educate yourself well on tax law). Bonus points if you can employ family members, even for small tasks—the money stays in the household, the tax write off helps the business, and your family has become a team that drives its own success.

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    2. You Make Your Own Job Security

    If you have skills in an industry that’s in demand, there’s no excuse for not starting your own business.  You never have to worry about whether or not you’ll be laid off when you start your own business, whether you’re up for promotion, or whether you’re going to be automated out of your job—because you’re the boss. As your own boss, you have another advantage, too.  Not only can you not be laid off, but you can take control of your company’s decisions.  You can move and change with the times.  Many companies fail because they fail to evolve, and as a mere employee, there’s little you can do about that when you’re employed by someone else.  As an industry leader, in charge of your own company, however, you’ll have the resources and decision-making capability necessary to stay current and competitive.

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    3. You Can Network in Your Industry

    Passionate about your industry? You might think that the only way to get ahead and network with the superstars in your market is to get in with a big company—but in fact the opposite is often the case.  You’ll be pleasantly surprised how many doors a business card with “CEO” can open—even if you’re CEO over a grand total of one person.  That’s because it’s not just the size of the company that impresses people; by being an owner and taking control of your destiny, you’ve proven you have what it takes to make it. And that’s a very appealing trait in a colleague. Owning your own business means you have a lot more to offer when it comes to collaboration and negotiations, and it means you will have more insider knowledge in your industry.  It goes without saying that this makes you much more tempting to network with—and the bigger your network, the more people will want to network with you.  Watch your lists of contacts, partners, colleagues, and references grow.

    4. You Can Challenge Yourself to Learn New Skills

    Admit it—you sleepwalk through your day at your current job more often than you’d like to admit.  Why? Because when you work for someone else, you have an excuse to slack off on learning new skills.  When someone comes to you to ask you to do something you’re inexperienced with, you direct them to the “right” person. But what happens when the buck stops with you? In your own business, you quickly learn how to become the “right” person for every job. You’ve heard the saying, “If you want it done right, do it yourself.” Now go out there and embody it! As a small business owner, you’ll be learning a lot of new ropes.  Learning new things keeps you sharp, and staying sharp makes it even easier to acquire new skills.  This isn’t about just being successful in your career; it’s about being successful in life.

    5. You Will Become an Expert

    But it’s not just about learning to use Excel properly (finally), your new motivation to learn and learn more can take you much further than that.  As head of your own business, you won’t just learn how to competently carry out new skills, you’ll become an expert at the one’s you’re passionate about. Maybe right now you dabble in graphic design, and love it, but that’s not what you get paid for at your job.  Well, in your own company, you can take on as much of that responsibility as you like—and get paid for it.  And don’t forget those tax benefits—they’ll come in handy when it comes to training and taking classes in those subjects in which you want to become an expert.  Get and keep your certifications up to date, create a portfolio, and find out just how much of an expert you’re truly able to become, given the opportunity.  And the best part? As a business owner, you’re not depending on someone else to hand that opportunity over; it’s one you can give to yourself.

    6. You Can Connect with Mentors

    Networking is one thing—it’s great to have a digital Rolodex filled with names you can drop at the next convention, if you’re into that sort of thing.  But what’s better? Finding true mentors in your field.  You’ll find that people are willing (and excited) to help a motivated small businessman learn the ropes, and you can forge lifelong relationships with talented colleagues that would never have given you a second thought if you were on someone else’s payroll. And running your own business will give you more confidence in seeking mentors out, as well, because you’ll have little choice but to ask the questions you need answered if you want to be successful.  Necessity is a wonderful motivator.

    7. You Can Put Your Determination to the Test

    You have what it takes to start your own business. You’ve always thought so.  And yet, here you are, still riding someone else’s coat tails.  Why? Because you’ve yet to take that final step that proves you really do have what it takes.  Success is not all about inspiration; determination is thought by many to be the real factor.  Everyone knew the kid in school that always said they “could” have gotten that A if they’d studied, but they were content with a B.  Don’t be that kid.  You’re better than that. Prove to yourself you have the determination to be a true success, and stand on your own two feet.

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    8. You Must Learn to Respect Yourself

    Putting your determination to the test leads to the next best reason to start your own business: learn some self-respect.  It’s not just determination that will make the path to self-respect that much sweeter.  Think about how many times, in the past, you’ve had to put your own self-respect aside to comply with the wishes of your boss, a manager, or a customer.  Sure, you’ll have to make concessions as the head of your own business—but you’ll be fully in charge of when, where, and how those concessions take place, if you do.  You’ll be the one in the driver’s seat, which means you’ll have to take responsibility for your own decisions; you’ll find that greater responsibility leads to greater self-respect, as well.

    9. You Can Create Jobs

    If you’re not part of the solution, you’re part of the problem.  The job market is not looking good these days, and starting your own business can create job security for more than just yourself.  Have an innovative idea, or a new strategy that’s going to take off?  Instead of feeding it to your boss and letting them take credit, be your own boss—and find the right talent out there to join you on your path to success. Small businesses create jobs and forge strong bonds in revitalized communities.  Be a catalyst for change in your own community.

    10. You Can Gain Financial Independence

    Financial independence sounds like a dream come true, doesn’t it? When you start your own company, it doesn’t have to be a dream.  You’ll be calling the shots when it comes to taking risks, deciding on investments and expenditures, and you’ll also be the one reaping the benefits when your hard work pays off.  You won’t have to depend on bonuses that are based on your boss’s whims or your company’s yearly success.  You’ll be the determining factor, and you won’t have your financial success snatched away because someone else on your team dropped the ball.

    11. You Can Shape the Market

    We’ve all sat around and talked about how our respective fields could be improved upon.  “If only someone would go out there and make some changes,” we’ve thought.  Well, stop thinking about it and do it already! If you’ve got ideas that can transform the marketplace, it’s time to put them to the test.  Maybe all of them won’t pan out, maybe some of them will, but either way, you can be part of the action instead of just an armchair analyst.  The point is, you’ll have your chance—you’ll have all of the chances you want—to make your mark in your own industry.

    12. You Can Share Your Story

    When you start your own company, it becomes an extension of yourself.  Your story—the story of your life, of your dreams, of your goals—becomes the story of your company.  Starting your own business gives you a chance to put your story on center stage.  It’s time to stop being a footnote to someone else’s story, and to take responsibility for writing your own. You’ll look back over the years at your successes and failures alike and feel a special fondness for them, because you chose them—you didn’t sit idly by and let someone else write your story for you.

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      13. You Will Have Pride

      Everyone should have a sense of pride in their job, and no one has more pride in what they do than those who are head of their own company.  When your company succeeds, that reflects directly on you. When you risk failure to capture a big reward, that’s your risk, and your pay off—and a source of your own pride. When you work for a big company, you might be proud of your position, or your weekly presentation, or your raise, but none of that compares to the feeling of pride you’ll feel in the successes, large and small, of your own business. You’ll be proud of your accomplishments, of course.  You’ll be most proud, however, that you had the courage to set out on your own.

      14. You Will Create a Legacy

      Starting your own business gives you a chance to tell your story, to employ yourself, and to prepare for your own future.  But it does something else, as well.  It gives you the chance to create a legacy for your children, and their children.  You’re starting from scratch, but they won’t have to.  Your small, hard won successes today can lay a foundation for the future of your entire family line.  You might make a great salary now, but your inheritance can be so much more than just money; it can be a way for children to make their own way in the world.  An established business isn’t all you can leave behind, either.  You’ll be setting an example, on that tells your children that that their success is up to them.  Luck and chance can go in any direction, but determination, resolve, and responsibility are the real recipe for a fulfilling life.

      15. You Will Earn Recognition

      Recognition at your current company probably means getting a picture of yourself as employee of the month.  Maybe it’s more—maybe you’ll be recognized at a company dinner, or get a big promotion.  But unless you’re quite high ranking in the industry, you won’t be getting the kind of recognition you can as a business owner.  Make your mark on your industry and in your community as a business owner, and find out just what true recognition means.  You’re not just a cog in the machine that performed well, you’re a member of society that is able to contribute something meaningful and lasting, and be recognized for your accomplishments in an equally meaningful and lasting manner.

      16. You Can Inspire Others

      Right now, you’re digging deep to find the inspiration to strike out on your own.  And it’s quite likely that you’ve turned to others and their inspiring stories of success to provide you with motivation.  Won’t it feel great, one day, to know that your story inspired another go-getter, just like yourself?  Recognition, as described above, is about being recognized by many for making a big impact. But sometimes the most important impact we can make is much more personal.  Inspire the next you, the next genius, the next tycoon—and start today, by putting your business plan into action. You’ll move from looking for mentors to becoming one, and that’s an incredibly rewarding feeling.

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      17. You Can Create Your Own Brand

      You have an eye for design, or for functionality, or for gadgets, or for fashion—you know what people want, and you can’t help but critique the mistakes you see made in your industry of choice.  You sigh at the decisions your boss makes, when you’re positive your plan would be better received.  That’s all well and good—but it’s time to realize that you could be correcting all of these mistakes, and making your own vision a reality.  Think that’s impossible because your boss would never approve your ideas? It’s more than possible—when you’re your own boss.  Create your own brand, and do it your way—find out if your muse has been right all along.  And when something doesn’t work, it’s only an opportunity to fine tune, improve, and create something even more exceptional.  Don’t be a slave to the whims of a company that doesn’t care about you; take responsibility for your own success and create a product, service, or experience that people will love.

      18. You Can Express Your Creativity

      And creating your own brand is only the beginning.  Think about every time you’ve had a flash of brilliance in the past, and had to discard it, because you simply didn’t have the resources to bring it to life.  As owner of your own business, you will have those resources, and you’ll have the ability to put your ideas into action.  You won’t be tied down to the company formula, because you’ll be writing your own formula as you go along.  You’ll be allowed to take creative risks, to do what no one else will, or what no one else has thought of.  And the best part is that you’ll be able to take full credit for your creative insights.  You’ll find that as you put your creativity into practice, even more creative ideas will assert themselves.  Creativity is like a muscle: use it or lose it.  There’s no better way to exercise your creativity than being your own boss.

      19. You Will Be the Captain of Your Own Ship

      Life can be a stormy sea, and too many people trust someone else to be the captain of the vessel that carries them along.  Don’t relegate yourself to being just another hand on deck.  You know that you have what it takes to navigate the storm, to be the captain of your own life, so why would you pass on that responsibility?  If you want to venture into uncharted territory, you can start your own business.  If you want to play it safe, you can do that too.  The important thing is, that you’ll be able to decide on your own, do your own research, and carry out your decisions with full confidence.  You can’t do that when you’re depending on a boss or a manager to see you safely through life. But you can, when you have your own business.

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        20. You Can Change the World

        Sounds a little on the dramatic side, doesn’t it? But it really isn’t.  You absolutely can change the world when you start your own business.  Being a small business doesn’t mean having a small footprint.  And some of the most influential companies today started out small—look at Facebook, started in a college dorm.  It’s gone on to reshape the way people think about socializing, to change the very manner in which people live their lives.  Google started small as well, and no one can deny that it’s changing the world.  Even if your venture doesn’t become a mega-company, however, that doesn’t mean you’re not in a position to change the world.  Creating something lasting, something that shapes your future, the future of your family, and the future of your community is very much an opportunity to change the world itself.  Who knows how much of an effect your ideas and goals can have?  Only you—and you can only find out by taking the leap.

        It’s time to take action. Take a small step today.  Whether it’s drawing up a business plan, making a few notes, or making a phone call, your journey will begin with just one step.  Set some small goals.  Congratulate yourself for meeting them.  You’ll find that small goals soon become larger ones, and those will set you on your path to greatness.  The reasons above are motivation enough—but surely you have your own, personal reasons as well.  Ponder those, and you’ll come to the inevitable conclusion that the only sensible thing to do is follow your dream.

        Featured photo credit: thwolfofwallstreet.com via thewolfofwallstreet.com

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        20 Reasons You Should Start Your Own Business

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        Last Updated on August 20, 2019

        How to Find New Growth Opportunities at Work

        How to Find New Growth Opportunities at Work

        Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up.

        You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out. But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

        Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

        “If you’re not moving forward, you’re moving backward.”

        It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

        Make a Point of Positioning Yourself as a Rising Star

        As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

        As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

        Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

        Employ these other useful tips to let your rising star qualities shine:

        1. Promote Your Successes to Your Higher-Ups

        When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

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        Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

        2. Cultivate Excellent Listening Skills

        Listen well, and ask great questions. Realize that people love to talk about themselves.

        But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

        If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

        Check out these important listening skills: 13 Powerful Listening Skills to Improve Your Life at Work and at Home

        3. Go to All Office Networking Events

        Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

        If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

        Take the Extra Step to Show Your Value to the Company

        Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

        The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

        Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

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        4. Show Initiative

        Commit yourself to whatever task you’re given, and make a point of going above and beyond.

        Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

        Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

        5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

        Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

        Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

        6. Go to Every Company Meeting Prepared and Ready to Learn

        A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

        Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

        Accelerate Your Career Growth Opportunities

        A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

        Try to see yourself from your boss’s position and evaluate your promote-ability.

        Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

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        These qualities will place you front and center when growth opportunities arise.

        Use these strategic tips to escalate your opportunities for growth:

        7. Find a Mentor

        With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

        Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

        Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

        Not sure how to find the right mentor? Here’s How to Find a Mentor That Will Help You Succeed.

        8. Map out Your Own Growth Opportunity Chart

        After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

        What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

        Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

        Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

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        You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

        9. Set Your Professional Bar High

        Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

        Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

        Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

        Let integrity be the cornerstone of all your interactions with clients and co-workers.

        The Bottom Line

        Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

        “Half of life is showing up.”

        The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

        Remember, your career is your business!

        More About Continuous Growth

        Featured photo credit: Zach Lucero via unsplash.com

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