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ENTREPRENEURS: POWER OF RUNNING YOUR OWN BUSINESS

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FIVE THINGS TO CONSIDER BEFORE WORKING FOR YOURSELF

The pandemic has taken away many people’s primary source of income and, in three months, has caused greater unemployment rates since the Great Recession. Job options are limited and companies are downsizing. If there was ever a time to go into business with yourself, now may be the time. Becoming an entrepreneur is easier said than done, however, the potential success justifies the effort it requires. Starting a business can be scary. Of course, only you can decide if you’re ready to quit your job and venture into running your own business, but here are some of the rewards of going out on your own:

Independence and flexibility 

Gone will be the days of having to follow a company’s strict guidelines. You’ll have more freedom and independence working for yourself. Once your business is firmly established, you’ll probably have the flexibility to make your own schedules and deadlines, giving you the opportunity to work on your own time.

Personal fulfillment

Doing something that you’re passionate about will always be more fulfilling than working for someone else, especially if you don’t enjoy the work that you are doing. You get to do something that is important to you while at the same time earning money (and what can be better than that). 

Power

Being the boss puts the power in your own hands to set the standards of your business. Once you have grown enough to need employees you can run your business the way you would want if you were a new hire. Being the authority means people will come to you when things go wrong but that also gives you the opportunity to decide the best way to handle things.  

Money

With big risks come even bigger rewards. This is not an overnight business venture, it’s an investment that may involve you paying out of pocket for once you begin. However, you can get rich in a small business, or at least do very well financially. Although there is always a risk of failure, there is always a chance to end up in the lap of luxury.

Do what you know

Most importantly, make sure that you know your future business intimately. Doing something that you already have a firm understanding of is best and allows you to create something unique in an area you know personally. Learning something new is also an option, but the important thing is not going into an already risky business blind.

Oprah Winfrey remains one of the best examples of a self-madeand extremely successful entrepreneur. As the daughter of a single mother in Kosciusko, MI, Winfrey grew up in poverty and had to work her way up from the bottom. According to Business Insider, she currently has a net worth of $2.5 billion and owns 25.5% of OWN network, 8% in WW International, and has a content creation deal with Apple TV+. She started her career working in broadcast radio and television until she had the opportunity to host her famous talk show, “The Oprah Winfrey Show”. 

Life is full of ups and downs and it takes a bit of courage to go out on your own. However, you know yourself best, if there is something that you are passionate about and see a market for, then now may be the time to reclaim that sense of power and control when many people around the world currently feel powerless.