You Don't Want To Start A Business - But It's Important That You Think You Do - How Money Works

It's often assumed that running a small business guarantees greater financial rewards than working for a salary. However, the reality can be quite different. Many small business owners find themselves working longer hours for the same or even less income than they would earn as an employee, without the benefits of paid time off or health insurance.

The financial pressure to keep the business afloat can be immense, with the Small Business Administration indicating that only about half of small businesses survive past five years.

The idea of starting a business is sometimes sold as a surefire path to freedom and success. This narrative is often pushed by those who stand to gain from the proliferation of small businesses: consultants, business coaches, and seminar leaders, to name a few.

These individuals may profit from the entrepreneurial dream, even when the reality for many business owners is quite different. It’s important for aspiring entrepreneurs to critically evaluate these messages and consider the source.

Startups are often glamorized in the media as the ultimate career goal, but the reality is that for every successful unicorn, there are countless others that fail. This disconnect can lead to a skewed perception of what starting a business entails.

It's crucial for potential entrepreneurs to undertake a sober assessment of the startup landscape, understanding that success stories are newsworthy because they are the exception, not the rule.

There's a societal push to idolize entrepreneurship, but it's not a one-size-fits-all path. Personal circumstances, skills, risk tolerance, and even the nature of one's business idea play a massive role in potential success.

It's essential to understand that the 'dream' of owning a business may not necessarily align with one's personal desires or lifestyle needs. It's about finding what fits for you, which might be the entrepreneurial route, or it might be a more traditional career path.