Why Do People Start Their Own Businesses?

People start their own businesses for many reasons. According to the Census Bureau, more than 18 million people in the U.S. are self-employed. Not everyone who starts his own business is successful, though; the U.S. Small Business Administration reports that only about 44 percent of new businesses survive four years.

Control

Having your own business gives you more control over how much money you make and how much you will work.

Choice

Being a freelancer or an independent contractor gives you freedom regarding which jobs you choose to take.

Business Decisions

Your success or failure depends on your business decisions. Having your own business means you make the choices instead of having them made for you by an employer.

Satisfaction

Some people go into business for themselves because they have a skill or a product to offer. They enjoy being passionate about what they do.

Job lLss

When a person loses his job, he can take his work experience and professional contacts and start his own business.

References

• SBA FAQs
• Knowledge center