Why dont more people have their own business?

Question

Is it fear? You will never get rich by working for someone else, and actually you are just making them rich. yeah, you can invest and save for retirement, but you are always dependent on someone else. You have to kiss ***, work with people you dont like, can be laid off anytime, or lose the job if the company goes out of business.
It doesnt take a lot to start a simple business while you are in college, im not talking about anything big, online businesess are popular nowadays, and who knows, one day it may become a large global corporation.
And I know most of you will say money, but many business(especially the online or service ones) cost under 10K so start.
So why dont more people own their own business?

Risk? There is just as big of a risk of losing your job. You only get one life, you need to take risks.

FRANKFUS - You are an inspiration to many people. I, just as you, will never work for someone else. I dont care what it takes. And I hope that none of those new tax laws are implemented. Good Luck!

Answer 1

I own a small construction company, and I can tell you this much. Many people get very discouraged because the government (city, state, federal) puts up so many obstacles that make it hard to operate.

For instance, if I hire someone, it costs me at least $2000, just to insure them(workers comp), even if it's only a short term gig.

Setting up taxation and payroll is a nightmare.

Taxation and unemployment insurance are WAY out of control.

People want to have health care, and I can't begin to tell you how much that costs.

In general, the start up costs related to ANY business are enough to stop your venture before it begins.

My experience is that my employees, after all their expenses make more than I do, and I'm the owner for God Sake!

Now, you've got to have your product and/or service.

You have to offer something that's better than the next guy, or at least less expensive.

Then you have to insure yourself against lawsuits. Everyone wants to sue everyone.

Then you have customers who won't, don't pay. In most cases, you're going to take a loss.

Defending against lawsuits are the main reason MOST businesses fail within years 3-5.

Owning a business is really a nightmare. And it's about to get MUCH MUCH worse.

Congress wants to add $.50 per gallon gas tax. This will kill any business than has to do any work out of the office(construction, deliveries, service businesses, etc.)

They also want to reduce what is considered "wealthy" from $150,000 to $75,ooo. That means that any business owner who makes a GROSS income of more than 75k, will now be taxed as much as someone who makes more than 1million.

That's before ANY business expenses I listed above.(payroll, insurance etc.)

Small businesses are a dying breed, and if ANY of the new tax laws are instituted, they will become extinct.

So, to say it all very simply, most people who want to own a business do a little research, then they just wind up working for someone else.

Me on the other hand, I will NEVER work for someone else again. I will fight for my right to Life, Liberty, and the pursuit of Happiness.

They can TRY to kill me, but I will NEVER give up.

METRO, I thank you for the compliment, and wish you sucess in your venture. It is a hard world out there, so be smart, and be dilligent. Anything is possible, so long as you have faith in yourself, and the will to work hard.

And as far as the 'new taxes' go, look into just WHO is trying to implement them. And remember that next years election will eigther make these new taxes go away, or make them happen. Small business owners have to unite to fight this assault on the small business owner.

Answer 2

Facing risk basically. You have to know what you CAN do, what you WANT to do, and what you NEED to do.

People may have wonderful ideas for a great product or service, but they may not have a "head for business".

You have to have vision. You have to have a usable plan. You have to take time to map out what needs to be done achieve your outcomes.

You have to have a visible marketing plan. The clearer you are on who you are targeting the easier it will be to focus your efforts on reaching those individuals and/or companies.

You have to be consistent....always consistent.

You have to have a great team who knows exactly what is going on and who knows what you want to achieve. Ease of operations goes to the ability of management and ownership to work on the business strategically rather than minute by minute. Think Long Term.

You have to be able to generate a reasonable profit, which, in turn, generates cash flow. And...you have to remember you are DEAD LAST ON THE LIST, at least in the start-up of your business, to realize personal financial gain. Everyone else gets paid first before you do. ALWAYS!

And you have to be willing to work VERY HARD. Don't think 40 hours a week - think whatever it takes to get the job done on time - all of the time. You are the wearer of not just many hats, but all the hats - at least to begin with. The responsibility falls directly on your shoulders and you need to remember that 100% of the time.

Proud co-owner of a 62-year old business.

Answer 3

I think a lot of times it's jealousy - I WISH people WOULD mind their own business, my neighbor is SOOO into my family's business & there's something wrong with her, she had to call my landlord's new management company & cause us problems that they've threatened to give us a 30 day eviction notice EVEN THOUGH they came here & SAW the neighbor was OBVIOUSLY drunk! And then there's TOTAL strangers, like when I'm at the store & my daughter's not listening to me & people I DON'T EVEN know have to stick their two cents in, they act like they're gonna call CPS & it's NOT like I'm beating my child or ANYTHING close, I'd NEVER do that!! PEOPLE these days!!!

Answer 4

Life is not a bed of roses, and business life is even harder. Some people would never be able to run a business.
Anyway how will your business ever become a Global Corporation, if there aren't any people who are working for someone else?

Besides, you are all just working for the Government. Making them rich.

Answer 5

...I agree with Frank 100%...and if the Feds do not make changes soon...the small business owner could very well be the next Dinosaur.The bigger companies like Walmart are stepping up everyday...we need less talk and more action with our government.Bush failed in that department.
...I will add I was in retail for 7 years before I got out last year, because I realised time was more important.The economy aside...up or down...it's all the same when you do it day in and day out...when each day passes to the next...you can't get it back again...so,I guess the decision should be what's more important...the business and money or life itself...

Answer 6

Because there is a lot of RISK involved in running a business..

Answer 7

you make some good annalysis, but people have plenty issues and obstacles sometimes and can not fullfill their desires.