Did you know that almost one out of ten workers
in the U.S. is self-employed? In Minnesota in 2000, there were over 178,586
self-employed
workers. "Self-employed" can mean:
- Working as a consultant in any field, which involves
finding your own clients and working either at home or in the client's office.
- Running a home-based business, such as a daycare center.
- Opening a retail store, restaurant, or other business office.
- Running a family farm.
Deciding to start your own business is a huge decision. Before
making such a big decision, consider the pros and cons of self-employment:
| Pros |
Cons |
- More control over your future
- You can set your own hours
- More independence
- Personal satisfaction
- Potential success and financial reward
|
- Startup costs
- Irregular income
- Long hours
- Stress
- Potential failure and loss of money
|
Is self-employment for you?
There is no way to predict which entrepreneurs will
succeed and which will not. However, successful business owners often share certain
characteristics. Read the statements below. If you agree with most of them, you may have
the qualities necessary to start your own business.
- I am a self-starter. I do not need direction from others to start or complete projects.
- When faced with a problem, I confront it directly.
- I am willing to take risks.
- Failure is part of the learning process.
- I know who I am and what I can do.
- Working long hours does not bother me.
- I am good at networking. I feel comfortable asking friends or acquaintances for the names of potential clients.
- Most people consider me outgoing and confident.
- I like to set my own goals and work at my own pace.
- I am not embarrassed to ask for what I want.
- I would be comfortable working hard to get new business.
- I am good at public speaking and feel comfortable in front of an audience.
- I can get my point across quickly and easily.
- I do not mind working very hard now for a goal that may be several years away.
Next step
Once you decide to start your own business, where do you
begin? The first step involves finding out
if your business can succeed. This involves researching:
- Market conditions and financial requirements
- Who your competitors are
- Who your customers are
- Future demand for your product or service
There are many resources to help you complete these
activities. For a list of these resources, go to Business
Web Resources.
Source: Minnesota
Department of Employment and Economic Development.
Page last updated in August 2008.
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