People have often cautioned about the risks about starting a business, citing quotes such as 8 out of 10 businesses ultimately fail. While there is truth in that, here are 5 reasons why you should still consider making the leap
1. You are the master of your time
You get to control your work / life balance, whether you choose to spend more time working or more time with your family, it’s totally your choice. As women, we tend to worry a lot more about our family and being in a male dominated work environment doesn’t help. As a business owner, nobody said you can’t take time off to be with your kids or take your parents to a vacation. Interviews with female bosses often show that they found themselves having more time with their family after owning their business.
2. You get to go after your passion
Earn a college degree, get a stable job and settle down. Sounds familiar? Many women are stuck in routine jobs or lifestyles which they don’t feel excited about. This is especially true in Asia, where older generations tend to preach ‘Asian values’ for women. Starting a business allows you to reignite your passion which got lost getting caught up with work and what nots. Love cooking or baking? Start a cafe. Love fashion? Start a boutique shop. Love yoga? Start your own yoga practice. Possibilities are endless and the best results often come from doing what you love.
3. You control your own finances
Being a boss, you will no longer be relying on somebody else for your paycheck. You will no longer be held down with your work life dictated by someone else. You choose to do what’s most important to your business and delegate tasks to your employees. Which takes us to the next point.
4. You are ultimately responsible for your own success
When we are working for someone else, your responsibility is generally limited to your workscope. As a boss, you are not only responsible for the business, but also your employees. With greater responsibility, you will feel more motivated to really work hard do well. At the end of the day, whether you fail or succeed, is entirely up to you. If you fail, you learn from your mistakes; if you succeed, the rewards and credits are all yours to enjoy.
5. You take pride in calling it your own
What is truly satisfying is that you get to build something that you can call your own. So when people ask what your occupation is, you can proudly tell them I run XXX Company. It not only boosts your self esteem and confidence but also gives you a sense of purpose.
6. Join the growing ranks of female business owners
Women have come a long way, taking up more and more leadership positions in previously male dominated organisations. Nothing is more apparent than the growth of woman owned businesses, which is 1.5 times more the rate of US businesses. According to the American Express OPEN’s 2013 State of Women-Owned Businesses Report: A Summary of Important Trends, 1997-2013, there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. So join our fellow lady bosses across the globe and together we can build a better world.