Start
a
Business
So you want to start a new business?
Well, you're not alone. According to Dun & Bradstreet, close
to a million new businesses are launched each year. Thousands
of would-be entrepreneurs with their sites set on personal
freedom and financial independence are taking their best shot
at the American dream. The challenges and opportunities of
owning a business are what many people dream about but relatively
few ever achieve.
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The benefits of owning a small business
can be exceptional. One of the secrets of small business ownership
lies in the "sweat equity" that can be created over time.
In their book The Millionaire Next Door, the authors point
out that most of the affluent people in this country are business
owners. In fact, their research shows that self employed business
owners are "four times more likely to be millionaires than
those who work for others" (see Thomas Stanley & William Danko,
The Millionaire Next Door, Pocket Books, NY, NY, page 227)
Starting a small business can be
one of the fastest ways to financial independence that there
is. In addition to earning a living, you will also begin immediately
to build up "sweat equity" in the business. Over time, this
equity can become very valuable indeed.
Each year Forbes magazine publishes
a list of the 400 wealthiest individuals in the country. The
most recent Forbes lists show that business ownership is by
far the dominant source of wealth creation in this country
today. What is more, the incidence of 1st generation business
owners making the prestigious Forbes list is rapidly increasing.
This is an astonishing fact considering
that it used to take many years or even generations to accumulate
the kind of wealth that is now being created in just a few
short years.
Obviously not every new business
owner will join the Forbes 400. Indeed in 2001, the wealth
threshold for making the list was an astounding $600 million!
If you are careful and patient, however, you will have a very
good opportunity to enjoy a comfortable lifestyle while building
a substantial equity position over time. You will also have
the security of knowing that you are in control of your own
destiny and not at the mercy of a cost-cutting CEO.
Of course, there is substantial
risk associated with a business start-up. This is evidenced
by the rising incidence of business failures in this country.
Total business failures have been increasing in lockstep with
the high rate of business start-ups.
Fortunately, with a little planning
and up-front effort your overall risk can be substantially
reduced. The following steps are designed to help you minimize
your risk and hopefully put you into the category of long-term
wealth builder rather than joining the ranks of the "also-rans".
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