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Commitment Levels
Whether you seek a supplemental or full time income, there will be work. It takes a lot of internal fortitude to make a business successful. Most people want to own a business, but have no idea what they are getting into and, in the end, find it is not what they thought and end up going back to a more secure job and paycheck. If you think being a business owner will give you more freedom, well, I guess it does…you get to decide which hours you work! Most people that want to be entrepreneurs, really don't understand what it takes to get and keep a business up and going. Most businesses are not a success overnight (not even in a year's time). To really have a successful business, you will need to spend more hours than you can imagine on it. I believe that Kurt could tell you that! You must be willing to sacrifice a lot ( time and money) if you want to be successful. It is no surprise that 90% of new business fail within the first year. And, another 50% of that number will fail in the next 3-5 years. With a success rate like that...you can see how it takes a very special and dedicated person to succeed in business. Yes, there are those that have been successful on the internet with affiliate marketing, mlm, etc. The percentages of those that are attempting to make a living doing that and those that are succeeding are probably not much different than any other business model. There is still a learning curve and you will still need to put forth effort and time. Yes, you CAN succeed. I believe anyone can. Most people are simply not willing to put enough time and effort in. If you have the money to put into it, you have an advantage. Perhaps you could hire some of the work done right away, but you still need to be on top of it at all times....no one will take care of your business (if it is a passion and important to you, that is) like you will. One thing that many business owners do that ends up bankrupting so many is they begin to make some decent money and they go out and spend it right away....it may even be on new equipment for the business...it doesn't have to be on a trip to Hawaii. Or, they end up going into debt for things when they could spend less money on or that they could get by without. Do you really need a new truck for your business or will that 1990 model do the job? They do not prepare for the endless possibilities where they may have a need for emergency funds such as broken equipment and esp. that check that was promised that does not come until well after it is due or even perhaps not at all. Be conservative with spending...it will bless you many times over. Of course, if you manage well there will be a time when you can finally spend that hard earned money. You will need to carefully analyze your situation before paying yourself more than you should or spending more on the business....It could come back and bite you. If you have employees, be sure and keep emergency money for payroll even if you do not get a paycheck yourself. (We have done without being paid for over a month in the past.) You will need to take care of your people. Take care of them and they will take care of you when you need them. And, no, the employees won't always appreciate it…. Do you have what it takes to succeed? Consider the level of your and your spouses dedication before starting any business.
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