There are 4 reasons why starting your own business is a must in this century. There may be other but the following are compelling;
Every nation is concerned about job scarcity, the unemployment rate keeps rising in every corner of the globe. One may ask question, who then will buy from his/her business, if people are unemployed
It doesn’t matter how rich or poor a country may be, but people needs basic needs like food, clothing, fuel, shelter and other household necessities. If you can setup a business of any kind, people will visit your shop and buy something
High inflation rate
Inflation means that your salary doesn’t address all your personal/ family needs. Salary increases doesn’t put more money in your pocket. You need to find ways and means of supplement it. Your own business small, medium or big will come handy during this period. It has probability of giving you an additional income or even full time job.
During high inflation period, prices of goods increases, so too your business profit will eventually increase. In a nutshell, your own business serves as an instrument of beating inflation.
Sluggish economic growth
Booming economy give rise to huge employment opportunities and more money in your pocket in terms of salaries , however if the economy struggles to grow, prospects of financial successes simple dwindles. Prices of goods keeps rises every single day. It is for these reasons that starting your own business will help you overcome these challenges, i.e. making additional income for you
Employers around world are compelled to make retirement savings for their employees. Retirement savings has been the only option to guarantee financial prosperity for every working person, however research findings have proved that retirement savings alone cannot address financial prosperity beyond 60 or 65 years.
It is for that reason that additional income is required to supplement your retirement savings. Starting your own business now, will go a long way in providing additional income to your pension. If you start your own business now, I can assure that in next 10 years your financial position will drastically improve.
The above reasons, simply compels every person to start his/her own business. The rationale for doing so is to supplement one’s income in order to overcome financial challenges.
Your own business these days, no matter how small or big, full time or part time is a must have. The majority of us grew up in a working family. Your father. mother, brother, sister, grand mother etc were working people.
They spent most of their lives working for other people or company. We then believe that the only method of generating money is looking for employment.
Even in the past, those who had entrepreneurial skills did not see a need to apply those skills. They heavily relied on employment seeking in order to apply those skills for the benefit of employers.
Now things have changed, full time employment doesn’t guarantee future financial prosperity. Something else is required to build wealth for yourself. There’s no any other method other than starting your own business.