Generally, family financial net worth is greater for the self-employed as compared with those working for someone else.
Self-employment is, for many, the American dream. Set your own hours, take a vacation, and maybe give yourself a raise—you decide. No time card and no meddling boss. No layoffs to worry about and best of all you keep the profits. Be an entrepreneur—it’s not a job; it’s a venture.
All things considered, self-employment has many attractions, but there are many downsides associated with working for oneself. Unfortunately, the success rate for business start-ups is not encouraging. However, there will always be individuals who have an entrepreneurial drive and will start a successful business.
As revealed in the book, “The Millionaire Next Door,” “usually the wealthy person is a businessman who has lived in the same town for all his adult life. This person owns a small factory, a chain of stores, or a service company. He has married once and remains married. He lives next door to people with a fraction of his wealth. He is a compulsive saver and investor. And he has made his money on his own.”
Complete statistical data for success likelihood is provided in our book,
“Richer Than A Millionaire ~ A Pathway to True Prosperity.”
But, before becoming too enamored with the concept of self-employment, know that about half of all new establishments fail within five years, according to the Bureau of Labor Statistics.
To give further insight into prospective self-employment choices, the Bureau of Labor Statistics forecasts the fastest growing jobs through year 2022, coupled with the percent of self-employed participants. (“Self-Employment: What to Know to Be Your Own Boss,” Dennis Vilorio, Bureau of Labor Statistics). Some statistics follow.
- 51.4 percent of landscaping and grounds keepers are self-employed.
- 40.7 percent of painting, construction, and maintenance jobs are held by the self-employed.
- 6.7 percent of accountants and auditors are self-employed.
Complete statistical data for success likelihood is provided in our book, “Richer Than A Millionaire ~ A Pathway to True Prosperity.”
Of course, being self-employed requires many resources: a product or service that is truly needed, time, energy, creativity, expertise, entrepreneurial spirit, and capital. There are always challenges with any start-up business. Appropriate experience and education are essential to increase the likelihood of success. But, never forget the importance of motivation.
According to a published study, proactive entrepreneurs risk their own finances, career time, and professional reputation to establish, develop, and/or expand business ventures, which suggests an intense commitment to their business ventures.
These are individuals for whom work is clearly a central focus compared to other business professionals. (Van Ness and Seifert, Strategic Entrepreneurship Journal 10 (2016): 89-96.)
Of course, there is no way to quantify who will become a successful entrepreneur. However, it is possible that with the right personal characteristics coalesced with an appropriate environment, an entrepreneurial spirit may emerge and become the powerful driving force necessary for success.
Yes, a New Year and quite likely a New Beginning for many highly motivated capable entrepreneurs.
New York Times bestselling author William D. Danko and Richard J. Van Ness, wrote the research-based book, “Richer Than A Millionaire ~ A Pathway to True Prosperity,” which shows the way to wealth and happiness through embracing traditional values. Washington Post’s Michelle Singletary selected this book as, The Color of Money Book of the Month.