In the current economic landscape that we live in, the benefits of owning your own business are vast. We live in an exciting time in which technology continues to lower the barrier to entry for creating and operating a profitable business, no matter how small in its beginning.
As we think about building wealth, I want to encourage people to think about diversifying their paths to wealth. When we think about increasing our income potential and our net worth, many people consider the primary tools to be investment accounts and real estate. Investments often take the form of securities like mutual funds made up of stocks and bonds. These are often inside of retirement vehicles like an IRA, Roth IRA or 401(k).
We follow the same patterns and tend to lean into similar strengths and weaknesses. The drive to succeed and the grit that leads to hours and hours of time invested in our business with no immediate payoff. The naive optimism that keeps us focused on winning despite the odds. The control freak tendencies. The general insanity that leads us to believe that we're better off forging our own path rather than conform to the template we're handed by society.
If you have been thus far deterred because of the oft-repeated statistic that 90% of startups fail, I’ve got good news:it’s not actually true. Even during the worst of times (the dotcom bust), the failure rate only reached 79%, a full eleven points shy of this dismal projection.
If we look at theactual numbers, you might feel a bit more encouraged:
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.