Pros and Cons of Starting Your Own Business

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The coronavirus pandemic has shed light on the fragility of the economy, and many people are looking to become financially independent by starting their own business. Before entrepreneurs get too deep, they figure out if their business idea will help solve an existing problem. Some common new business ventures include creating digital products, growing a brand, selling online products, and more. Although, there are some disadvantages to starting a business like high rates of failure, lots of leg work, and the ridiculous working hours.

Key Takeaways:

  • Business ideas often grow from providing unconventional solutions to existing problems.
  • Pros of business owning include tax advantages, being in control of your time, and increased flexibility.
  • Cons of business owning include high failure rates, long hours, and the difficulty curve.

“To give you a little perspective of just how astonishing that number is, it’s larger than the combined population of the 22 smallest states in the country.”

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