By Gary Sojka
“There’s no reward without risk.” Many people are hesitant to start their entrepreneurial journey because of this intimidating phrase. However, a recent study indicates that a more appropriate version of this phrase might be, “With risk come unseen rewards.”
While statistically 80% of first-year businesses do go under, entrepreneurs receive other long-term benefits, including comparable lifetime earnings and an increased skill set. I can speak to the validity of these concepts based on personal experience with a family friend. My friend, even though she did not fail in her entrepreneurial initiatives, had become physically and emotionally drained after running two very competitive businesses for almost two decades.
She found that when she chose to sell out, she had a plethora of job offers because her business and management skills had been on public display for a long time. She took a job working for someone else and that reduced both her physical and emotional stress, and after counting all benefits and perks actually paid her better than her own businesses. However, it must be noted that she was able to land on her feet this way because of her entrepreneurial experience. The job market was aware that she had practical business acumen, was well organized, ambitious, a good manager of other people, and that she was a very energetic and enthusiastic hard worker.
A fear of the unknown should never prohibit you from pursuing your dreams.