Self-Employment
The number of entrepreneurs and small business owners in Minnesota is steadily increasing. Some people love the idea of working for themselves. Self-employment can be an opportunity to be your own boss, potentially earn more money, have greater flexibility and create profitable ventures. But it can also include long hours, stress and irregular income.
According to the U.S. Census 2004 American Community Study, 1 out of every 14 workers in Minnesota is self employed. That's 192,719 people in this state who own their own business or do consulting work to earn a living.
Those who are self-employed can work from home, in their own office or business location, or in a client's office. Some common pursuits for entrepreneurs include running a home-based business like a childcare center, owning a retail store or beauty shop, being a lawyer or real estate agent, or driving heavy trucks.
Deciding to start your own business is a HUGE decision. Individuals must consider the pros and cons of self-employment before making a decision.
Pros
- Set your own hours
- More independence
- Personal satisfaction
- More control over your future
- Potential for success
and money
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Cons
- Stress
- Long hours
- Irregular income
- Need money to start up
- Potential failure and loss
of money
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Is Self-Employment for You?
There is no guaranteed way to predict if you'll succeed as an entrepreneur. But successful business owners often share similar characteristics. Read the statements on the right to test your entrepreneurial potential. Simply mark whether you agree or disagree with each statement.
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| I'm a self-starter. I don't need to be pushed to start or complete projects.
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| When I see a problem, I confront it directly.
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| I'm willing to take risks.
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| Failure is part of the learning process.
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| I know who I am and what I can do.
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| Working long hours doesn't bother me.
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| I am good at networking or asking others for names of people to contact.
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| Most people consider me outgoing and confident.
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| I set my own goals and work at my own pace.
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| I'm not embarrassed to ask for what I want.
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| I would feel comfortable working hard to drum up new business.
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| I am good at public speaking and feel comfortable in front of an audience.
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| I am able to get my point across quickly and easily.
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| I don't mind working very hard now for a goal that might be several years away.
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Dream It, Do It
If you agreed with a majority of the items in the table, you might have the qualities essential to starting your own business.
To learn more about self-employment visit:
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