Getting started

Why start your own small business?

- February 24, 2008 2 MIN READ

When talk turns to starting your own small business, there’s never a shortage of peopleo tut-tuting to themselves… “Most small businesses fail you know.” “Never go into business with family.” “Don’t borrow from friends.” And so it goes on.

True, it’s quite possible that it if you start your own small business it won’t work out. So based on this logic I’ll go one step further and suggest that you should never start your own business with anyone, never lend or borrow money and, definitely, never get romantically involved with anyone, let alone a business partner – because there’s a real risk of disaster.

To please the tut-tutters, by far the safest and most sensible option is to get a nice secure job, pop your money in a long-term fixed interest account and avoid eye contact with that hottie in accounts. Starting your own small business is just way too risky.

Thankfully over a million Australian soloists think differently, and the statistics of failure are often grossly exaggerated.

There were two great comments left by readers on Flying Solo recently. One was an insightful confession left by Nick Usborne on an article on goal setting strategies:

“Back in my days as a direct response writer, I used to have this recurring nightmare. I was at the pearly gates and St. Peter asked me what I had done with my life. And I replied, ‘I wrote some great junk mail!”

Want more articles like this? Check out the business startup section.

Another was from Luci Dawson on an article about starting a new small business quoting some advice she was once given.

“Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, chocolate in one hand, martini in the other, body thoroughly used up, totally worn out, and screaming ‘WOO HOO what a ride!’”

So maybe every once in a while you should invest $5,000 in your sister-in-law’s ambitious online business idea, date the boss or start up your own small business with your best friend.

It could be the best move you ever made (just ask Larry and Serg from Google). But it’ll possibly end in tears. Do it anyway. At the very least it will make a good story. Got a tale of success or disaster? Let us know.