If you knew you would not fail as a hospitality industry entrepreneur, what would you do?

• Did you know…only about 30% of businesses survive their 10^th year in business?
• Did you know…the U.S. is the highest ranked country in which to begin a small business?
• Did you know…as of last fall, Millennials already outnumber Baby Boomers in the Small Business Workforce?
• Entrepreneurs rank high among the top 50 wealthiest people in the world.

You were born to be an entrepreneur, not an employee, says motivational speaker Stedman Graham, author of the New York Times best seller You Can Make It Happen. “At no other time in history has there been a better opportunity for people to create or retain ownership of their lives,” he says. “Our nation and its communities need more entrepreneurs. Entrepreneurialism is not only a pathway to autonomy and financial independence, but also has a macro-level impact on community development and economic growth, providing sources of employment and higher living standards.”

The following are 7 Reasons Why You Should Be an Entrepreneur, adapted from an article written by K. Shelby Skrhak, Managing Web Editor at SUCCESS Magazine. I have updated it with current statistics and adapted it from the direct selling industry to hospitality:

1. Job Security

Only a generation or two ago, going into business for yourself was considered risky, and the safest route was to get a good job in a large firm. “That’s what my ‘poor dad’ taught me,” says Rich Dad Poor Dad author Robert Kiyosaki. “Now, working for a traditional corporation has become a risky option.” This trend is only going to continue as we see more and more independents in the hospitality industry.

2. Make More Money

A U.S. Federal Reserve survey shows the average household net worth for entrepreneurs is nearly six-times more than that of the traditionally employed. What that means in this economy is business owners are almost six-times more likely to come out of a recession in the black because they created income in their own business. The average income of self-employed households is reportedly double that of the traditionally employed.

3. Freedom

When you are your own boss, you get to choose when you work, how you work and with whom you work. According to a MetLife study, 74% of employees report missing work opportunities for family commitments and 75% would be more likely to accept a new job for the ability to work a flex time schedule. Sound familiar? If you are one of the 75%, would you enjoy the freedom to attend to those commitments and still be successful in your profession?

4. Discover Your Hidden Potential

Elon Musk said, “I think it is possible for ordinary people to choose to be extraordinary.” When you become an independent business owner, you get to choose each day to do something extraordinary with your career and utilize your strengths to positively impact the world.

5. A Second Career

The nation’s 74 million baby boomers are reaching retirement age, yet they’re realizing that they can’t afford to retire. What’s more, they don’t want to. Dr. Mary Furlong, author of Turning Silver into Gold, says, “Boomers are looking for ways to give back. They are taking the reins of their own futures and redefining their lives. They want work that reflects their values and identity; they want to make a difference.” A landmark study by MetLife Foundation found that 50% of Americans in their 50’s and 60’s want to do work “that matters.”

6. You’re Sharing, Not Selling

Simon Sinek says “People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe” in his bestselling book, Start with Why: How Great Leaders Inspire Everyone to Take Action. In the growing gig economy we live in, sharing what you believe and building relationships are the keys to any successful business.

7. A Life of Greater Impact

In an Essence of Enterprise report conducted by HSBC, 64% of entrepreneurs believe it is their duty to have a positive social and economic impact on society and 74% gave to good causes in the preceding year. Moreover, one third of business owners contribute to society 
by taking an unpaid role in the community or donating time or expertise to social causes.

Do one or more of these points resonate with you? Are you interested in being an entrepreneur in the hospitality industry? I have a proven record of accomplishment over 15 years of leading nearly 125 individuals to ensure their success. Let’s talk about making this happen for you!