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We may not learn business in elementary school, but we sure learn about it. By the time most of us reach third or fourth grade, and sometimes even sooner, we become pretty proficient at asking aunts, uncles, momo and popo and every other friend and relative to purchase a variety of products from us including candy, cookies, greeting cards, popcorn or over-priced scented candles. We learn the value of hard work and competition in that if we sell a few thousand dollars worth of these products we may “earn” a coloring book or a pizza party with transportation in a limo.
In spite of these lessons, or perhaps because of them, many go into business for themselves later in life. While the days of lemonade stands and delivering newspapers door to door may be behind us, entrepreneurship is not. In fact, more of us are in business for ourselves than ever. By mid-2021, the United States Bureau of Labor Statistics estimates that about 9.6 million people are self-employed.
Some of this activity has been accelerated by the popularity of ride-sharing services and food and delivery services and has been fueled by the pandemic.But it also has been made more enticing through technology and the relative common ease of setting up an online business.
There has also been a resurgence in multi-level marketing opportunities, with participants using social media to advance their sales and conducting virtual sales parties online.
Digital marketing and apps have largely replaced old-fashioned elbow grease as a way to grow businesses, but make no mistake, starting a small business still takes exceptional effort. Just making the move from being self-employed to adding your first employee can be a huge challenge.
What was your first business experience. Did it encourage or even inspire you to move forward as an entrepreneur?
Operating your own business can provide motivation and a sense of freedom. But it also places responsibility squarely on your shoulders. It is up to you to not only guide that business but to protect it. Business insurance can help.
Business insurance can protect your property and assets. As you climb the ladder of building your business, protect it through each step. Connect with one of our business insurance professionals.