People tend to assume all entrepreneurs are big risk-takers. I often refer to those of us who have started our own home businesses here in this blog as entrepreneurs, but recently a friend (who also has her own business) shared with me that she doesn’t really consider herself a risk-taker at all. She was stressing that stability and security are very important to her and that’s one of the main reasons she actually started her own business!
My friend explained that she had started her business because she thought that was the best way she could achieve financial independence and be able to control her destiny. She felt like when she worked for other people, she didn’t know if she actually had any job-security, and definitely felt like someone else controlled how much money she could make, her hours, etc. I had to admit that I agreed with her on several points. I’ve certainly felt more stability and security in some sense since I’ve started my own home business—even if it isn’t always reflected in my bank account.
Regardless of whether you see yourself as a risk-taker or a more security-oriented individual, I do think it’s important to understand yourself and what you are able to tolerate and expect from operating a home business. I’m sure this is taken into account while selecting a business as well. Different businesses involve different levels of risk and have the potential for different levels of security and stability. It is necessary to balance cash flow and profit and how your business affects and influences your household budget, in addition to other considerations like job skills, resume’ building, being available for family, etc. Only you can determine and decide how important stability and security are to you and your family, and only you can determine if your home business fits into your expectations.
See Also: Remember, Being in Business is a Choice and Balancing Short-Term and Long-Term Consequences