Image courtesy of Evan Jackson

Many of us would like to find a way to increase our salary. Obviously we can go down the usual routes of working hard, asking for pay rises or working up through a company and finding better paid work. However, there are some people that choose to run their own business instead and make a lot more money this way. But is it the way for everyone?

There are some entrepreneurs that started off small and rose very quickly running a successful business or maybe more than one and looking at them may make us tempted to try the same thing. It obviously works, but if it is so good, why are there not more people doing the same thing?

Running a successful business takes specific skills which, if you do not have, you will not succeed. As well as this you need a bit of luck and a lot of knowledge and not everyone has this either. You need to be self-disciplined and willing to take some risks. You will need to be driven and prepared to put in a lot of hard work and work more hours than you normally would. You need self-discipline to focus on getting the work done as well. It is also worth understanding that it is not only one job that you will be doing. As well as performing the service or selling a good using the business, you will also be involved with the accounts, marketing, purchasing and anything else that is necessary such as premises, stock, staff, business law and many other things. You will need to learn a lot of new things and be prepared to learn it quickly.

It is also really important to be flexible. If things do not turn out how you had hoped then you will need to change the business in order to make it more profitable. You may have to go without pay for a while as things are starting out. You will have to put in a lot of hard work to get things going. You will need to stay positive and determined even if things do not turn out how you wanted. You will also need to make sure that you keep an eye on your competitors and make sure that you are keeping up with them.

So not only will you need to learn a lot and take on a lot of new jobs, you will need to work hard on low pay, be flexible and not lose your willingness to succeed. This is not something that everyone would be capable of doing and this is why there are not that many really successful entrepreneurs out there.  Obviously not everyone is at the top of the game and there are plenty of people running their own businesses making a bit more than their salary but not as much as some of the top entrepreneurs. Sadly there are also a lot of people who have had businesses that have failed or that are not doing very well. It is a risk and you have to decide whether you can risk giving up your job and trying to run a business or not.