Yes, unless you're lucky enough to invent or come up with that one completely new concept that will catch the imagination of America, #3 is critical to success. You may be the most brilliant and competent person in the world at what you do, but if there is no demand for it, you won't make money doing it.
Mr. Foxfyre and I happened to have several areas of expertise, all acquired working for the other guy, that we were able to bundle into a product/services business that was in demand in our area and we were able to support ourselves quite nicely. And despite there being a new learning curve involved to work out the kinks, and long, long hours necessary to get it up and running well so that we could begin sharing the work with others, it was such a blessing to have so much more control of our own destiny.
It isn't for everybody. Some people are much happier being part of the labor force and are not tempermentally or emotionally equipped for self employment. And that is the beauty of the free market system. Those who have the temperament and are emotionally equipped to take the risks and accept the uncertainties that come with self employment have a labor force to draw from. Otherwise everybody would be a Chief and I think that would be terribly complicated.
Congrats on your success!
You make a good point about how it might not be for everyone. Maybe that's the first step to see if it is for you in the first place.
Welcome to USMB RPL. I hope you're finding USMB a mostly good experience. I had forgotten about this thread and, in this rotten economy, I think it is a pertinent one.
But of course self employment isn't for everybody. If everybody had their own business, there would be nobody to employ so that we can grow our business. The best of us can accomplish only so much through our own effort.
But evenso, though many prefer working for the other guy rather than taking on the considerable extra headaches of self employment, I am very much in favor of us developing a new social set and mentality so that people own and take charge of their own savings plans, health insurance, etc. etc. etc. The employer could still contribute to those as a benefit to the employees, but would not own or control them. The employee would retain control of them when he moved on to a different job or was unemployed for a time. That would eliminate the ability of corrupt crooks absconding with their employees' retirement funds or putting it into jeopardy when the company floundered. But I digress.
Many a business has been started by a guy or gal who had self pride and a work ethic and, when he or she couldn't find work was not willing to go on welfare. Many a contracting business was started simply by one guy offering a good price to a neighbor to build or repair a fence or build a deck or put up a storage shed. I knew three people who developed successful catering businesses by starting out in their own kitchens putting together food for a party or special event.
One of my family members was playing around adding music and special effects to a homemade video and created a nice DVD. That sparked an idea and, after some trial and error and considerable effort, that family developed a full blown video business creating a folder of creative and beautiful DVD sets of weddings, graduations, school proms, special occasions etc. The business slowed to a crawl in this crappy economy--few people have the several hundred dollars to shell out for such a service, but because they were working out of their home and the dad was gainfully employed elsewhere, the reduced business was not devastating. And they are fully ready to gear up and go again at such time as we have an economic recovery and people have extra money to spend again.
A professional engineer I know, who was also a gifted pianist, took on a couple of piano students just for the heck of it. That has now grown into a full blown private music studio in its own building providing part time employment for four people teaching piano, guitar, other instrumental music, and voice. It probably would not support any of them in the style they prefer, but the engineer is looking forward to retirement from his engineering job in a few more years and devoting full attention to the studio which is a true labor of love. His greatest joy is taking students at reduced rates who otherwise could not afford the lessons, and he is changing lives.
I have supplemented my own income from time to time over the years doing tutoring, serving as an on-call legal secretary, free lance writing, and various other services, though none of those were bonafide businesses.
Blessed are those who can make a living doing something they love. And though that might include running ones own business, it can also include working for the other guy.
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