HOW WILL OWNING MY OWN BUSINESS INCREASE THE LIKELIHOOD THAT I WILL ATTAIN THE GOALS I HAVE SET BY AGE 70?

From: "Business Course I" by Gary North
Lesson 35

This is a question of running a business and of goals. Let's examine the premise: that owning a business furthers one's goals.

A Thinking Person Must Have Goals

Having goals, one must further the goals. This is more or less the meaning of life at least for a person who thinks about things.

Assuming one has given due diligence to identifying one's goals, it boils down to this: what is the most efficient means by which to attain goals? Will owning a business help?

Here are my goals (encrypted).

Your goals will not be achieved by waiting for them to drop into your lap. You must work to achieve your goals. And the better work you do, the better the results.

You can't get something for nothing. -Anonymous

The alternative to running your own business is to work for wages or salary. The results of working for others range from wasted effort to rewarded effort. Obviously wasted effort is a poor means by which to further your goals. But even effort rewarded nowadays ranges from (a) keeping your job to (b) 3% raise. That is, in real dollars a highly rewarded employee is lucky to receive -5% maximum year on year. Most wage slaves make -10% year on year in real dollars.

Clearly, working for others is not the most efficient means by which to further your goals.

Running Your Own Business

First consider your chances. Based on objective data, odds are that a start-up business will fail. Never forget this. Then, determine to be one that doesn't fail.

The data also show that (successful) small businesses deliver the best Return On Investment (ROI). Well, at least this is true from the data in Michael Masterson's book, "The Pledge: Your Master Plan for an Abundant Life."

Owning your own business inherently includes the advantage of self motivation. You have skin in the game. Consider the difference in attitude between when you were in high school versus when you took your first job. In high school you were trained to exert minimum effort to make a grade - reinforced by the encouragement of your friends.

Chances are that on your first job it was different. You had to deliver.

Going forward, it is the same. You must deliver. But now you are the boss.

Anyway, running your own business is its own reward. Do so and work is exciting. Your creative juices flow. You do not watch the clock; the "bell rings" at the end of the day and you wish you had more time to work!

Moreover, if you slack off, your neck is on the line. If you were not excited to run you business, slack off and now you must hunker down and perform merely to stay afloat.

Either way - the excitement of taking charge, or through desperation - you are much more motivated, much more productive than a "human resource" employed by a corporation.

Conclusion

Now, let's return to the original question: "How Will Owning My Own Business Increase the Likelihood That I Will Attain the Goals I Have Set by Age 70?"

Owning your own business will not only increase the likelihood of attaining your goals, it is the optimal path by which you may attain your goals.