Craig, W. (2015). From Family To Franchising: Five Ways To Start Your Business Empire.

Forbes.

According to this article there are more than half a million new businesses started across the

country every single month (Craig, 2015). There are many ways to become a business owner

in the world today and there are many risks involved with each of those avenues as well.

When starting a business from scratch the most important aspect is having a product that

people actually want. According to this article, nine out of ten startup companies fail and

42% of polled startup owners claimed their business failed due to lack of need for his or her

product (Craig, 2015). A business can also be acquired by inheritance or taking over of a

family business. Craig (2015) also found, only about 10% of family owned businesses will

survive long enough to see the third generation take over. The reasons for this is the

perception by younger generations that the family business will always be available as a

backup option if other ventures don’t work out. Buying an existing business is also an option

for those who have a keen insight for opportunity. Becoming a franchise owner is another

way to become a business owner. This step also takes determination and focus but can be

very rewarding. There is a stability that comes with taking over a location that has an

established corporate presence already backing it up with corporate sponsors that are ready

and willing to help get you started on the right track.

THIS IS A SAMPLE