Risks and rewards of starting a business

ROANOKE, Va. - It's easy to say you want to quit your job and start you own business, but the entrepenurial experts say you should consider all of the risks before taking the plunge.

"Only 39-percent of businesses make a profit in the lifetime of their business," said Lynda McNutt Foster. "You may work 80 hours for somebody else, you get a paycheck at the end of that week. If you're an entrepreneur you could work 100 hours a week and make zero money and in fact lose money."

The CEO of Cortex Leadership Consulting says people should learn as much they can before taking a shot at being their own boss.

"Get the skills first, build the skills first. Go to the Small Business Development Center and get real advice and information," said Lynda McNutt Foster.

The Director of the Roanoke Regional Small Business Development Center said the digital age opens more opportunities to entrepreneurs.

"Do not quit your day job. You think your frustrated now -- you're going to be really frustrated when the bills are coming in and you don't have any money," said Bart Smith. "You really need passion about what you're going to do. You can't think about money, that idea isn't going to work. Passion, perseverance, you've got to be able to crash through those walls cause they're going to be coming at you left and right, and then patience. It doesn't happen overnight; it's not field of dreams."

CLICK HERE for more information from the Roanoke Regional Small Business Development Center.

CLICK HERE for resources from Cortex Leadership Consulting.


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