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The number of people starting small businesses has reached a record high. Millions of people have decided to become entrepreneurs and take their destiny into their own hands.
Recently, web hosting company GoDaddy asked more than 1,000 small-business owners why they decided to start their own business.
These entrepreneurs cited the following reasons for pursuing the dream of self-employment.
3. I’ve always dreamed of starting a business
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Respondents who said this is one of the top three reasons they started a business: 33%
Many people dream for years about starting a small business but never take the chance. For one-third of entrepreneurs, starting a small business simply came down to doing something they always have wanted to do.
2. I wanted to stay active in retirement
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Respondents who said this is one of the top three reasons they started a business: 40%
Retirees who couldn’t wait to leave their job might be surprised to find themselves ready to work again. Of course, the big difference in starting a small business is that you are the boss and call all the shots.
1. I was looking to make some extra money
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Respondents who said this is one of the top three reasons they started a business: 48%
Many of today’s entrepreneurs are folks who already have a full-time job but want to develop a side hustle to bring in extra income.
If this is your motivation for starting a small business, check out the “9 Top-Paying Side Hustles Where You Could Earn More Than Full-Time Work.”
Starting your own business
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There are many other reasons GoDaddy found that people start small businesses. Some of them include:
Believing I can have more success on my own: 32%
I had an idea for a new product or service: 25%
I wanted to contribute to my community: 24%
I wanted a career change: 20%
I lost my prior job and needed a new source of income: 20%
I wanted or needed more flexibility with my time: 14%
I wanted to have fun: 11%
I wanted to be my own boss: 6%
My business supports a cause or hobby about which I am passionate: 1%
If you dream of starting your own business, check out the “10 Cheap Business Ideas You Can Start for Less Than $1,000.”