Despite hardships, entrepreneurship will always inspire dreams

Published Sunday, October 18, 2009

A new business starts every 11 seconds in the United States. Americans are, by far, the world’s leaders when in comes to entrepreneurship, and this trend shows no sign of slowing down.

When you look at the scary statistics, it is surprising so many people attempt to open new businesses. The Wall Street Journal and the Small Business Association estimated that 70 percent of new businesses fail within the first five years. And then there are the long hours. It’s not uncommon for new business owners to work more than 12 hours per day, seven days per week.

A recent study found that 37 percent of entrepreneurs work 50 to 60 hours per week, while 38 percent work more than 60 hours. In addition, more than 30 percent of business owners said they will not take a vacation this year because they are either too busy or cannot risk losing their customers to competition.

But a lack of time isn’t the only stress factor entrepreneurs face. Starting a new venture requires a high tolerance for risk and the willingness to make personal and financial sacrifices until the business becomes successful. Many business owners break under the pressure of running a company without a steady paycheck.

It’s three years before the average startup begins to turn a profit. This can be especially nerve-racking if an owner has given up a stable job, invested everything in a new business and risked financial ruin if the business fails. To complicate matters, most people who launch businesses are between 25 and 39 years old, which is when they’re most likely to start a family. Talk about a drain on financial and emotional resources.

Despite these and many other disheartening aspects of self-employment, 10 million Americans are starting new businesses. With the many disadvantages and pitfalls of doing so, why are so many people anxious to work for themselves? They have caught what doctors call “entrepreneurius infecticidis.” Others refer to it as the “entrepreneurial bug.” I’m afraid there is no vaccine to protect you from catching it, nor is there an antidote.

The symptoms are easy to spot. Entrepreneurs are masters of their own destiny, creative, full of energy, goal-oriented and confident in their ability to succeed. Although the odds are against them, research conducted by the National Federation of Independent Business found one-third of entrepreneurs thought their probability for success was

100 percent.

The most successful entrepreneurs are not only confident but also enjoy the work they do. One of my high school teachers once told me, “Find work you enjoy, and the money will follow.” This seems to be the mantra for most entrepreneurs. They don’t sit around complaining about life, hoping someone will knock on their door with the perfect job. Instead, they create their own opportunities.

Stacy Yates Swingle and Noel Romanovsky, owners of Enchanted Forest Toys, took their passion for Waldorf education and high-quality toys and combined those interests to create a beautiful and inspiring space. Swingle said, “Enchanted Forest Toys is for people who appreciate childhood to find natural, open-ended toys to nurture creativity and bring back imagination. We want to help others bask in the magic of childhood.”

Between them, Swingle and Romanovsky have six children, all boys, ranging from 5 to 14 years old. They spent years looking for wonderful toys and educational products that encouraged natural creative play. Now that their boys are older, they wanted to share some of the great products they found that keep true play alive during childhood. Swingle said, “We both look forward to our ‘toy store days’ as an opportunity to chat with old and new friends about a subject that is dear to our hearts.”

Though their business is thriving, Swingle and Romanovsky aren’t in it for the money. Most entrepreneurs aren’t. Despite this, entrepreneurs have a fantastic track record of making a lot of money. Three-quarters of Forbes’ 400 Richest Americans are first-generation business owners. While it’s possible to get rich working for someone else, you’re four times more likely to become a millionaire if you’re self-employed.

For those of you who have just started pursuing your entrepreneurial dreams, I wish you the best. For those who have tried and failed, just remember that the most successful entrepreneurs have failed in business more than once. For business owners who are so busy with customers they barely have time to read this — congratulations. You’ve got what every entrepreneur hopes for.

Enchanted Forest Toys is located on College Road by College Town Pizza and Gulliver’s Books.

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