Twenty five percent of entrepreneurs and small business owners in the US go without a paycheck for at least a year in order to keep their companies solvent. Fifty five percent of them have gone without a paycheck at least once with their entrepreneurial startup in order to keep their business afloat.
That may be shocking to most of us who collect a regular paycheck. But most small business owners and entrepreneurs rely on multiple sources of income as a common way to make ends meet. Starting a business is risky.
For many entrepreneurs, maintaining good credit is more important than getting paid. Long hours, low pay, if any, and unstable finances are the norm for an entrepreneur. Small business owners and entrepreneurs sometimes keep themselves afloat using the credit card shell game. They pay one credit card off by taking an advance on a new revolving credit line by transferring debt to another credit card.
In the end, the buck stops with that business owner. Therefore, entrepreneurs deserve to make the big bucks when they succeed because they certainly pay a significant price both emotionally and from a risk capital perspective when the business is not successful.
That risk-reward dynamic may be the opposite of what happens in Corporate America. But most of these small business owners wouldn’t trade places with the CEOs of Fortune 500 corporations. Small business owners and entrepreneurs are in a much better position today in bootstrapping their companies as the cost of launching new startups is significantly lower than two decades ago. More importantly, small business owners can now use social media tools like Tradeseam to market their companies to their target customers and get maximum exposure online.
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