Should I Start a Small Business?
Dear Accounting Professor:
I am contemplating starting a small business in 2023. What are your thoughts on this topic?
Future Business Owner
Dear Future Business Owner,
Thank you for your inquiry. It is always best to do your research before undertaking any significant activity.
I think the experience of operating a small business is useful for everyone. I think everyone currently in or aspiring to be in the workforce should have this experience as it helps them gain a better understanding of how businesses work and the kinds of decisions that management of any organization has to make. This experience provides career clarification by helping those (who are undecided about their career options) determine if they want to be an employee in a non-management role or be an entrepreneur or pursue leadership roles as an employee.