Becoming self-employed allows people to work in an area they are passionate about but those considering starting up their own company should also do their research to prepare themselves for the realities of the business world. An expert at the Federation of Small Business said becoming self-employed can be a good "lifestyle choice" for many people, allowing them to work in an area they find interesting, while also providing more flexibility and greater work-life balance. However, he added, there is "no doubt" that setting up a business can be a risk and budding tycoons should therefore ensure they know the facts of the "business food chain". "You have to make sure that you really understand what you're getting into before you do it, no matter how enthusiastic you might be or how much you might want to be your own boss," he commented. According to the US Small Business Administration, there were 26.8 million small businesses in 2006, 19.5 million of which were run by entrepreneurs without additional employees. During the same year, some 649,700 new small firms opened for business in the United States.  |