Invest in the Lottery or in Your Own Business: What Is the Better Bet?

Only two weeks ago (from this writing), friends were purchasing lottery tickets to hit the jackpot – close to $1.4 billion. “I will share some money with my family and friends, donate to charity, purchase a new home,” were a few reasons they gave for purchasing a ticket.

The odds were 1 in 292 million against winning the jackpot.

That made me wonder how many people would be willing to invest in starting their own business. According to the Office of National Statistics, nearly 4.1 million workers (that’s 14 out of every 100 workers) were self-employed last year.

Jamie Wong, author of the Rise of the Entrepreneurship Economy describes five reasons why micro-entrepreneurship is so appealing: 

  1. Flexibility: The ability to focus on what’s important (family, health, self-care) and bring more flexibility to your schedule.
  2. Following your heart: The opportunity to spend more time doing what you love.
  3. Making money: Being able to cash in on the goods, knowledge, places, skills, and passions you already have.
  4. Enrichment: Looking for ways to enrich your knowledge, skills, and experience in life.
  5. Creativity: Being the visionary behind your own business, rather than following marching orders.

Perhaps this is why many Latinos and other minorities are looking at micro-entrepreneurship. In the last 6 months, our REAP Latino Business Center trained and counseled 927 Latino individuals in Nebraska. Over 100 business owners received business support. And loans totaling $371,100 were approved.

To meet this growing demand for self-employment, we’re developing new products and services. I think betting on small business is a bet for success!

For more information, contact me, Juan Sandoval, at juans@cfra.org or 402.371.7786.

Feature image: This group of entrepreneurs invested in themselves by attending a Computer Basics training through our Latino Business Center. Photo from REAP's Facebook album