When explaining the desire of owning your own business, a list a of reasons might come to mind, requiring some brainstorming for ideas for a new business
- Flexibility and freedom
- More family time
Slave or free
Once you achieve owning your own business a few of these may prove elusive, as you find yourself a slave instead of free, investing not earning, and engrossed in the business to the point where your family sees less of you than they did when you worked for a salary.
In order to avoid this scenario, and turn business ownership into a positive experience, it is crucial to:
- Understand your real motivations and hopes.
- Recognize what drives you.
- Be aware of what is missing in your current situation and what can give your life more meaning.
- Have a list of interests and passions, which you can develop into a business idea.
Fulfilling needs – the big picture
Money, as important as it is, will not usually fulfill your inner needs. There are a number of issues that should be addressed to run a small business in the long run and during ups and downs.
Run the following against your business idea to see how it holds up:
Can you make enough income? Here are three levels measuring financial success (or lack thereof):
- Financial security.
- A reasonable income.
- The business does not or, after moderate success over a considerable period, hits a bad market and consumes cash.
You have to prepare for the worst, while angling for success.
Does owning your own business fit your personality?
In order to run a successful business, you will likely be doing tasks not required in your salaried position.
- What are these tasks?
- Will you have the ability to adjust?
- Ask other entrepreneurs what they do every day?
How will you fit in?
There are many people with whom you will potentially interact:
- Investors & bankers
- Government agencies (e.g. tax)
How confident are you about the value will your product or service provide?
Do they have staying power in the marketplace? Is it a fad or will it possibly be replaced by newer technologies in the foreseeable future?
Will owning your own business add meaning to your life?
Will this business venture provide meaning and give you a reason to get up in the morning?
- Does the market need your business?
- Is this venture likely to fulfill you personally, or be an important teacher?
- Will the business benefit your children
- Is there something you believe you can benefit future generations?
Owning your own business can be a gratifying experience
Learn more about small business and how it can help you…