There are many rewards for being a business owner. You have the ability to define your own destiny and your fate is largely in your own hands. If you make the right choices, develop good plans and execute well on your plans then you can reasonably expect to do well financially.
There are many people who talk about running their own business and there a subset of those who go on to actually take the risk … because that is exactly what it is. There are a ton of statistics around the number of companies that go bankrupt in their early years in business … around 80% of new companies go bankrupt… and, depending on who you believe , this happens in either the first year, the first three years or the first five years. Best case you have a 20% chance of surviving as a new business.
“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” Vince Lombardi
Assuming that your business is one of those that survives, it is a fair bet your survival is the result of hard work, good strategy, good people, good execution and some luck!
So now you have a “going concern”, a business that generates profits that can be used to fuel growth and compete with the best. Of course we live in an ever changing world and you have to hope that:
- your company is not operating in the equivalent of the “buggy whip” sector;
- your competition is not reinventing your market space before you can;
- you can attract and retain talented people;
- you can attract and retain good clients;
- you can remain relevant;
- the economy will not tank to the point where you can’t hang on;
- a cheap offshore solution doesn’t become available (look at SW Ontario’s manufacturing base); and
- that governments do not introduce legislation that will make your business model unaffordable.
Welcome to the life of a business owner. Don’t think I am looking for sympathy because I love it! It does however mean that most people do not want this life … does that make me a masochist? However, if nobody did it then where would the jobs come from?
“Whenever you see a successful business, someone once made a courageous decision.” Peter Drucker
Kevin Dee is Chairman and founder of Eagle (a Professional Staffing Company)
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