Many people study it. Many people know a lot about it. But most people have not lived it.
My experience would suggest that most people see only the risks and hassles of business ownership … and they do certainly exist!
Here are just some of the NEGATIVES of business ownership …
Most business owners take an enormous risk when they start a business, a financial risk, a reputation risk, a career risk and most likely a relationship risk.
There is the obvious financial risks when you start a business, raising capital, taking on debt, bringing in investors and likely taking a lower income. The financial risk does not end when the business gets past the startup mode … the world changes, technology comes along, new competitors enter the market, things go wrong, personal circumstances can change, health issues might arise … any number of things can happen to put the business in jeopardy.
The business owner risks their reputation … if the business fails then they wear that failure.
The business owner risks their career … they might give up a good job to start their business, they might take several years (of lost career progression) and then fail, or they might never realize the same returns working for themselves that they might have achieved in the corporate world.
The business owner typically pours their heart and soul into making their business a success … this can take a toll on their relationships. They might lose some friends, alienate family and even put their marriage at risk because they are focusing all their time on the business.
There are also many hassles of business ownership … dealing with multiple levels of government is a BIG hassle, the people issues will astound you, there are investors and lenders to negotiate and there are unscrupulous competitors to deal with.
These are all just realities of owning a business … but if you are willing to accept them there are also great rewards.
There is huge satisfaction from building a successful business.
It feels good when you are able to build a good team around you.
It is particularly rewarding to watch people progress through your company over time whether it is through different roles, or just maturing into their positions.
The challenge of achieving your first milestone … and then kicking on through the years is exhilarating.
If you are competitive by nature, and most business owners are to some degree, then you will certainly enjoy the wins along the way.
You have no boss on a daily basis … your responsibility is to your shareholders, your staff and the success of the company.
You are responsible for the strategy, and the execution of that strategy … your limits are only your own!
Your world is a learning experience … so much happens over the days and weeks and years of running a business that you can’t help but learn!
You take tremendous pleasure from creating employment and being a part of the solution in today’s high unemployment world.
An entrepreneur in some dictionaries is defined as a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
I love my life as an entrepreneur … and maybe, despite all the negatives, THAT is what defines an entrepreneur!
Kevin Dee is CEO of Eagle (a Professional Staffing Company)
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