How do I know if I am ready to own a business
“What if I wind up in a living in a cardboard box?”, asked ‘Scott’, a successful business executive as he contemplated making the leap to business owner. “What if you die with regrets?” was my response. While business ownership is NOT for everyone, those with the dream owe themselves the opportunity to explore the possibility.
As a former employee of international corporations who turned small business owner 19-years ago, I mentor those in transition in exploring business ownership. I find four key questions are helpful starters as the entrepreneurial dreamer evaluates if business ownership is the right next step.
1. How badly do you want it?As with any choice in life, there are sacrifices. To quote Shark Tank investor Lori Greiner, “Entrepreneurs are the only people who work 80 hours a week to avoid working 40 hours a week”. And in the start up phase of a business, this holds especially true. What sacrifices are you willing to make?
- Would you decrease your leisure time and devote it to your business?
- Would you cut personal expenses and luxuries to fuel your dream?
- How do you handle delayed gratification? With business ownership, the win comes down the road.
2. Do you seek solutions or prefer to point the finger? Take an honest assessment on this question. When the chips are down and something goes wrong, do you:
- Determine what happened and stop there
- Blame a circumstance or person for the issue
- Diagnosis the issue and determine how to get back on course
A business owner must have the mindset of option C to achieve success. In ownership, there is no boss to cover, no corporate bank roll to bail out an issue, and it is the owner’s bank account and lifestyle that stand the most to gain or lose with how problems are solved. A business owner must learn and move forward.
3. Can you take criticism?No one, including business owners enjoy critics. However, fostering an environment of open communication from employees and customers as well as the ability to rise to the challenge and correct an issue remains a critical piece to a business owner’s success. Stifle constructive criticism from employees plus ignore customer feedback and the owner will have a recipe for loosing their investment. Harness that feedback, channeling it into improvement, and the owner will have growth beyond their dreams.
4. Are you a people person?Good managers often find their success hinges up a quality team of individuals with character and dedication. As a small business owner, assembling this group requires the owner to genuinely take a vested interest in employee well being, and keep the lines of communication open as well as clear.
Of life’s major decisions, taking the plunge into business ownership ranks as one of the important and stressful decisions. An honest, critical assessment of skills, likes as well as dislikes should lead to right decision.
About the Blog Author
With over 25 years of franchise experience, Tiffany Dodson, CFE holds deep roots from senior marketing roles at well-known international franchises to recognition as a top performing franchisee, Master Developer, author, and speaker. Find Tiffany at The Salt Suite and reach her via Tiffany@TheSaltSuite.com.Back