So, why do you want to start your own business? Time for a REALITY CHECK!
This is a very important question to ask yourself and you’ll want to think this through carefully. You’ll recall in a previous post, Considerations When Starting A Business: An Introduction, I mentioned that starting your own business is not a decision to take lightly nor a decision to make hastily. If you plan to start your own business, you need to consider these “driving” words – discipline, dedication, passion, motivation, drive, sacrifice, determination, focus and commitment. These words describe what you will NEED to have to drive yourself and your business forward.
You may dislike your current job or your boss, feel unchallenged or stuck in your current position or simply need a change of scenery. While these factors may be part of the answer to why you want to start your own business, they alone should not be the ONLY reasons why you want to start your own business. You could just as well find a new job at a new company or seek a position with greater challenges and responsibilities. When you ask yourself WHY, you need to look at the big picture and your short and long-term goals. Challenge yourself to make sure this is the right decision for YOU!
As a business owner and entrepreneur, you will have a vested interest in your business. Its success and failures will have a direct impact on you. You will be responsible for setting the direction and steering your business through good times and bad. You will need to be the face of your business to clients and prospects. You will need to make investments in your business, take risks and make sacrifices. You will need to take an active role in the day-to-day management of your business, its activities and in making critical, time-sensitive decisions. You must familiarize yourself with every aspect of your business operations especially understanding financials and the importance of A/R, A/P, working capital, gross revenue, net income, cash flow and the P&L.
Sure, as your business grows, you can hire key, trusted people to help you steer and manage the business, but in its infancy, you will need to be extremely hands-on and involved. Even with the right people, you cannot be passive or take a back seat to your business. This is a mistake that some business owners make. If you want to be an employee, then find a job and be an employee. But, if you want to be a business owner and entrepreneur, you need to step up to the plate and be willing to give it your all.