Is business ownership right for you?
Deciding to buy a business can be one of the most important decisions that you can make. That is stating the obvious. We have all at least contemplated the idea of owning our own business and for many, there is good reason to consider business ownership as a lifestyle choice.
However, just because you want to own a business does not mean you should actually pursue ownership. Owning a business is much more complicated, much more work and much more stress than you realistically anticipate. While we look at business ownership as a way out of our current situation that is not a good enough reason for you to think you will have what it takes to run your own operation. Remember it is not whether or not you can buy a business it is a question of whether or not you should.
Business ownership requires an entirely different skill set than managing the business for someone else. You truly do not have skin in the game until the ramifications of your own decisions have a direct impact on the livelihood of you and your family. If you were a less than stellar employee you will be a less than stellar business owner. Your character flaws as an employee will be magnified as a business owner. If you are inpatient, you will fail.
Owning a business will change your life. The stress of everyday life will now be magnified by the reality of dealing with the ups and downs of your business as well as your personal life. As an employee, no matter how bad things got at work, no matter how difficult the events of the day, you could come home to a cold beer and feel relieved that the day is over. That is not the case with business ownership the relief is not recognized until the actual problem has been solved. Ok, so know I have scared you, and hopefully, if you are still motivated you will continue to read on. Those who seek profits, enjoy problem solving and desire to guide their own destiny… Read: Why You Should Buy a Business.