A great many people dream of running their own business. They dream about all the many advantages they'll have and the freedom that running a business will give them. They think that being the boss means all play, lots of exciting business challenges and little hard work. The truth? Running a business isn't always glamorous and exciting. In many cases, it requires a lot of hard work, sleepless nights and commitment; especially at the beginning.
First of all, owning a business means that you and you alone are responsible for ensuring that it succeeds. It means lots of long, hard hours when no one else is there with you to face the business challengesat hand. If the business doesn't do well or even fails, you'll be one the who takes the fall for the entire enterprise and the business failures.
Working All Hours
Running a business in the contemporary world of today's modern global and digital world that your business may never shut down. If you have limited staff, you may have to be available at inconvenient hours of the day. You are the person who has to get there early and leave later than everyone else. You are also the person who must come in on holidays and weekends when others are off doing something else. Even if you take a vacation, you'll quickly find that everyone still expects you to be on call for the business. This leaves you with little time for other things. Many people are surprised to realize that many business people put in ten, twelve and even sixteen hour days.
People Depend on You
Another thing about running a business is that others depend on you. You are the one in charge of avoiding any business failure. Your family will probably be looking to you to make the business work and pay the bills. Your employees will expect you to know about every single aspect of your business. Even if you've hired them to be specialists at your company, you're the one who they will head to for all major decisions. The level of responsibility can be overwhelming.
Everyone Else Gets Paid
As the boss, one of your biggest business challenge is making sure that everyone gets paid. You are not legally obligated to draw a salary for yourself. However, if you hire people to do things for your business, they have the right to get paid. If a contractor does the bare minimum required to fulfill the terms the contract, you must pay them even if you aren't totally happy with their work. The same is true of your employees. You must make sure that the people you employ get paid on time. The same is not true for you. As the business owner, you may or may not be able to draw a salary until your business is profitable.
If It Fails.....
Statistics show that most start-up businesses do fail. Business failure can ruin many things. It can lead to problems with your credit and make it hard for you to do something else. Owning and running a business is defitnitely risky business. If you can make it work, you will do well. But no stigma is attached to the people who were responsible for the failure as much as on the business owner. Mediocre employees and poor contractors can walk into another position. They can then turn around and blame you for the failure of the business and smear your name to others. You don't have the same privilege.
Are You Sure?
With all the challenges involved in owning and running a business, are you sure this is something you want to do?
But despite the challenges, running your own business can lead to financial freedom, joy and fulfilment. Business failure does not always mean the end. In fact most successful business people have actually failed at some other business in the past. Business failure is actually be an opportunity to learn how to to do it better next time. The important thing is to always go into business being aware of the responsibility you carry, the committement it requires and the possible challenges you may face.