If you have that American dream about being self employed, perhaps by buying a small business for sale, you should know that not everyone is suited for a career as an entrepreneur.
Before taking the steps toward business ownership, you can ask yourself three questions designed to help reveal whether you have the characteristics needed to be successful as your own boss.
Incidentally, if you’re thinking you need a high tolerance for risk and an independent streak to make a good living in your own company, please note that these personality traits aren’t as vital in this economic climate as they were in the past. Sometimes, owning your own business is less risky than taking a job with a corporation. And many franchise owners do best when they give up their ideas and follow the company plan.
Try to honestly test yourself against these criteria:
1. Ability to see the big picture--You may have done well in a job by concentrating on your assignment without the distraction of thinking about how it fit in with the company’s mission, but as a business owner you’ll need to remain focused on the overall objectives. Whether you’re a company-of-one, or head of a workforce, you must make sure not only that each function is working correctly, but also that the pieces fit together effectively.
2. Persistence--One business consultant claims that good entrepreneurs “don’t know the meaning of ‘no’.” That might be an overstatement, but the point is that successful business operators have the quality of persistence. If you give up easily--a trait often encouraged in a corporate setting filled with politics and protocol--you’re at a great disadvantage as a business owner. Employees, customers, suppliers and government agencies aren’t always going to cooperate with you and it’s critical that you’re often ready to fight for what you want.
3. Willing to put the business first--A reason frequently expressed by those interested in being self employed is to have more control over how their time is spent. For most business owners, however, the reality is the exact opposite.
If you object to keeping strict hours when working for someone else, don’t believe that you’ll suddenly experience a great deal of freedom in your day once you own your own business. Most business owners quickly discover that success might require going to work when they’d planned a day off, or a vacation. And a steady paycheck is another luxury enjoyed by employees but not necessarily available to the owner. To get to your dream of collecting big profits from your company, you may have to start out by working for free.
If you aren’t sure you have the sense of broad perspective, the persistence and the willingness to make sacrifices in your personal life to benefit your company, you might want to reconsider the idea you’ve had about getting into your own business.
But if you believe that you possess the characteristics suggested here for a successful business operator, it might be time to check in with some business brokers and find out what operations are available for you to take over.
About The Author - Peter Siegel is the founder and President of BizBen.com - Businesses For Sale In California. A nationally recognized author (3 books and a syndicated small business blog) and expert consultant. If you are selling a business and need professional assistance utilizing high performance advertising, marketing, and highly effective strategies, or individual customization with your BizBen Power Search options in buying a California business, you can reach him at 925-785-3118.
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I am an experienced entrepreneur, attorney, & business professor. I & my EvergreenGold® team offer business owners sound advice & expertise to build business value & achieve profitable sales. Call me today for a business evaluation & SWOT analysis for your business anywhere in the USA.
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For over 25 years Peter Siegel, MBA has been providing niche business purchase financial advisory and loan placement services with SBA Loans, Non SBA Financing, Retirement Plan Conversions, Note Restructures, etc. Call me regarding business purchase financing and to get pre-qualified: 925-785-3118.
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I am the Founder Of BizBen.com. I consult daily with intermediaries, business buyers, owner/sellers & advisors daily about buying and selling California small to mid-sized businesses. Contact me today about joining & utilizing BizBen, consultations, & advisory services.
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The Veld Group provides a refreshing approach to Business Brokerage, Mergers & Acquisitions and Business Consulting and Valuations. From Your Street to Wall Street, we cater to Main Street Businesses as well as more complex Strategic Firms and Start-Ups.
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Laundry consulting, due diligence, buyer representation: We preview laundries for you and evaluate them. 28 years laundry industry experience: buying, selling, valuing, retooling, analyzing, consulting services for laundry buyers and entrepreneurs in California. Contact us today about our services.
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If your business involves alcoholic beverage sales, we can help. Obtaining a liquor license transfer or selling a business with a license in California does not have to be a frustrating and overwhelming process. We have procured thousands of licenses for our clients.
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Cheryl's a restaurant business broker, over 25 years in the bar and restaurant industry coupled with a J.D. Cheryl works tirelessly to create successful strategies and effective negotiations for those who wish to purchase a new or sell an existing bar, restaurant, cafe, or night club. 415-309-2722
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