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So you think that being an owner is easy?

Your journey starts here

We could all be guilty of assuming that business owners have it all their own way. How many of us have thought that all they have to do is delegate jobs, leaving it to their employees to get the job done whilst they enjoy long, lazy lunches.  However, listen to any business owner and they’ll tell you how much work it actually takes to run a business. Here, we look at the evidence and examine some of the advantages and disadvantages associated with owning your own business – it’s not all early finishes and corporate days out!

Myths and facts about business ownership
There can be little doubt that it can be hugely attractive to budding entrepreneurs to develop an idea into a business that they own themselves. They take the rewards of a successful venture along with the wonderful fulfilment of delivering something that they are passionate about. With those rewards, or even before these rewards can be achieved, comes lots of responsibility, total commitment and long working hours. Many new owners will find that they do not even have the time to grab a sandwich, let alone that long, leisurely lunch. Holidays may be a thing of the past as new owners find that they cannot afford the time or the money to take holidays – particularly if they have a business in those delicate start-up stages. The protected holiday entitlement that employees have is a luxury that is not afforded owners in many instances in the first years of a business being established. Ah, you may argue, what about the pay? Surely the owner can allow themselves a really attractive salary to compensate for lack of holidays and long hours?  Well, not really – in fact, it can often be the case that business owners cannot afford to pay themselves very much until the business really shows a profit, and this can take some time. You will need to lead by example and that means getting in early and showing your staff that you are willing to put time and effort into your business and that you will be willing to roll up your sleeves and stand shoulder to shoulder with your staff. As for having the Monday morning blues and thinking I don’t need to go in because I own the business is the first step to failing- your staff will learn from you which means you need to be in control at all times even when when the odds are stacked against you. Take a look at most successful business owners and you will see a common streak –

  • They have intense self-discipline
  • They are enthusiastic
  • They listen more than they speak
  • They can take criticism
  • They know when to restrain themselves
  • They learn from mistakes
  • They are able to act without being guided by emotion
  • They have an open mind

So why do it?
Running your own business can be a dream come true if you’re willing to put the work in. There are hundreds of successful businesses that are a boon to our economy, and seeing an idea develop into something hugely successful will always drive on budding entrepreneurs. Being the decision maker is also highly appealing and who wouldn’t like to be in the position of not having somebody else (or several others!) telling us what to do. When a business is successful, the benefits – both financial and in a personal sense – are immeasurable.  But let us not assume that this will be an easy ride. As Sam Walton says so wisely:

“If you want a successful business, your people must feel that you are working for them—not that they are working for you.”

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