It seems that the new American Dream is to own a business of your own. No longer is it much of a dream to own a single family home. Everyone seems to have one these days.
I want to caution you, though, that you need to be very cognizant of why you are going into business for yourself.
Of course there are many different reasons why you start a solo business.
But when an entrepreneur tells me that his main reason for going into business is so that he can get way from his demanding boss – I begin to see some red warning flags about that person.
I wonder if he really has what it's going to take to be successful as a solo small business operator. Why?
Sometimes otherwise excellent employees have difficulty with regimentation and routines.
If a person can't stand his boss because his boss expects him to accomplish certain tasks in a prescribed manner, that same person as a new business owner may not have the temperament and persistence to perform those same mundane, routine, repetitive tasks in his own business.
Believe me, operating a business is no cake walk. It often requires boring and repetitive tasks that must be accomplished . . . and in solo business, there is no one else to pass those tasks off to!
If you're considering starting and running a business because you want freedom and extra time to do the things you like, you may need a strong dose of reality.
Sure small business exists in many forms and there are a few models that do allow the owner some free time. But most often, new solo business owners end up working longer and later hours than they ever did at their 8-5 jobs as employees.
And they call that freedom?
Freedom in a solo business does not mean that you, the owner, are carefree, without responsibilities and tasks that need to be performed. In a solo business setting, if you don't get things done they will never be completed by someone else.
No, in a small business, the owner is free to make choices and decisions throughout the day that will affect every aspect of his company.
But don't assume that just because you own your own business you will have loads of "free" time and a good excuse to do nothing.
Many of the so-called Internet gurus pitch the easy lifestyle . . . the 2 hours of work per week that supposedly is enough work to earn a six-figure income.
It sounds so nice, so tempting, so "guaranteed" that anyone can do it.
Nothing could be further from the truth. Small business ownership is a tough deal and will require you concentrated effort for sustained periods of time, especially in the beginning as you attempt to get traction.
The successful small businesses that I know are all built on the sure foundation of hard work, persistence, and good judgment.
You will only be free when you figure out how to trust all the business responsibilities to someone else. Then you won't have a solo business any longer.
