Tag Archive for 'ownership'

Continuing education leads to more intelligent planning

The life of a small business owner is hectic, to say the least. Multi-tasking is the norm. So much of our day is spent reacting to the crisis of the moment, conducting the business of the day, and initiating our plans for the future. And once we acquire a level of competence in this life we’ve chosen, it’s natural to want to relax, settle in, and seek the ease that can come with familiarity and repetition.

But the marketplace isn’t a comfortable, lumbering vessel anymore, rolling along like a single screw trawler. It’s become more like a vibrant starship capable of warp speed. Indeed, it takes a much more knowledgeable person to successfully operate a business in today’s marketplace than it did even 10 years ago.

The great American revolutionary and legendary wordsmith, Thomas Paine, said, “I have seldom passed five minutes of my life, however circumstanced, in which I did not acquire some knowledge.” This from a corset maker who dropped out of school at 13.

You can’t anticipate everything, so react when you must. The business of the day, obviously, must be attended to. And what will you have tomorrow if you don’t plan for it?

But however circumstanced, before you succumb to the human tendency to rest on your laurels, make it part of your daily tasks to acquire some knowledge.

Make it your daily intention to learn something new that might help you react more effectively, operate more profitably, and plan more intelligently.

Dispelling the myths of ownership

As the economy recovers, you’re likely to meet a starry-eyed human babbling on about becoming a business owner.

Probing for the object of this person’s entrepreneurial infatuation will precipitate the what, where, how and when questions and, finally, the most important question: Why do you want to own a business? Answers to this last question, unfortunately, often produce what I call, “The Myths of Small Business Ownership.” Here are four:

Myth 1: When I’m an owner, I’ll be my own boss.
That’s right; you won’t have an employer telling you what to do. But you’ll trade that one boss for many others: customers, landlords, bankers, the IRS, regulators, even employees.

Modern management is less “bossing” and more leading, managing and partnering. In a small business, everyone must wear several hats and the dominator management model doesn’t work well in this modern multi-tasking environment.

Myth 2: When I own my own business I won’t have to work as hard as I do now.
This is actually true, you will work much harder. Ramona Arnett, CEO of Ramona Enterprises, said it best: “Owning a business means working 80 hours a week so you can avoid working 40 hours for someone else.”

The irony is you will actually want to work harder when you understand that everything in your business belongs to you. Even the irritating, frustrating and frightening challenges will take on a new perspective when you realize that you also own the opportunities you turn them into. You’ll turn the lights on in the morning and off in the evening not because you want to work more, but because you won’t want to miss any part of your entrepreneurial dream coming true.

Myth 3: When I own my own business I can take a day off whenever I want.
Well, maybe. However, you may find that your business has such a compelling attraction that you won’t want to take off. Indeed, it’s more likely that whatever interests you had as an employee will become jealous of your business.

Myth 4: When I own my own business, I’ll make a lot of money.
If the only reason you want to own a business is to get rich, you probably won’t be a happy owner. It’s true ¬ you actually could get rich. But it’s more likely that you’ll just make a living.

Being a successful business owner first means loving what you do. Pursuing wealth should be secondary and, ironically, is actually more likely to happen when in this subordinate role.




Warning: fsockopen() [function.fsockopen]: php_network_getaddresses: getaddrinfo failed: Temporary failure in name resolution in /var/www/wordpress/wp-includes/class-snoopy.php on line 1142

Warning: fsockopen() [function.fsockopen]: unable to connect to twitter.com:80 (Unknown error) in /var/www/wordpress/wp-includes/class-snoopy.php on line 1142