Most people dream of being their own boss, but what most fail to realize that an entrepreneur still has a boss – that boss is their business. Instead of answering to management, they answer to their bottom line, their customers, their employees, their vendors. Owning a business is a life-encompassing venture, so unless you are prepared for the responsibility and workload, then you might want to reconsider.

There are a few questions you should ask yourself in the beginning stages of the entrepreneurial plunge to assure you are prepared for the challenge:

What kind of personality do you have?

Someone who goes to engineering school because both of their parents are engineers may end up miserable because all they really want to do is paint. Your personality will drive what ultimately makes you happy in your occupation. The same is true for business owners. Some people have the natural tendency to be organized leaders (an entrepreneurial must), some people just want to own their own bar because they enjoy being a patron. The former will have great success, the latter will have a tough time finding the drive to make their establishment profitable.

What do you want to be when you grow up?

This sounds like a silly question you were asked as a child, but it will fundamentally determine what kind of business will be right for you. An owner’s job can seem at times like a 24/7 affair, so if you are passionate about what you do, you will be willing to do the extra work.

Where do I have knowledge and/or practical experience?

Back to the bar example, if you have never worked in any sector of the restaurant industry, then a food and beverage business is probably not for you. New ownership is hard enough, you don’t want to have to start from scratch the day you take over your business. Having some experience behind you will be instrumental to your success.

Do I have the blessing of my family?

If you are transitioning from a traditional 9 to 5, Monday through Friday gig to owning your own business, you must have the support of your loved ones if you have any hope of business success and keeping your family together at the same time. As entrepreneurs ourselves, we frequently have to work long hours and weekends. Vacations may only be a two or three-day long affair and then only if wi-fi is available at the hotel and cell phone reception is possible. Your entire family will likely have to sacrifice, so you will need to get them together and decide if this is the life for all of you before you proceed.

Business ownership is extremely rewarding, but it is also challenging. Do some soul searching before you decide if ownership is for you, and you will be better equipped for your new venture.

Are you considering buying a business, but are not sure what kind of business would be right for you? Do you have questions about what types of businesses would fit the amount of hours you would want to work? Please feel free to leave us a comment or question here, and we will be happy to help you on your journey to entrepreneurship.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com