Thinking of owning a business-would you be successful?
A growing number of people “like the idea of owning a business.” If you are thinking of owning a business, would you be successful?
We say the place to start is by answering this question – “should I own a business?”
The growing trend of owning a business stems from several social and economic factors that may be different for each person.
The internet and social platforms have enabled a new breed of business owner to emerge, but there are other reasons for this phenomenon too.
Perhaps you feel driven by the desire for greater autonomy in your life, that being an employee cannot give you.
Maybe your goal is wealth creation, along with the excitement of building a valuable business.
Is it the attraction of a side hustle business to boost your income that motivates you?
Right now, someone is commuting to work, and they can’t get that brilliant idea out of their head, which is driving them nuts. They see an opportunity, and the entrepreneur inside them is bursting to get out.
A survey on budding business owners suggests that owning a business is often for reasons other than financial gain. Listen to SIOAB Episode 3 Understanding Your Motivation to hear the fascinating insights behind this boom.
How hard can owning a business be?
Every week thousands of businesses start ….and…. thousands of businesses fail.
Why is this so?
Surely, there is enough information on the internet to tell us how to be successful. After all, the only thing we have to do, according to some gurus, is imagine success, and it will manifest itself.
But…how prepared are you? After all, YOU are an essential ingredient.
Government statistics often quote the reasons for business failures, but we believe they completely miss some reasons. We call these the “hidden reasons.”
Managing a successful business relies on many things working in harmony, and we explore these in SIOAB Episode 6 called Critical Business Functions. One vital ingredient, however, is YOU.
It is easy to get super excited about owning a business or imagining how successful your great idea could be.
What can you do to prepare yourself for “owning a business?”
Most advisors tell you to go away and write a business plan, but that hasn’t stopped business failures from happening. It is not as simple as writing a good business plan or having a great idea.
No matter how good your idea is, it won’t amount to anything unless YOU can make it happen. We point out in Episode 2 called You-360 that it is difficult to separate the owner from the business-especially in smaller businesses.
What if owning a business, actually makes you unhappy because you had no idea what running a business entailed?
Worse still, supposing your business is a flop.
How would you know what running a business is like unless you have some prior experience of it?
As professional business advisers, we know that much of the advice available on the internet and social media is glossy, feel-good stuff that acts as lead magnets.
Business failures not only destroy your money, but they can also ruin your relationships.
Failure should not be trivialized or underestimated. It is a real danger, especially for people new to business.
For many new business owners, whether buying an existing business, buying a franchise, or starting a business from scratch, the stakes are very, very high.
The hidden causes of business failures
With our combined 50 years of experience, we believe that two of the most common and hidden causes of business failures are:
- Some individuals are unsuited to owning a business.
- Many new owners are ill-prepared for what is required to be successful.
The startling thing is that these two have nothing to do with how good your business idea is!
Many people, through lack of knowledge, get into businesses that are just doomed to struggle, no matter how hard they work. They invest time, money, and emotional energy in businesses that will, at best, be the equivalent of a job.
Get carried along, but to where?
Just as we get caught up in life and get carried along by it- starting a business can be the same. You get caught up in it and carried along-sometimes to where you like and sometimes not.
We have spoken to many business owners who wished they had understood “what they wanted” out of life before owning their business. They would have either chosen a different business to the one they currently have or done things a very different way.
Some admit they would never have started their business if they had known what it entailed.
Many people don’t realize that while it is easy to start a business, it can be a lot harder to get out of one.
The aim of the Should I Own A Business Podcast is to avoid you becoming trapped in a business that you don’t want.
“Listen Before You Leap” into owning a business
If you are thinking of buying a business, buying a franchise, or starting a business from scratch, there is a lot to understand. Experts often talk in jargon and use annoying buzz words.
The “Should I Own A Business Podcast” is for people who are new to business, and we speak in plain language and avoid jargon. We explain things in a common-sense way.
Our SIOAB Podcast has our specially developed pathway that helps our listeners to decide if owning a business is right for them.
We also discuss what is important and how you can prepare to give yourself the best chance of success.
Our episodes cover the practical things you need to understand about owning a business, along with some critical knowledge that will help you.
Building the right mindset and emotional resilience is just as important as your business plan. We share some tips on these topics in SIOAB Episode 7 called the Fundamental Four.
Avoid some common money troubles
New business owners often misunderstand money. Experts often talk about money and finance in confusing language.
We explain how to avoid some common hot spots for pain in A money mindset for success.
We share some money tips that will help you avoid common issues that can lead to stress, relationship problems, and business failure.
Owning a business means having a different attitude toward money. Understanding the difference between you and your business entity causes issues to some people.
Do you have the rights skills and disposition for owning a business?
Before deciding to start a small to medium business, you need to assess if it’s the right choice for you.
There is a lot of hype about starting a business, especially the lifestyle businesses that promise high income and success for little effort. Unfortunately, for the vast majority of people, these are “pie in the sky.” While it is possible, it is also unlikely that little effort brings big rewards.
Much of the information on the internet portray businesses fitting into your life and adding lots of benefits. The reality is often that your life will fit into your business!
The Should I Own A Business Podcast
The Should I Own A Business Podcast (SIOAB) is for people who are new to business, and we help you to:
- Get a realistic understanding of what its like owning a business.
- Assess your skills and knowledge to make sure you have the capability for what’s required
- Understand your real motivation for owning a business.
- Evaluate your business idea to make sure that it can yield what you envision.
- We use plain language and explain things in a simple and common-sense way-no jargon or buzz words.
- To help you avoid business failure, we follow a pathway based upon years of experience.
Our SIOAB Episodes cover our pathway steps so you build on your knowledge to answer “Should I Own A Business?”
The combination of knowledge, skills, and disposition are every bit as important as having strong technical expertise or a killer idea.
A significant part of our pathway is uncovering what you need to become, what you need to do, and what you need to understand to have the best chance of success.
We emphasize the role of self-preparation alongside evaluating your business idea.
Our pathway begins with some self-discovery.
We humans, tend to take comfort in doing things! When we think of owning a business, our mind goes into overdrive about business names, domain names, and how great our idea is.
That’s how we get caught up in it. Most people who are thinking of getting into business would be better off if they stop doing and start thinking!
Owning a business is a huge commitment that can change your life forever. So, you want this huge commitment to be a huge success. You have to understand what success means to you. We give you ideas and a free worksheet to consider yourself from a 360-degree life balance perspective.
Our download helps to identify what’s important to you and therefore helps you to work out 3 things:
- Who are you?
- What does success mean to you?
- What achievements are you seeking?
Why is the grass greener over there?
Episode 3 of The Should I Own A Business Podcast – called Your Motivation, sheds light on why people start businesses. We help you uncover what your motivation is.
Understanding your motivation is vital for Evaluating Your Business idea, covered in Episode 13.
The last thing you want is to choose a business that is not able to give you what you want.
For example, some businesses will never become a valuable asset, no matter how hard you work. If wealth creation is your priority, avoiding businesses that are doomed to struggle is critical to you.
Making the transition from employee to business owner can be challenging. In SIOAB Episode 7 The Fundamental 4 gives you an insight into things that regularly trip new owners up. Episode 9 explores the mindset needed to be a successful business owner.
Our free resources help you understand the things that you have to do in a business and how to evaluate your knowledge and skills. We then guide you to assess the critical knowledge or skills gaps you have and how to build your support team around you. These topics are in Episode 10 Knowledge, Skills and Gaps, and Episode 11 Your Support Team.
“Slightly Familiar Friends” and interviews
In the Should I Own A Business Podcast, you will hear from real-life business owners about their experience. Our guests share the good, the bad, and the ugly, so you get a chance to learn from their mistakes.
There is something powerful about hearing stories from other people. Our guests are from a whole range of industries and maybe different countries. You will realize that the ingredients for success are universal.
Our unique approach, introduces our “Slightly Familiar Friends” to you. We illustrate the types of hurdles that come along based upon real people and events.
We called them Slightly Familiar Friends as we expect you to glimpse someone or situations relevant to you.
The Fail Fast Fad
A current fad appears to praise the benefit of failure. The concept of failing fast used to be described as “cutting your losses.” It makes perfect sense to stop putting more money into a business that is failing, and this is nothing new.
You will have often heard the advice to “stop throwing good money after bad.”
Learning from mistakes is not new either, and again this makes sense. Now “pivoting” is the name given to changing direction.
The Fail Fast Fad stems from those entrepreneurs of digital startups, whose products and services can be changed or stopped easily through software.
Some entrepreneurs wear failure as a badge of honor to measure how much they have learned. Some of this may be to get the attention of investors in their very competitive startup sector.
We also believe that some entrepreneurs have a high-risk tolerance to failure, and therefore, they can accept and deal with business failure.
The majority of people getting into business do not want to experience a business failure as the financial and emotional consequences are very high for them.
The reality of owning a small to medium business (SMB)
Despite all the hype that digital startups generate, they are only the minority of small to medium businesses.
The bulk of the SMB world often has on-going financial liabilities that cannot be easily stopped, such as rent or supply contracts.
Digital businesses are fundamentally different, for example, to owning a food franchise or a retail shop.
As Should I Own A Business Podcast hosts, we fully appreciate the need to stopping throwing good money after bad. We never, however, agree with trivializing failure.
Our audience is seeking success. We respect how challenging owning a business is. It is a significant decision and risk for most people.
While success is never guaranteed, do not be fooled into being too casual about failure or its consequences.
In SIOAB Episode 16 (Eliminate Early Risks), we consider how a new business owner can avoid some common early traps.
Business and wellbeing
Owning a business can be very demanding, both physically and mentally. We know because we have been there!
Unless you look after yourself, it can take its toll on you. Your personal resilience plan needs to include both physical and mental preparation.
The purpose of getting into business is to improve your life in some way, and to become ill rather defeats the object.
You need to be at your best performance to make the right, timely decisions and exhibit a calm, consistent leadership style. If you are suffering physically or mentally, then your overall performance is likely to suffer. Read Business owner welling and how to prepare yourself for more information.
Wellbeing is not just nice to have. It’s essential
We are human, whether in or out of business, and we have human needs. Being healthy is good business sense and good life sense. Fit, healthy people can deal with stress and make rational, balanced decisions.
Owning a business can be very challenging, and the potential impact your wellbeing should not be underestimated.
Extended working hours, stress, lack of sleep, changes to routines, etc. can all conspire to affect you negatively.
Getting into business can also tend to magnify issues in your personal life, sometimes with significant consequences. Some problems can lead to big stresses or even business failure.
Some people jump straight in, and they succeed by battling through their challenges. Remember that the majority of new businesses fail.
We suggest that you listen to our approach with an open mind. It can’t do you any harm, and it might do you a great deal of good. You have nothing to lose! You can then make an informed decision.
Being a healthy business owner is covered frequently throughout our show as we have experienced chronic stress ourselves. We have also spoken to business owners who have faced health deterioration. Episode 17 Healthy Owner Healthy Business has excellent information for you.
Understanding Business Ownership
Success is not just about skills and business plans. It also about the knowledge, motivation, and mindset necessary to turn your skills and business plans into a long-term business success that you enjoy.
Understanding the reality of owning and managing business is an essential part of the success equation.
The Should I Own A Business Podcast-Listen Before You Leap.