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Tuesday, November 13, 2018

Is Becoming a Business Owner as Hard as People Think?

Running your own business is a common dream shared by many. Many dreamers dismiss the idea immediately however, telling themselves it’s sure to be an uphill struggle.

In reality, while taking responsibility for a new enterprise may be tough at times, there are some myths which distort the true picture.

So, to help weigh up the options, let’s separate the fact from the fiction about business ownership.

Were you born for it?

If becoming an entrepreneur was always a walk in the park, then we would all be business owners.

What can make things unnecessarily difficult is the often-expressed idea that you’re either a ‘born entrepreneur’, or you’re not.

This idea conveniently ignores the incredibly diverse range of individuals and personalities within the business world.

Entrepreneurs of every imaginable kind are proof that there are countless ways to make it in business. Nevertheless, it remains true that your business idea is central to your chances of success. So, take plenty of time over the initial phases of planning and developing your ideas.

The plan vs the planning

Despite the urban myth that a business plan is not really essential (maybe so you can "stay flexible"), the honest truth is you must always do your homework and know where you’re going.

But that doesn’t always mean creating a 30-page, gold-standard corporate masterpiece: As seasoned business professionals will tell you, it’s not the "plan" you want – it’s the planning!

Your idea should be something you’re sure you will want to work at and dedicate yourself to establishing during the long years which lie ahead. And don’t ever assume customers will arrive just because you’re there in the marketplace, you should be ready to put in the marketing effort which will surely be necessary to build your brand and make a real name for your business.

That will often mean staying on beyond the ‘9-to-5’, instead of being first to hit the freeway at the end of the day.

And because you are the company, sometimes work may follow you home. But even though another myth says you’ll "always be working 24/7", unless you also build some free days and evenings into your life, you’ll likely burn out just a short way down that road to success.

So why do people choose to go into business?

Because if you pick the right business idea, you won’t let anything stand in your way. You’ll know it’s right, and you’ll know the direction in which success lies. What’s more, you’re prepared for challenges, and you’ll also believe you can overcome them. 

Another common myth states that ‘90% of entrepreneurs fail early on’ – so why should you even bother? Well, the reality is that, even though 50% of businesses shut down in five years, those figures don’t say who has "failed", changed businesses, relocated or just sold out for a small fortune.

In truth, nearly 80% will be there in the second year, half of all new businesses will still be trading after five years, and a third of all companies will still have a market presence after a decade.

Becoming a business owner means taking full control of your working life and skillfully shaping your own future, and that of your company.

So, like every other entrepreneur, your success and achievements will be down to you alone, and you’ll never have to waste time pursuing someone else’s dream.

But, can it be made any easier?

That much depends on your business intentions. Some entrepreneurs decide to hit the ground running by opting to buy an existing business which is already well-established.

This can ease the burden (and risk) of starting out from scratch. Though you will still need just as much drive to make it a continuing success, a company already trading in the market will have a sound infrastructure and customer base already in place.

Your task will then be to come in and put your own personal stamp on the brand, but without having to expend considerable effort in building everything from the ground up.

The bottom line is: Provided you have the will to succeed and are prepared to research and plan your strategy to give you a realistic grasp of where the best opportunities lie, there’s every chance you could become the successful owner of an independent business.

By Bruce Hakutizwi, USA and International Accounts Manager for, the world’s largest online marketplace for buying and selling small and medium size businesses. Bruce has over 7 years’ experience working within the US business transfer marketplace connecting buyers and sellers.


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