Fact or Fiction about Business Ownership
Steve Warres CFC, Author
Helping people find their passion through franchise ownership, while simultaneously building wealth.
January 18th 2023
Steve Warres author and President of Franchise Consulting Specialists
Do you have what it takes to be a Business owner?
There are certain ideas and notions about business owners that may?discourage?you from starting your own business. Let’s dig into this.
These myths aren’t necessarily all true. Personally, I find business ownership more rewarding – but it’s not for everyone, being a business owner takes a lot of commitment. More than a lot of people are willing to take.
If you’re on the fence about business ownership take a look at some of the myths and misconceptions about owners.
Business owners don’t have a personal life
?Lots of people think that business owners work 24/7, 365 days a year.
Working nonstop means that you won’t have time for your family, friends, and leisure activities.
While it’s true that business owners can take grueling hours, it’s?not true?that you can’t have a personal life. Most business owners choose to work more because it becomes part of them. Some need better management skills.
Part of being your own boss means that you can schedule your own hours – to some extent.
I’m not saying you can take time off whenever you want, but there’s still enough time for family and social activities. One of the keys to being a successful business owner is mastering your management skills . If you work your business?correctly and build your infrastructure, you should reap the benefits.
Business owners take lots of risks
?Business owners take risks. True!
With that said, they don’t necessarily take lots of risks or put themselves in high-risk situations all the time.
Are there risks associated with starting and running your own business? Of course. Business owners learn how to take calculated risks. It’s all about balancing the risk and reward.
You won’t have much luck getting high returns if you’re not willing to take some risks. Risk doesn’t mean rolling the dice. If there weren’t any risks – everybody would be doing it.
Business owners aren’t gamblers. Gambling implies there’s luck involved. But ultimately,?you can’t rely on luck?to run your business. It’s all about you.
?Business owners are only motivated by money
Would Business owners start a business if they couldn’t generate a profit? I doubt it. However, financial gain is not the only motivation for small business owners.
It’s not even?first on the?list of people who consider ownership. Achieving a lifelong dream is the main motivation for business owners.
Financial stability is second on the list. Being financially stable means that you’re comfortable and able to make ends meet. It doesn’t necessarily mean you’re filthy rich. Money is definitely a motivator, but it’s not as important to business owners as people assume. Interestingly enough, the amount of money you have can?affect how happy you are . These numbers contradict the saying, “Money can’t buy happiness.”
So, you can’t fault business owners who have financial motivation. There are plenty of other incentives to starting your own business as well. Business owners have?flexibility and control. Earlier we discussed how you could have a great personal life if you learn to use management skills.
You also don’t have to answer to anyone except for yourself. Leaving a legacy is another motivational factor for business owners Their business is something that can last even after they pass away. It’s also something they can leave behind for their families and future generations.
Business owners are also?motivated by freedom .
75% of workers ?don’t think their bosses do a good job keeping them motivated. The lack of motivation in their current job can inspire people to leave and become Business owners. Money is not the only driving force in this decision.
Business owners pay cash when buying a business
?Personal loans, 401K’s, credit, friends, and family are the main way people fund their businesses. If you want to be a successful business owner, you need to put up some of your own money. This relates back to what we discussed earlier about risk-taking. Yes – Business owners take risks. But they have enough confidence in themselves that it is worth the investment. Risking your own money is part of being a Business owner.
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Anyone can be a Business owner
?There are?over 7 billion people ?in the world. What do all of these people do? Most people?are not Business owners . ?
Not everyone can be a Business owner. Business owners make up a small amount of the population compared to other professions across the world.
Not everybody has what it takes to start and run their own business.
?Not everyone has the personality or resources to do this either. You need to be?highly motivated?to be a successful
So, can anybody be a Business owner? It’s a tricky question. In theory – yes.
Business owners have formal training and higher education.
?You don’t need to study business to have a successful business. While education helps, it’s not completely necessary.
In fact, the majority of Business owners?do not have a college degree .
?Did not complete high school _____________ 5%
High school or G.E.D ___________________ 20%
Associate’s degree______________________ 14%
Some college __________________________ 17%
College graduate _______________________ 26%
Post graduate __________________________ 18%
CNBC/SurveyMonkey Small Business Survey
Only a quarter of Business owners graduated college and you do not need higher education to start your own business.
?Don’t get me wrong – I’m not saying that you shouldn’t go to college. I’m just explaining that it’s not a requirement and these numbers above are proof.
?Business owners are young or I’m too old
?Age has no limitations when it comes to Business ownership. People may have reservations about starting their own business because of their age. That’s no excuse.
If you’re unhappy with your current job and you have the courage, funds, and resources to be a Business owner – go for it.
The?average age of a business owner?in the United States is 50.3 years old.
Older individuals have accomplished more in their life.
They know what it takes to be financially stable and successful.
Experience is an advantage. However, Business owners are on the rise for younger generations. Over 70% of teenagers have an interest in starting their own businesses.
More than half of Millennials have plans to start a company within a few years. These trends may eventually change the numbers for the average age of Business owners.
It’s something that you need to truly want and work for to accomplish.
Good Luck!