Start a business based on a passionate dream. If you build it based on the goal of money or riches, you could end up a very unhappy business owner. Most successful businesses don’t happen overnight. They happen over blood, sweat and tears. I know, not only have I been a business owner myself for more than ten years but I am also a business coach. I could tell you hundreds of stories of why people went into business for the wrong reason, only to end up quitting and broke.
Small business owner

Take your personality which is your strength and make it your career.

That makes it easier because you’re not trying to be something that you’re not.  Don’t try to be liked by everyone because it’s not possible.  Put yourself out there, give it your all and don’t be concerned by negativity.  “Take your dream (vision) and passionately drive it to completion”. Straight From the Gut; Jack Welch GE-President & CEO

When you start a business the idea is fresh, alive and everything is new and exciting. If you do it for the money, you will end up hating your business and possibly your life. For most of us, no one taught us how to own a business.  Successful business owners make it look easy, but owning a business is anything but easy.

For a business owner, everyday is a new challenge.

Everything depends on the owner, especially in the early years.  One of the biggest traps I see business owners get into is taking on more and more work themselves.  Pretty soon they find themselves working 80-100 hours per week.  I’m not exaggerating.  When business owners do this for long periods of time, bad things begin to happen.

  • Illness
  • Divorce
  • Alcoholism
  • Infidelity
  • Kids get in trouble due to lack of guidance.
  • Friendships breakdown
  • Drug addiction

It sounds like I’m painting a very bleak picture and maybe I am.  Did you know that 80% of all businesses fail in the first five years. Since the economy turned, in 2008 that figure has actually increased to closer to 90%.  If you’re lucky enough to make it past five years, 80% of the remaining businesses will close in the next five years.  If you go into business for the right reasons,  business ownership can be extremely rewarding.  You need to be driven by more than money.  You need to be driven by a passion that reaches deep into your soul.  You need to have discipline and focus and you need to get help in order to delegate things that you’re not good at.

Business owners like to think they are invincible and that they are good at everything.  No mortal is good at everything.  Mistakes from lack of knowledge can be costly.  Hire experts to do things that you don’t know how to do; especially when it comes to keeping your books, accounting and financial planning.  Do what your good at and delegate the rest.

Relationships in your life are the key to happiness.

You start a business to enrich your life, not to become your life.  Your life is more important than your business.  Business owners tend to let their relationships slide in order to work those extra hours.  As a business owner you need to remember what is really important in your life.  Chances are it’s the relationship with people and not those extra hours you could work.

If you go into business or you are already in business, go in with passion to serve because it will give you much more fulfillment during those low points that all business owners experience.  “Most business owners quit three feet from gold” Napoleon Hill  That quote comes out of the book “Think and Grow Rich” by Napoleon Hill  Before you start a business or even if you already own one, I suggest reading this book.

Think long and hard what your reasons are for going into business before you take the plunge.  What are you passionate about and what are your strengths?

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