The media will present to you a much skewed look at owning your own business because it is either trying to sell you on opening one and buying into that sales pitch or the horrible pitfalls of owning your own business and how their products can help you avoid all of their scare tactics. I have found that the problems as usual lie somewhere in the middle and can be managed if dealt with properly. And these issues are not the kind of exciting issues that make the headlines, so help is not easily found in the main stream venues.
Time Constraints: Ah, the allure of having your own time in your own business, hmmmm, I thought working for someone else was time consuming, until you have your own business, you really don’t get a good clue as to the 24/7 babysitting job you have signed up for. After a certain period of success and some good decisions and good management; you can cut back a bit. But as competitive as business is you do have to keep on your toes or you can become a dinosaur overnight.
Rules and Regulations: Depending on your business there can be so many governmental drawbacks you don’t even get out of the gate or you could have very few. Just know them, not what pertained 5 years ago; it’s up to you to be current.
Employees: Some people can have hundreds of employees and make tons of money with them; some have been sued and lost their entire businesses over 1 or 2 employees. I also know many people who just work by themselves in their business and thrive that way.
Management: If you are a super-duper-cooper manager already, then great; your business will only prosper from your expertise; but if you are not, this is not the playing field to find out, hire someone who can do a better job than you. No matter what widget you are selling or service you are pedaling; bad management will suck your business dry if you don’t keep an eye on it. If you are seeing that as a whole the business is not a well run entity it is time to regroup and find the holes.
Some people take to owning a business like a duck to water. It’s an inborn talent kind of skill, the born entrepreneurs and pioneers of our times. There are those who have worked for mismanaged companies and started their own business to make a better success of the business the way that they could see it could be. As long as you can come up with some formulas to keep your passion or your light shining through the dark times, you know in your heart of hearts whether it is a right decision for you to own your own business.