A frequent question we at Strategic Growth Concepts receive from small business owners, or potential small business owners is “How do I know if I can do this? Do I have what it takes to own my own business?”. And we have a lot of answers that we give in response that take into account their particular situation, and many tools that we use to help someone evaluate their potential success as small business owners. However, I recently came across a list developed by Anne Mueller for American Express Open Forum entitled, ’10 Signs You Shouldn’t be a Small Business Owner’ that really caught my attention.
When I clicked on the link I expected to see the usual, “make sure you have money to survive, make sure you’ve written a business plan, and make sure you have a survival ‘plan b'”, but that’s not what I found. Instead I found an insightful list of items designed to help you take an in-depth look at yourself and your situation to determine if you have any chance of being successful as a business owner. It required the reader to be completely honest with himself/herself.
As any business owner (successful or otherwise) and any business consultant can tell you, owning a business of any size (even if its only you) is hard, really hard. It requires sacrifice, and self-discipline, hard work, focus, and the ability to be many things to many people – most of which you have no idea how to be – and many times you have to be them all at once. So being a business owner is definitely not for everyone, and it is certainly a good idea to evaluate yourself and your personal situation honestly before taking the step of becoming one. In our opinion, this article “10 Signs You Shouldn’t Be a Small Business Owner” is a must-read to help you make that decision, and it’s going into our ‘toolbox’ for use with our own clients. We recommend you read it as well.