Entrepreneurship Isn't for Everyone: Part #1

I was born into two families, as we all are, my elders had long work records that highlighted a dedication to a blue collar workforce and style of life. Therefore, I was taught the ladder to success was in working for a company or the government for 40 plus years, put your kids in school, get the gold watch, and retire in peacefully.

Entrepreneurship wasn't what they understood or felt that it also could lead to success. Elders with that type of mindset cannot teach a child that starting their own business is a good thing. Most think it is too risky to attempt. They see that a stead job with benefits is the way up the ladder and business ownership is a ladder with missing rungs.

It takes a different mind to attempt such risk and you have to be somewhat fearless do to it. Business is always risky, no matter where you stand with the company, owner or employee.  The same company that pays you from payroll is taking a risk that the company will survive and taking you with them. It is just as easy to get laid off or fired from a company than it is to own a business and make it successful. So why don't you take a hold of the course your ship is headed?

With high risk comes high rewards, taking no risk leaves you with very little rewards and tied to other's fates. While you are working hard for another person or company, you are making them rich and taking a small percentage of the benefits. As an employee your labor belongs to another. Lots of people have used the innovation that employee #37 created while working for a company. Work in that mode is the "work product" of the company. If you invent the next big time comic book character, for example, while working for Marvel or D.C. the company owns it, not the one who created it. You have traded your rights to the innovation you created for a paycheck and nothing more than that. No royalties, no copyrights, nothing but a small check.

When you are working for yourself, it isn't easy, you must be knowledgeable, skilled, and dedicated to the company. But isn't that the same expectation that your boss has for you everyday? Owning a company means that it's your reputation on the line. You have to rely on your staff, manage your budgets, inventory, and everything else.

It takes much more than the efforts of one person to run a successful food business, it can take a whole village. Good chefs know their weaknesses and hire experts to lend a hand at those things they are not adapt with handling. Tons of people, every year, decide to try their hand at running a food outlet. They take their savings or take out a loan and jump into the deep end of food operations with little experience and training. The failure rate of independent food operations is very high, and opening can be very risky even when you have the skill and training needed. http://smallbiztrends.com/2013/03/infographic-failed-small-businesses.html

Business is much like the food chain, the big fish can swallow the little fish whole. Who is your big fish? Are you at the top of the food chain, swimming, and making decisions, or are you following the school of fish that you help to create? Have you researched the demographics of the area? Do you know what your customers want or are you selling what you like? Can you differentiate your business from all the others? Have you acquired the needed capitol, equipment, staff, and décor that drives customers to you or away from you?

There are so much to discuss on this topic that I am splitting it up over a few posts for ease of reading....