What Does It Take To Be A Business Owner?

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Should Include Strategic Efforts

When I am approached by someone in a career transition, many times the individual will comment that they are interested in becoming a “business owner”.  When I ask them why, often the response is that they would like to be able set their own hours.  Ironically, most business owners would relay that this is something that is outside of their control.  If a business wants to grow and succeed, most owners would admit that they need to be accessible to their customers/clients.  If not, that client will find someone who is available.  Of course, there are exceptions, but today many businesses fold due to a lack of customers – therefore, businesses usually need to be accessible.

Business Owners should also be passionate about their line of work.  Selecting a business where there is a strong need, can position the owner to have more control of his working procedure and hours of business.  The business shouldn’t appear to be desperate for customers, but also demonstrate a professional work atmosphere, that practices a strategic and reasonable routine.  Business Owners should always behave courteously and be respectful towards all customers.

If the prospective Business Owner takes appropriate time to research and practice a due diligence of a specific business, including the choosing of a well-managed business to use as an example, the prospective owner should learn much by shadowing the existing owner.  The more research a person does, learning how a successful business plans, strategizes, and manages their affairs, the better lessons learned, giving them a chance of a successful business of their own.

It is also critical for a new business owner to hire quality resources in building their own business.  Such skilled resources may include a competent and experienced CPA, a flexible and well managed financial institution (bank, etc.), a savvy person in the field of technology, as well as a creative marketing professional, etc.

New Business Owners should also be open to taking classes and educational forums in order to gain knowledge and insight that will benefit their own business.  There is always something to learn as well other areas to research.  Tap into “business exchange organizations”, where participants can be supportive of each other.

If this business owner prospect is wise, it will behoove them to select a “business coach” to help them start off on the best foot, getting focused and organized for a positive, successful outcome.