How to overcome the fear of owning a business?
How to overcome the fear of owning a business?
I remember after I graduated college, I landed my first job in an accounting firm. After 3 months of employment, the firm lost one of their biggest accounts and since I was the last person to be hired, I was the first person to be let go. Shortly after joining the firm I got married and my wife was still in college, and needless to say it was a very scary time for us, since I was the primary source of income. That was 18 years ago yet I still remember like it was yesterday. I lost my job by no fault of my own and realized at that time that when you work for someone else, you are never in control and at that time made a decision to one day own a business. Seven years later, I started my own company and have never looked back. I have been working for myself for 10 years and have owned several successful companies, both start ups and existing businesses. By now you are wondering, why am I telling you this? Because I want people to know that everything I say and write about, I take from my own life and my personal experience.
I am sure most of you heard an expression “Knowledge is Power” and it definitely applies to business ownership. The more you know about the business, the more comfortable you will get and that comfort will translate into self confidence. You must learn to ask the right questions and don’t be afraid to ask for help. There is really no such thing as a stupid question when it comes to researching an opportunity, so if there is something you want to know, ask. Hire professionals to help you, such as accountants, attorneys, businesses advisors and brokers. If you are looking at a Franchise, speak to the Franchisees, or seek advise from people you may know who are in a similar business.
Entrepreneurs are independent thinkers, but always keep an open mind and always give others an opportunity to express their opinion whether you agree with them or not. Be aware of “paralysis by analysis”. Don’t over analyze everything because eventually you will get stuck. Try to simplify things and set smaller goals for yourself which are more attainable. Look at the information for what it is, not what you might think it is, and remember the way you make money in every business is simply Gross Sales minus Operating Expenses, thus you want to know what it takes to create the Gross Sales and minimize your Operating Expenses. You see, when you break things down in simple terms, they are easier to understand and embrace.
It’s not easy to be a business owner and of course there are risks involved, however the rewards will out-weigh the risks and you will get the financial independence you seek. If we learned anything in these economic times, it is that no job is safe and there are risks associated with having a job no matter how good you are. Wouldn’t you rather be in control of your own destiny as oppose to your boss? My hope is to inspire you enough to seriously consider becoming a business owner. Believe in yourself and you will succeed.
How to overcome the fear of owning a business - To learn more about this author, visit David Dolitsky's Website.
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It’s a mixed feeling - both scary and exciting to own a business, especially when you are a first time business owner. The fear of failing can be overwhelming and in most cases prevents an individual from buying a business. However two things can help you overcome the fear and they are knowledge and self confidence. Sounds simple? It is simple. By the time you finish reading this article, you will know how to obtain the right information, ask the right questions, and how to think like an entrepreneur. All these actions will give you the self confidence you need to become a business owner.
I remember after I graduated college, I landed my first job in an accounting firm. After 3 months of employment, the firm lost one of their biggest accounts and since I was the last person to be hired, I was the first person to be let go. Shortly after joining the firm I got married and my wife was still in college, and needless to say it was a very scary time for us, since I was the primary source of income. That was 18 years ago yet I still remember like it was yesterday. I lost my job by no fault of my own and realized at that time that when you work for someone else, you are never in control and at that time made a decision to one day own a business. Seven years later, I started my own company and have never looked back. I have been working for myself for 10 years and have owned several successful companies, both start ups and existing businesses. By now you are wondering, why am I telling you this? Because I want people to know that everything I say and write about, I take from my own life and my personal experience.
I am sure most of you heard an expression “Knowledge is Power” and it definitely applies to business ownership. The more you know about the business, the more comfortable you will get and that comfort will translate into self confidence. You must learn to ask the right questions and don’t be afraid to ask for help. There is really no such thing as a stupid question when it comes to researching an opportunity, so if there is something you want to know, ask. Hire professionals to help you, such as accountants, attorneys, businesses advisors and brokers. If you are looking at a Franchise, speak to the Franchisees, or seek advise from people you may know who are in a similar business.
Entrepreneurs are independent thinkers, but always keep an open mind and always give others an opportunity to express their opinion whether you agree with them or not. Be aware of “paralysis by analysis”. Don’t over analyze everything because eventually you will get stuck. Try to simplify things and set smaller goals for yourself which are more attainable. Look at the information for what it is, not what you might think it is, and remember the way you make money in every business is simply Gross Sales minus Operating Expenses, thus you want to know what it takes to create the Gross Sales and minimize your Operating Expenses. You see, when you break things down in simple terms, they are easier to understand and embrace.
It’s not easy to be a business owner and of course there are risks involved, however the rewards will out-weigh the risks and you will get the financial independence you seek. If we learned anything in these economic times, it is that no job is safe and there are risks associated with having a job no matter how good you are. Wouldn’t you rather be in control of your own destiny as oppose to your boss? My hope is to inspire you enough to seriously consider becoming a business owner. Believe in yourself and you will succeed.
How to overcome the fear of owning a business - To learn more about this author, visit David Dolitsky's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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