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Thread: The Worst Things About Owning Your Own Business

  1. #1
    Senior Member bytrade001's Avatar
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    Post The Worst Things About Owning Your Own Business

    Every entrepreneur needs to be honest about their strengths and weaknesses, and realistic about their reasons for choosing the startup route. For any entrepreneur, even the best business opportunities, if entered for the wrong reasons, will likely fail. Some of these reasons seem obvious, so forgive me for restating, but I still hear them too often.
    Statistics show that at least 50% of new startups fail within five years, and many of the survivors eventually fail. If you donít want to be part of these statistics, consider all the alternatives to starting your own business, especially if you have one of the following perspectives:
    1. You take a large financial risk.
    When you start a business, you fund the project yourself. Thereís no telling if you could lose everything six months later or grow it into a wildly successful company.
    Remember: Running a business is always more expensive than you think it will be.
    2. Thereís no guarantee your business will be successful.
    Money is not a key to success, however. Itís a fact that about half of all entrepreneurial ventures fail and less than 40 percent of all start-ups are still in business after five years.
    3. Income isnít always steady.
    Thereís no reliable, bi-weekly paycheck to cash. Your income is dependent on the success of your business. Every business goes through ups and downs in revenue, which means your income will as well. recommends in Six Steps to Starting Your Own Business that when you plan to start a business, also plan to live off of at least six monthsí worth of savings because you will likely have no income at all.
    4. You have to work longer and harder.
    You have to be 100 percent committed to the success of your business. That means putting in more work than anyone. According to the 2008 Staples Small Business Survey, ď98 percent of U.S. small business owners and managers are working during their time off, including nights, weekends and vacations.Ē
    5. No overtime pay.
    All those extra hours and hard work you put in wonít be for a salary increase, either. You do it because you believe in the future of your venture and are passionate about its success. You simply have to hope it will pay-off in the long run.
    6. Your relationships become strained.
    Owning a business requires more than your total commitment. You need the devotion of your spouse, children and maybe even your friends, too. Since itís a 24/7 job, you may find that you sometimes have to put the needs of your business above those of other people.
    7. A heavy burden of responsibility on your shoulders.
    Running your own business means youíre responsible for every aspect of its operation. When a problem arises, itís on you to fix it. Thereís also payroll, taxes, administration and more to take care of. You have to handle much of it yourself (for a while, anyway) or hire and manage someone else to do it for more

  2. #2
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    But at least you are already one step ahead of everyone. You are your own employer.

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