Some people know that owning a business isn’t for them. For others, the attraction and appeal of being a business owner can be powerful. If you are uncertain whether this path is for you, here are three simple questions to ask to gain clarity.
1. Are You Dedicated To Growing Your Income?
Most people like the idea of making more money, but once they realize what it takes they don’t want to do what is involved. Owning and operating a business can be a lot of work. It is not for everyone. Yet, being a business owner can be rewarding in a variety of ways.
Being a business owner is very different than being an employee. You do not have much control as an employee. Your financial fate is in the hands of your employer. Owning a business means that you can take steps to control your own financial destiny. You can make the decisions that will improve the success of your business and in turn increase your own income.
While there are no guarantees, owning a business can be a path to growing one’s income and wealth.
2. Would You Like Greater Control Over Your Life?
Many people choose to start their own business because they want more control. Business owners realize that their financial fates rest in the hands of someone else, unless they own their own business. Some people are confortable with this, while others are not. If you want greater control over your life, then owning a business might be for you.
Being a business owner increases the amount of control you have over your life in many ways. For example, business owners have more control over where they work, when they work and who they work with on a daily basis. Instead of being part of a business, you help create and shape it. This is clearly a lot of work and it isn’t for everyone, but the rewards can be diverse and abundant.
3. What Is Your Personality Like?
The control you get by owning a business is great, but that control comes with a degree of risk. You will have to determine how confortable you are in dealing with risk. As a business owner, you’re risking your time, effort and money. You don’t get a paid vacation, sick days or any of the other benefits associated with being an employee.
Studies have showed that there are other ideal personality traits for business owners. These traits include curiosity, collaboration; focus on the future, and being self-fulfilled, tech savvy and action oriented.
Thinking about these three questions is a good place to start when contemplating being a business owner. If you do decide that owning a business is for you, EBIT will work with you to develop a comprehensive acquisition strategy to identify a range of suitable business acquisition targets.