Own Your Business Or Your Business Owns You

To create a new business that makes money, and more significantly, employs others, and more significantly, gives a product to a customer that improves their life, is our greatest challenge, our greatest opportunity, and the greatest gift, far greater than any charity that we can give our fellow person. – Paul Zane Pilzer ; Economist, entrepreneur, and author

So you want to build a business that qualifies the picture painted on the quote by Paul Zane Pilzer and; gives yourself a sense of achievement, satisfaction time and financial freedom.

Before you go into the greatest opportunity, perhaps you should look at the greatest challenge first. According to statistic, most small business could not survive more than 5 years, the Office of Advocacy from The Small Business Administration has this statistic for 2007,

New Firms 637,100 Closures 560,300; Bankruptcies 28,322.

That works out to be a whooping 92% in one years on Failure vs New Start Ups. The reasons for such a high failure rate is obvious; many would be entrepreneurs rush into starting their own business without knowing much about the world of business. They tend to believe that with their experiences in corporate environment; the passion of becoming an Entrepreneur and perhaps arm with the new found knowledge from their business school;t they could taking charge of their time and make a different to their life and the life of others.

Success in business is never automatic nor guaranteed, it is a risky adventure. The reasons for small business failure can be many. But “entrepreneurs burnout” is seldom a reason for business failure, not many; Fail Entrepreneurs wanted to admit that he or she just throw in the tower. Soon after getting in and survive the elimination process of the fitters survive; reality started to creeps in and frustration building up even when the business is growing steadily. The reason is simple, in 2007, the Office of Advocacy of SBA estimated that there are 27.2 million business in the United States, 20.4 million of these businesses are without employees. A staggering 75% of all existing business are operated, managed and ran by the business owner themselves. They are the business owner, manager, operator, shop attendant, book keeper, delivery man or woman, you name it, they do it. It is not surprising that these entrepreneurs got burnout so easily and throw in the tower. They do not own a business, they own a job for themselves. That’s it.

So, if you are running a business of your own, ask yourself this question, “Am I Owning the Business or the Business Own Me?” The test, simply ask yourself this question, “Can the business run smoothly without you attending to it?” If the answer is positive, well, you might own a business and not owning a job. The next question is, For how long can you NOT attending to it?

If you are having this entrepreneurs burnout feeling or you haven’t own a business yet and intending to start one, a very good suggestion here is to visit some of the most established fast-food chain or franchise business; observe who are doing the day to day operation and running the business. You would probably  find a groups of perhaps, collage students and young adults and never know who is the real owner. That’s the beauty of real business leverage!

There is a vast opportunity in the business world and the benefits is far greater than the challenge, the truth is, are you owning the business or the business owns you?