Business Success- The Realities of Running Your Own Business

Being in Your Own Business vs Working for Someone

There are pros and cons to running your own business. When you are in business for yourself, it can be very empowering. You can achieve greater income potential than working for someone else. You have freedom of choice as to what you do with your time.  When you are in business for yourself, you will have a lot of responsibility. You will have to wear many hats. You will not have a guaranteed income and will be taking greater monetary risks. When you are in business for yourself you can achieve yoru dreams. When you are in business for yourself, you may so busy handling so many things, you won’t have time to dream. When you run your own business, you have the power of choices. When you run your own business, it can be hard to make all the decisions.

A Business Person Needs to Wear Many Hats

It Takes Dedication and Hard Work to Run Your Own Business

The reality of being in your own business is that it is has its difficulties, and can be harder than you think. Nothing in life is easy. When you work for someone else, you have less responsibility, but more limitations. When you are self employed, your dedication and hard work will grow your business and increase your income. When you work for someone else, your dedication and hard work may not take you where you expected to go in your company. When you work for yourself, you work long hours, and may have less free time. When you work for someone else, you don’t have to bring your work home with you. Being in busy puts more on your shoulders. When you work for someone else, you don’t have to think about your work when you are not there.

You Can Gain Great Satisfaction Being in Your Own Business

Being your own boss feels better than being bossed around. When things go wrong in your own company, you have to fix them. When things go wrong at work, you can do your work and go home. Being your own boss has lots of risks, but unlimited income. Working for someone gives you limited income, but you can rely on your weekly paycheck.

You need to know a lot to run a business. You need to know about sales, pricing, accounting, competition, customers, billing, the industry, marketing, technology, products, research, dealing with people, cash flow and many other aspects of running a business. You need to be sharp, aware and always thinking of what you will need to do next.

When you are in your own business, you can know great satisfaction and gratification from your work. When you are in your own business, you pick who you want to work for you. When you are in your own business, you can have something that you can bring your children into. When you run your own business, you make profits, and also build up the value of your business, which gives you something to sell in the future.

Things You Need to Know Before You Go Into Your Own Business

Being in your own business and making it grow takes a lot of hard work and energy with no guarantees. But no one can fire you, and if you are doing what you love, you will feel more fulfilled from how you are spending your time.

Many people dream of being in their own business. You can do it, but you need to know the realities, the hardships, and the the tremendous effort it takes to make your company successful. If you go into your business, knowing the good and bad, being away of the foibles you may face, and see the big picture of what it takes, you are already on your way to succeeding.


Should I Be in My Own Business?

Having a Business Strategy is Very Necessary

So what does it take to succeed in business? Most people have a great idea, and they think that is enough. Not matter what your idea is, or even if you are reinventing the wheel, behind the idea you need to answer many questions.

Let’s start with who, what, why, when, where, which, and how.

  • Who are your customers?
  • What are your strengths and weaknesses?
  • Why will people buy from you?
  • When will you start to see a profit?
  • Where will your business be located?
  • Which products are you offering for sale?
  • How will you get customers?
There are more questions you need to ask, but starting with these simple ones is a good way to begin. Working on a business strategy will help you think more in depth about setting up your company for success. 

Be Focused, Disciplined, Determined and Devoted

Having a business, like having a baby, needs lots of care, and attention. There is a lot you need to know to run a business, and whatever you are thinking about it, it has more complications than you may realize.

Know your own limitations. You won’t be able to do everything well. Concentrate on what your passions are, what your knowledge is, and what you can do. Know what it will cost to get the help for the things you can’t do, or won’t have time to do.

Being in your own business means you need to know where you want to take your company. It means being focused, disciplined, determined, devoted, and having a mindset towards the vision you see. Being in your own business means being confident in what you know, what you can do, and what you see the company will do. The world is full of naysayers and negative people who will tell you what you can’t do. You need to be independent and positive enough to know you are headed in the right path.

Look at All Different Scenarios

The seeds you sow in your business will either blossom or stagnate, depending on how you spend your time, and what you focus on. Being in your own business can be a lonely road. When the business is small, you may be spending many hours working by yourself, and when you have employees, they can’t really be your friends.

Being in your own business takes a lot more money than you may realize. When you do your calculations, it is best to look at the worst case scenarios. If it happens, you will be prepared. If it doesn’t happen, you will have more profits. Either way, your business will survive, because you set things up in preparation for all things possible.

Believe in what you know, and look at what you don’t know, so that you can learn.  Be realistic about your expectations. Dreaming is good, but if at the end of the day, you want to feel like you accomplished something and avoiding disheartening disappointments as best you can.

Achieve Your Dreams and Know Success!

Be prepared as best you can for competition, for the economy, for trends in the industry, for as much as you can.  You need to have the fortitude to withstand what may temporarily set you back or knock you down. If you believe you can do.

You can know great success from your efforts of being in your own business. You can see your business grow, see your bank account grow, and see yourself achieving greater things than just working for someone else. But you must look at the successes and failures of others who have done similar things that you are doing.
  
Do it! Go for your dream! You can achieve greatness! Be realistic, Be strong, Believe you can and you will. Fire up your motivation and reach for the stars. The world awaits all the wonderous things you can do.
 

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Comments 32 comments

Fay Paxton 5 years ago

Excellent article and advice. People always think self-employment is glamorous. It's hard work and long hours, but the rewards and self-satisfaction are immeasurable.

voted up/useful


kshankin profile image

kshankin 5 years ago from Rochester Hills

Yes I agree with Fay 100%, and I appreciate the article I think it was a great overview of things to consider before making the self-employment plunge. That's 1up from me!


Old Poolman profile image

Old Poolman 5 years ago from Rural Arizona

I worked 25 years for one Corporation before taking early retirement and starting my own business. I would never go back to the Corporate world and wish I had started this business without wasting all those years. Hard work, but many more rewards and satisfaction.

Great hub and information.


drbj profile image

drbj 5 years ago from south Florida

Thank you, tki, for the excellent information about the realities of running one's own business. Not everyone though is cut out to be an entrepreneur. Take the short test on my hub, "Are You an Entrepreneur," to learn if you have what it takes to succeed.


simeonvisser profile image

simeonvisser 5 years ago

What would your advice be if you don't know what kind of business you'd wish to run? Start working and in the meantime figure out your options?


Nan Mynatt 5 years ago

Thanks for the advice and what to expect when you consider going into business alone.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Fay, You speak the truth. Self employment is not always as glamorous as it seems, but it can be very fulfilling. Thanks for the up vote


toknowinfo profile image

toknowinfo 5 years ago Author

Hi KS, Glad you enjoyed the article. Thanks for the kind comments and the vote up. I appreciate you stopping by.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi drbj,

Thanks for directing me to your hub about entrepreneurs. I was very impressed by the article you wrote. I added a link to my website. Thanks for stopping by.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Simeon,

To answer your question about what kind of business to run. My suggestion is to start with your passions. What interests do you have, what are you good at, what experience do you have. What do you envision for yourself when you have a business. From there, you can learn more about the industry you would be getting into. And like my hub says, you need to learn how to run a business too. Running a successful business takes a lot of pre thinking and strategy so you can protect yourself from the inevitable things that may not go exactly right. If you can find a mentor, they can guide you too. If not, spend your time gathering as much information as you can about what you want to do. And learn and observe and think things through with great detail. Take your time and be judicious and wise with your money, your time, and your energy. You can contact me if you have other questions. Best of luck to you.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Nan,

I am so happy you stopped by and found this article helpful.


simeonvisser profile image

simeonvisser 5 years ago

@toknowinfo: Thanks for your detailed and helpful answer. I heard that the average age of starting a company is somewhere in one's thirties so I still have time. I've also heard that a job is something you do until you figure out what business you wish to run for yourself. I'll keep looking for ideas that also match my own interests and passions.


kashmir56 profile image

kashmir56 5 years ago from Massachusetts

Hi toknowinfo awesome article with lots of good information and advice for the people looking to be self-employed !

Awesome and vote up !!!

Have a awesome weekend my friend !


amillar profile image

amillar 5 years ago from Scotland, UK

This will be very helpful for people considering self-employment. Voted up and useful to know info.


Cogerson profile image

Cogerson 5 years ago from Virginia

Great hub.....very important information for anybody about to start their own business.....interesting insights you provide...voted up


andromida profile image

andromida 5 years ago

I think due to the lack of guaranteed income and the monetary risks are the main reason majority do not opt to run their own business. Both entrepreneur and soon-to-be entrepreneurs will find lots of positive vibe from this hubs.Great work :)


Chatkath profile image

Chatkath 5 years ago from California

Well done! It is never as easy as people think and I agree that it should be something that you are passionate about. Thank you for sharing some useful information.


toknowinfo profile image

toknowinfo 5 years ago Author

I am glad this article is so helpful. Running a business is never easy, but it certainly is easier if we are realistic.


Micky Dee profile image

Micky Dee 5 years ago

Very well done. I had a couple of businesses with not much plan. I am not business-like though. I used to work on some bicycles for free when the parents, whose child's bike had no brakes, made a remark like - he doesn't need brakes." Businesses don't plan that in but I did that stuff often. I know a mechanic right now who will sit at an eatery and if he sees a bike with a noticable problem he will fix it.

But we ride and often we see a problem - flat, bad wheel installation, chain break, etc.

We're terrible businessmen!


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Micky,

What a great story. You might be terrible businessmen, but you are wonderful people. I prefer wonderful people.


Ingenira profile image

Ingenira 5 years ago

Very well written. After much studying of how to run your own business successfully, some good luck will definitely be needed to be profitable.


susannah42 profile image

susannah42 5 years ago from Florida

I have owner my own business and its was one of the most shining times of my life. I loved coming up with the idea, and then making it a reality. The most important part of starting a business to remember is that you cannot take money out of it for three to four years. If you do, it will take a long time to grow.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Ingenira,

It is easy to start a business. It takes a lot of hard work to run a business. Before going into business people need to look at the whole picture as best they can.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Susannah, Owning a business very satisfying. Failure rates are high,in part, because people don't realize what it takes. And you right, taking money out of a business will cause it to grow slower. There is more to know about what it takes to have a successful business than most people realize.


onceuponatime66 profile image

onceuponatime66 5 years ago from USA IL

Starting your own business is a lot of work. The taxes are higher and you work more hours. If it's a passion you have then it might not seem like work. Thanks.


Cosmeticdentistbu profile image

Cosmeticdentistbu 5 years ago from Burbank California

Good hub, informative and interesting, thanks.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Cos, Thanks for stopping by and for your kind words. I am glad you found this article helpful.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Onceuponatime66, There is a saying, do what you love and the money will follow. Having your own business can be very satisfying. Thanks for stopping by.


Seeker7 profile image

Seeker7 5 years ago from Fife, Scotland

Great Hub with very useful information. Many thanks for sharing.


Aris Budianto profile image

Aris Budianto 5 years ago from Lying along the equator Country

Helpful information, you are right, having our own business has different responsibilities but we have felt more satisfaction.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Seeker, I am glad you found this article useful. Thanks for stopping by.


toknowinfo profile image

toknowinfo 5 years ago Author

Hi Aris, I appreciate you adding your comments. There are great responsibilities with owning a business, and also great rewards.

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