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Thrills - and Risks - of owning your business
Becoming a first-time Business owner
If you’ve been through the experience of being a business owner, you would never forget the initial thrill and excitement that you went through when you finally became one. You had taken the plunge despite being fully aware of the risks awaiting you. You knew the chances of succeeding were probably no more than 10 for every 100 new businesses, and also that those who did succeed probably did not succeed on their very first attempt. You were also aware that after the first blush of getting the business going, you would sense the not so pleasant first hand experience of knowing why over 90% fail! And yet, you did want to give this venture a shot. And where else does one have a better shot at succeeding than in the USA?
Advantages in USA
Yes, there is a common perception the world over that this country offers the best opportunity for business entrepreneurs to test their entrepreneurship skills. After all:
· This country offers unparalleled freedom that entrepreneurs cannot expect to enjoy elsewhere.
· The country’s size and its vast natural resources offer a large market place with a better chance of finding a niche market.
· It is relatively easy to set up a new Company, rent or own the premises, obtain loans (with adequate collateral) and hire employees.
· Time and again, one hears rags to riches stories of many an entrepreneur from all across the world who made it big in this country. And all of them have agreed that they could have made it only in this country.
But – there is hard work ahead
Now whether all these advantages translate into a higher chance for a new venture to succeed is of course debatable. It would not take too long for a new business owner to realize that competition is vicious. You must at first have made good choice of the business location (for a Brick and Mortar business). And then it would all boil down to selling, selling and selling. And in order to sell, you need to excel in the use of all Marketing tools that would include maintaining an efficient Website and proficiency in the use of social networking media like Face Book and Twitter. Additionally, you must possess skills in customer service, networking and public relations. And one needs to have a good feel for finance and cash flow, since before you’ve had time to settle, you’ll be struggling to pay your rent, your employees, your bank loan and your bills. And – oh, the list goes on and on.
Why take the risks?
It’s tempting not to escape the thought that it would probably be easier to get a job then go through all those sleepless nights. But then, you know that you would be working for someone else. For many, the feeling would persist - all the hard work, for someone else’s benefit? The sense of satisfaction that all the hard work is for your own benefit is enormous. But to make that happen is fraught with risks that can turn out to be very expensive. But so many will still try their hand – like I did - and fail! Like me, they will all have hopes that they’d be one of the few lucky ones who get all the media attention and the ones who always get quoted. But it’s not all about the attention, or even the wealth that comes with success. Actually owning your business can do wonders in boosting your confidence and your self-esteem. And those who do eventually succeed would certainly be in a virtual state of euphoria at having achieved their dreams and aspirations.
So my suggestion to those who have long felt passionate about owning their own business – go ahead and follow your dream. Do not dwell with a sense of frustration for the rest of your life that you did not even try. Remember that for many, it is better to have tried and failed than not to have tried at all.