Prospects of Running Your Own Business


Very few people ever got rich by working for someone else. puttiing aside popular musicians, sports stars and gifted people, the only way to acquire wealth through working for it is to build a business of your own. Be an entrepreneur! The type of business you decide upon will mostly depend on three factors:

  • How much money you have available as start-up capital and working capital;
  • Your business idea; and
  • Your confidence level.

There are three basic types of businesses you have at your disposal:

  1. The Traditional – a brick and mortar in which you will rely solely on your own efforts;
  2. The Franchise – where you follow a proven idea and receive considerable training and back-up from the franchise company; and
  3. Web Marketing – which encompasses Network Marketing, Multi-level Marketing and a whole slew of different niches you can explore.

Each business type has its pros and cons.

The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits.

Franchises have a high success rate. Banks like them because each franchise operation has a proven track record; thus the banks can accurately judge the risk and consequently will lend money for this kind of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the business’s turnover has to be paid to the franchise company.

Web marketing which encompasses Network Marketing, Multi-level Marketing, to name a few, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A Web marketing business can be started in your spare time. In fact, that is the best way to approach it. Start small, and keep at it. The secret is perseverance! Get past the first year and you should find this type of business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in Web marketing become wealthy beyond their wildest expectations.

So which type of business is for you? If you wish to provide a service or product where you have previous experience from a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to venture out on your own, then a franchise or Web marketing business just might be the preferred option.

The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help keep you afloat.

On the other hand you can ease yourself gently into Web marketing by starting part-time while you continue with your current employment; building your business by ploughing profits back into it if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, which in turn will pay dividends. One such dividend (an important one) is enjoying considerable free time with your family.

The Entrepreneur Blessing Can Also Be a Curse


Having a hundred ideas in your head at one time is something that many people would be envious of. In fact, if you mention to others that you are running your own business, they might remark with wonder and encouragement at your ability.

However, one thing that isn’t discussed as often as it should be is how business owners keep their heads screwed on straight. How do they cope with all the ideas that are in their heads, and not become overwhelmed by the enormity of it all? There are a few common traits among those businesses that have achieved a certain level of success.

They know they can’t do it all

Having lots of ideas is one thing – trying to do them all yourself is another. Although hiring others to complete work for you is a real challenge – especially when you are starting out and have limited money – it is, however, often one of the key elements why the business owner still has his/her sanity.

They roll with the punches

When we were kids growing up, our parents or other adults might have suggested we “roll with the punches”. This probably made no sense to you as a child, but as we grow up, the wisdom of this adage was quickly realized. Life, in all its glory and unexpectedness, delivers curve balls to us every day. And as such, we have two choices – be flexible and respond, or strike out.

Successful businesses have learned that the economy, people, and business in general, is dynamic and organic – it changes all the time. In fact, the most “organized” business owners have developed an attitude (method?) that helps them cope with these circumstances. When things don’t go the way they planned, they quickly assess the situation, focus on doing those things they can control, and for the areas of the business that they cannot control, choose to accept the fact and move on.

They know what they want to achieve

Every successful business has “made it” because they knew what they wanted to achieve. They had a compelling reason to keep on going through hard times. This doesn’t mean that they had it easy, nor does it mean that they had a truly defined focus for the business. Once reality kicks in, sometimes even the best laid plans go out the window. But it was the compelling reason that helped these successful business owners push through and find a way to achieve their dreams.

This compelling reason can be anything that drives you – something you are passionate about. For example, it could be providing a better life for your family. It could be the desire to build a business that you can leave as a legacy after you die, for the benefit of your family and community. Whatever the reason, it must be strong enough to help provide you with the fuel you will need when powering through the rough times that every business owner has.

Being a business owner – an entrepreneur – is a hard task. When starting off, it isn’t uncommon to see yourself doing 50-80 hours of work each week in the business, and you are still barely breaking even. Sometimes, despite the efforts you have made, you lose money. But, after a while, things will change. The sales will start to increase. Customers will start coming back to you again and again.

Others might call this Luck. It isn’t. It is the outward representation and reward for all the hard work and internal ‘fine-tuning’ that you have been going through up until that point. All the trials, tribulations, set-backs, disappointments and foiled ideas are all necessary for you to be ready for the Success when it comes.

So, if you have a clear vision and reason for your business; have a flexible plan and attitude; and an iron-will and dogged determination to achieve despite frustration and disappointments, success will be yours. After all, if it was easy, everyone would be doing it. There is a very valid reason why it isn’t ‘crowded at the top’. The question is – Are you prepared to go through all that it takes in order to get there?