In This Episode

Whether you’re currently contemplating starting or buying a business or if you already own a business, one question you might be asking yourself is if you’re cut out to be a business owner.  Depending who you talk to you might hear things like “people are born to be entrepreneurs” or something similar.  Don’t always believe the hype!

During the show we talked about different pathways to entrepreneurship and business ownership.  While there are some folks who have almost always been their own bosses, most folks discover somewhere along the way that they’re just not that employable.  Don’t worry it should be a t-shirt we have to wear!  So the question becomes how do you know if you’re one of these folks who should be an owner vs. an employee?  Here are a couple of questions to ponder:

  • Clock Watcher: are you someone who works hard but when it’s quitting time it’s quitting time? If that’s the case, chances are you’re a very valuable employee for your organization.  As business owners know, there is no time clock when it comes to business ownership as the business will always be on your mind.
  • Need Supervision: do you act the same or differently when someone is watching vs. not watching you? You may hear it called something like being “self motivated” or “self directed”.  If you’re a self starter but could use a little supervision to get things done, chances are business ownership isn’t necessarily for you.  One of the beauties of owning your own business is that you don’t have to listen to other folks tell you what to do, but if you need some supervision it might be best if you stay as an employee.
  • Failure vs. Learning: are you living in fear of failure or making mistakes? Or do you take more of the Thomas Edison approach that each failure is really a learning experience and gaining knowledge about what doesn’t work?  Most business owners, even ones with decades of experience, make mistakes/learn lessons daily.  The best ones not only learn from their own mistakes but those of others as well.  If you prefer to try things vs. being afraid they won’t work out then chances are you’re more likely to succeed as a business owner.
  • Help: is asking for help something you avoid or embrace? One of the dirty secrets of owning a small business is that folks figure you have all the answers.  When in reality your job isn’t to have all the answers, but instead to know how to get the answers.  This usually starts with taking a humility pill to admit you don’t know everything and ask for help.
  • Permission or Forgiveness: are you the kind of person who follows all of the rules? Or do you understand that all rules aren’t created equally. Some rules are hard and fast but most are just guidelines or suggestions. So do you like to ask for permission or forgiveness?  Are you willing to learn to ask for forgiveness?  If this statement made you uncomfortable then chances are you should stay with the safety of your job.

We talked about these and other items to help you figure out if you’re the business owner type or not.  If you’re still not sure, perhaps it’s time to make the leap.

People, Companies and Resources We Mentioned in the Show