Have you ever thought about having your own business? It is an entertaining thought, for different reasons, as follows:
1. Freedom. You will enjoy the sought freedom in your own business, because you will make the rules instead of following them: you are the boss. However, the cost of such freedom is bearing all consequences alone: no one to blame but yourself!
2. Entrepreneurship. Being an entrepreneur, tags you socially as a business person, yet it comes with high risk, because if anything goes wrong, you could loss everything. This is why such risk is a challenge to mitigate.
3. Time. Their will be no working hours, nor punching card morning time. As a matter of fact, you will enjoy a long sleep, when you feel to, and have no boss to dream of, or worry about, in case you over slept. On the other hand, having your own business will force you to work endlessly, especially at the beginning, to establish it well, and make it up and running smoothly.
4. Commitment. Although you will be the boss, yet you will be consumed by business establishments’ details, which will result is sacrificing your personal, family, and social life. Your ultimate priority will be nurturing the business to grow in a healthy way, and everything else can wait.
Keeping the above arguments in mind, the following question emerges: what motivates us to take such decision? From my experience, I would like to share the following motives:
1. If you have a unique vision, which only achieved by owning a business. For example, art gallery or fashion design.
2. If you reach a peak performance at current job, and find yourself moving from applying new thoughts and ideas to doing routine work, on daily basis – just repetition.
3. If you have financial concerns, and would like to improve your income by having own business, on the bases of full time or part time.
4. If you are not comfortable with the idea of working for a Boss! And feel that the Boss is limiting your growth and potential.
5. If you feel no job security, where you can not guarantee if there will be a tomorrow at the end of today’s working day.
Having said that, I would like to propose the following check list, to ensure that you are making the right decision:
1. Are you professionally mature? Do you have the needed experience, and expertise, to do it?
2. Is the economy in good shape?
3. Which career stage are you at now: growth, maturity, or decline stage?
4. Is there a niche market or a list of customers, to serve by such business?
5. What are the Critical Success Factors for such business? Can you satisfy them?
6. How long it takes to set up such business?
7. How much efforts are needed for successful setup?
8. Do you have enough financial resources to engage?
9. What is your opportunity cost?
10. If you offered a pay increase or promotion, will you give it up for such business?
11. Do you have your family’s support, especially your wife / husband?
12. Do you have competitive advantage(s), over your existing?
In summary, we have many wishes; one of them is to have our own business, for different reasons. Such decision requires strategic thoughts, because it will impact our families, career, and us. If you feel it deep inside you that you can do it, and you have all the pre-requisites, then go for it, and enjoy it, but after careful thoughts about the above factors. Such decision needs to be an educated one – luck has nothing to do with such adventure. And always keep in mind that: “a wish is a goal without an action plan.”
Until my next blog, have a great day.
Nizar Baidoun
1. Freedom. You will enjoy the sought freedom in your own business, because you will make the rules instead of following them: you are the boss. However, the cost of such freedom is bearing all consequences alone: no one to blame but yourself!
2. Entrepreneurship. Being an entrepreneur, tags you socially as a business person, yet it comes with high risk, because if anything goes wrong, you could loss everything. This is why such risk is a challenge to mitigate.
3. Time. Their will be no working hours, nor punching card morning time. As a matter of fact, you will enjoy a long sleep, when you feel to, and have no boss to dream of, or worry about, in case you over slept. On the other hand, having your own business will force you to work endlessly, especially at the beginning, to establish it well, and make it up and running smoothly.
4. Commitment. Although you will be the boss, yet you will be consumed by business establishments’ details, which will result is sacrificing your personal, family, and social life. Your ultimate priority will be nurturing the business to grow in a healthy way, and everything else can wait.
Keeping the above arguments in mind, the following question emerges: what motivates us to take such decision? From my experience, I would like to share the following motives:
1. If you have a unique vision, which only achieved by owning a business. For example, art gallery or fashion design.
2. If you reach a peak performance at current job, and find yourself moving from applying new thoughts and ideas to doing routine work, on daily basis – just repetition.
3. If you have financial concerns, and would like to improve your income by having own business, on the bases of full time or part time.
4. If you are not comfortable with the idea of working for a Boss! And feel that the Boss is limiting your growth and potential.
5. If you feel no job security, where you can not guarantee if there will be a tomorrow at the end of today’s working day.
Having said that, I would like to propose the following check list, to ensure that you are making the right decision:
1. Are you professionally mature? Do you have the needed experience, and expertise, to do it?
2. Is the economy in good shape?
3. Which career stage are you at now: growth, maturity, or decline stage?
4. Is there a niche market or a list of customers, to serve by such business?
5. What are the Critical Success Factors for such business? Can you satisfy them?
6. How long it takes to set up such business?
7. How much efforts are needed for successful setup?
8. Do you have enough financial resources to engage?
9. What is your opportunity cost?
10. If you offered a pay increase or promotion, will you give it up for such business?
11. Do you have your family’s support, especially your wife / husband?
12. Do you have competitive advantage(s), over your existing?
In summary, we have many wishes; one of them is to have our own business, for different reasons. Such decision requires strategic thoughts, because it will impact our families, career, and us. If you feel it deep inside you that you can do it, and you have all the pre-requisites, then go for it, and enjoy it, but after careful thoughts about the above factors. Such decision needs to be an educated one – luck has nothing to do with such adventure. And always keep in mind that: “a wish is a goal without an action plan.”
Until my next blog, have a great day.
Nizar Baidoun
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