How Do I Know If I’m Ready For Business Ownership?

The Business Owner Personality

Some individuals are born with the ability to lead, innovate and become visionaries. The personality of a business owner usually is the free spirit with boundless energy who can see big pictures long before they exist. Business owners make use of their time creatively so each moment returns an abundance of value.

How Do I Know If I’m Ready For Business Ownership?

You know you are ready for business if you understand that business is a serious commitment to build and grow the enterprise of your choice. The choice should be one that offers long term advancement and the ability to enjoy a return on your investment of time, effort, energy and money.

The most successful business owners are those who choose a business they know and love. It isn’t possible to make a commitment to a business you dislike intensely. It is easier to awake each day to a business that fits your personality like a glove. From this fit, comes a wealth of ideas, innovations and inspirations. If you know the fit is perfect for your personality, you’ll reap many benefits as a business owner.

Why Do You Want to Own a Business?

Once you match your basic personality to the business, the next big question is, “Why do you want to own a business?” The answer to this question will show your genuine motives for business ownership. In order of importance, your motives should include:

  • Desire for continued personal growth
  • Sense of achievement
  • Self-satisfaction
  • Self-reliance

Note that money is not included in motives to own a business. Money in any business should not be the sole motivator because money is a fair-weather factor.

As Charles Dickens wrote in his famous, A Christmas Carol, “It’s not just for money alone that one spends a lifetime building up a business, Mr. Jorkin. It’s to preserve a way of life that one knew and loved.” A business owner should consider owning a business a way of life that can be preserved for the long term.

If business is dependent on money alone, the ingredients incorporated into making a business successful lose value. Business nearly always begins with an idea. When the idea is achieved, business is built upon the idea and the achievement.

Study the Habits of the Most Successful Business Owners

To prove how little money is the catalyst for business ownership, study the habits of some of the greatest innovators who are today’s most successful business owners. Most legendary business owners began with an innovative idea they had great faith would become marketable.

For example, John Deere was a debt-stricken blacksmith of the 1830s. He fled his debts and left New England for Illinois where he set up a shop on what was then a frontier. He saw the labor involved in plowing. To the great appreciation of farmers, he designed a farm plow that dug through tough frontier soil to the rich soil that lay beneath. From that design, John Deere farming and agricultural products are today’s most recognized.

You Are Ready to Own a Business If…

There are several things to consider before making a solid commitment to business ownership. It’s important to decide how much of your personal time you are willing to expend to create a successful, continuously growing business. Business isn’t a nine-to-five job. What sacrifices are you willing to make to ensure business stability? How much will a start up cost? Answer these questions honestly and you have the answer to the question, “How do I know If I’m Ready for Business Ownership?”

 

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