I have a problem with all these “Get Rich” books. They lie. They routinely say, “Working for other people is not the path to wealth” and owning your own business lets you “Do things your way”
What a bunch of crap.
I’ve run into so many people young and old who simply say, “I want to own my own business some day”. Have they really thought about this?
Have these people seen what owning a business is REALLY like? It’s not for everyone. People see certain wealthy people with businesses and see their luxurious lifestyle, but they don’t see what the majority of business owners live like. There are over 22,659,000 businesses out there, not all of them have founders that live like royalty.
Some reasons why people want to run their own business:
1.) Freedom to do what you want, when you want.
2.) Loads of cash.
3.) Ability to choose which days you work.
4.) Choose who you work with.
It’s time to shatter some dreams. I want to share some of the less glamorous examples of business owners I have seen:
Mr. X was successful in the corporate and business world. He wanted a new venture so he invested in a large franchise chain. He bought the land, made preparations and opened shop. The store was a big success, land value skyrocketed and the money was flowing in. Then he sold it because he hated it so much. He had to deal with his employees who would constantly steal, outrageously obnoxious customers, very long hours, sexual harassment cases caused by employees, and tons of paper work and a boatload of accounting. If he wasn’t there, there store would probably fall apart.
Mr. B opened up a franchise restaurant. Money is good with the three stores he owns, but he is constantly looking for new employees, dealing with landlords, having to suffer bad months where weather effects sales, bad years where the economy is down. Mr. B has a pretty average lifestyle yet a large amount of responsibility with his three stores. He spends a lot more than 9-5 working at his stores. He could easily live the same styled life if he and his wife both worked. So instead of a regular 9-5 job, he has a 24/7 job with lots of stress and unpredictability.
An asian friend of mine owns with his family 2 successful gas stations. In his 20+ years of life, he has NEVER taken a single vacation with his entire family at the same time. His parents have not missed one day of attending their stores in 15 years. Enough said. He drives a pretty fancy car…and you know the only place he drives it? From home to his gas station and back.
On a trip to a football game in Dallas, we stayed at a medium sized hotel. The entire family worked AND lived there with no additional employees. The dad was the check-in host, the mom and daughter were the maids, the grandmother cleaned and the son did the janitorial work. We saw them all everyday for 3 days.
So, with a business you may STILL have to:
1.) Work very long and unpredicatable hours.
2.) Accept low income at times.
3.) Skip out to attend to your business.
4.) Deal with assholes.
I ALSO happen know some people with very handsomely paying jobs. These people go to work from 9-5 and they are DONE. They save and invest wisely and are financially independent…sometimes fiscally better off than their business-owning friends.
So before you make a generic statement like “I want to own a business,” think about it first. It’s not for everyone.