It’s a mixed feeling - both scary and exciting to own a business, especially when you are a first time business owner.  The fear of failing can be overwhelming and in most cases prevents an individual from buying a business. However two things can help you overcome the fear and they are knowledge and self confidence.  Sounds simple?  It is simple. By the time you finish reading this article, you will know how to obtain the right information, ask the right questions, and how to think like an entrepreneur.  All these actions will give you the self confidence you need to become a business owner.

I remember after I graduated college, I landed my first job in an accounting firm.  After 3 months of employment, the firm lost one of their biggest accounts and since I was the last person to be hired, I was the first person to be let go.  Shortly after joining the firm I got married and my wife was still in college, and needless to say it was a very scary time for us, since I was the primary source of income.  That was 18 years ago yet I still remember like it was yesterday.  I lost my job by no fault of my own and realized at that time that when you work for someone else, you are never in control and at that time made a decision to one day own a business.  Seven years later, I started my own company and have never looked back.  I have been working for myself for 10 years and have owned several successful companies, both start ups and existing businesses.  By now you are wondering, why am I telling you this?  Because I want people to know that everything I say and write about, I take from my own life and my personal experience.

I am sure most of you heard an expression “Knowledge is Power” and it definitely applies to business ownership.  The more you know about the business, the more comfortable you will get and that comfort will translate into self confidence.  You must learn to ask the right questions and don’t be afraid to ask for help.  There is really no such thing as a stupid question when it comes to researching an opportunity, so if there is something you want to know, ask.  Hire professionals to help you, such as accountants, attorneys, businesses advisors and brokers.  If you are looking at a Franchise, speak to the Franchisees, or seek advise from people you may know who are in a similar business.

Entrepreneurs are independent thinkers, but always keep an open mind and always give others an opportunity to express their opinion whether you agree with them or not. Be aware of “paralysis by analysis”.  Don’t over analyze everything because eventually you will get stuck.  Try to simplify things and set smaller goals for yourself which are more attainable.  Look at the information for what it is, not what you might think it is, and remember the way you make money in every business is simply Gross Sales minus Operating Expenses, thus you want to know what it takes to create the Gross Sales and minimize your Operating Expenses.  You see, when you break things down in simple terms, they are easier to understand and embrace.  

It’s not easy to be a business owner and of course there are risks involved, however the rewards will out-weigh the risks and you will get the financial independence you seek.  If we learned anything in these economic times, it is that no job is safe and there are risks associated with having a job no matter how good you are. Wouldn’t you rather be in control of your own destiny as oppose to your boss?  My hope is to inspire you enough to seriously consider becoming a business owner.  Believe in yourself and you will succeed.