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OWNING A BUSINESS IS GREAT

OWNING A BUSINESS IS GREAT

OWNING A BUSINESS

“Learn the pros and cons of owning a business and make the best decision for yourself”

By: John D. Gaskell, author of

           How to become the “SMARTEST PERSON” in the Room.

You are what you are perceived to be. Let me show you how to become a “MARKETING” genius..

Do you want to own a business? (Part 3 of a multi-part article)

Advantages:

  • You have a much higher earning potential.
  • Pride of ownership.
  • Benefits of being the boss.
  • You get to make all the final decisions.
  • You can’t get laid-off.
  • You get to keep the profits.
  • You can pick and choose the most appealing tasks to personally handle and assign the others to your staff.
  • You can pursue the most interesting & profitable projects/products/clients.
  • You spend time socializing with clients and potential clients.
  • If you are successful and hire an able staff, you will have a valuable asset to sell when it comes time for your retirement.

Disadvantages:

  • Stress – There is always stress when owning a business. Some people thrive on it; others wilt. You need to decide if the benefits/advantages out way the drawbacks/disadvantages.
  • Be prepared to make “Sacrifices” – When I was new in business as a consulting engineer and still operating alone, work slowed down, and my wife and I decided to take a quick driving vacation to Canada. At the last minute, I got a call from my biggest client announcing that he had just promised a client of his to provide a redesign that had to be delivered in one week. It was no fun having to go out to the car to break the bad news to my wife and two small children.
  • You make the “Firing Decisions” – This is particularly hard during the holiday season.
  • The losses are all yours – On average, I made about three times more compensation than my fellow engineering classmates, but, during one recession, I lost more than my salary for three years in a row.
  • Employees – The biggest headache in running any business is managing human resources. Often, employees don’t get along with each other or with the clients, and, sometimes, they don’t even care about the success of the company that employs them. Regardless, before you know it, you may be responsible for thirty or more mouths to feed. That is an awesome and burdensome responsibility.

 

Making a choice

Other than a marriage choice, choosing a career and deciding on owning a business are your most important life choice. If you are still undecided I recommend that you go to the web site: https://www.bls.gov/ooh/. This is the Occupational Outlook Handbook by the US Bureau of Labor Statistics.  It has a wealth of information of career choices and owning a business. First select an occupational group that interests you. Then see a list of occupations in that group including job descriptions, entry level educational requirements, as well as recent median pay levels. Next select a career choice and see details.

 

My recommendation

Only you can make this important life decision. But, I recommend the following, if you have the interest and skills:

  • Chose to be a professional: doctor, lawyer, engineer, architect, accountant, etc. When people learn that you are a “professional” they immediately assume that you are smart. You may have never gotten any grade higher than a “C”; you may have graduated last in your graduating class; and you may have had to take your licensure exam four times before passing. But, you are “perceived” to be smart, because you are a professional.

 

  • Choose a profession that will allow you to operate your own business. If you operate your own business, you will have all the advantages described above.

If you truly want to be perceived as “The smartest person in the room”, get Jack’s new book: How to become the “SMARTEST PERSON” in the Room, and learn the details. You are what you are perceived to be. Let me show you how to become a “MARKETING genius. Visit: TheEngineersResource.com to find out more.

Excerpted from How to become the “SMARTEST PERSON” in the Room. © 2018 John D. Gaskell. Used with permission of Professional Value Books, Inc. All rights reserved. Order at TheEngineersResource.com. Use coupon code “room” and save.