Do you have what it takes to become a business owner?

Most people dream of being their own boss and starting a business. However, for many it's just that, a dream. The reality of work, commitments, family and budgetary constraints often mean that people just can’t escape the corporate world, no matter how badly they want to make a change.

The reality of starting your own business is different to what most people actually expect. While the idea of more time, more flexibility and better financial returns are often championed, it takes a lot of hardwork and determination to get to that level. After all, if being a business owner was so easy, why do so many startups fail each year?

When starting a business, there are so many aspects that you have to think about:

•  What do you sell?
•  How much do you charge?
•  Where do you find customers?
•  Is there too much competition?
•  How much can you afford to invest?

The list is endless.

This paralysis by analysis results in most people having self doubts before they’ve even put their ideas to paper. The human brain and your psychology is immensely powerful when all your energy is channelled in the right way.

Before you start a business, in our opinion, it is important to be honest with yourself and really analyse what the key motivators are that are fueling your interest in entrepreneurship. Some common examples of why people want to start their own business include, earning more money, having greater control over your life or building something that can be passed on to your kids in the future.

You see, everyone has different motivations. When we started iOB Business, our motivators were both intrinsic and extrinsic. On the inner side, we were looking to break away from the corporate world and use our knowledge, skills and experience to build our own business. On the extrinsic level, we were looking to empower people to become business owners and exceed their income goals.

We understand that motivations change over time and just like businesses, they develop and morph into new things. By having a cause that you are truly passionate about, you can always sleep easy at night knowing you have tried your level best.

Whatever your motivation for starting a business, you need to make sure the desire burns strongly because the life of an entrepreneur is filled with challenges, successes and a path of discovery. With no boss and no manager telling you what to do, it is imperative that as a business owner you have the self motivation to structure your day and complete all your tasks. After all, the success or failure of your business depends on you.

So do you have what it takes to become a business owner?
That is a difficult question for us to answer, as everyone is different with their own skills and ambitions. However, we strongly believe that everyone has the ability to become a business owner, it just depends how badly you want to make the transition.

We are all conditioned to a large degree to follow the path of least resistance. What we mean by this is, all throughout our academic life, we are encouraged to study hard, pass exams, obtain qualifications and then work in a corporate environment. While there is absolutely nothing wrong with that and we have seen many people forge long and successful careers, it is not a route for everyone.

There are many advantages of working for a company such as the security of a guaranteed salary at the end of the month or a structure to your working week. A job is also a great place for you to pick up new skills and understand how different types of businesses work.

Having said that, the vast majority of employees are usually left unfulfilled. Just take a look at people during the morning rush hour or after work and they’ll often look tired, distracted and in a hurry. The reason for this is that people are often just going through the motions. Wake up, go to work, come back, eat, relax, sleep and start it all again tomorrow. This leads to employees often living for the weekend and using Saturday/Sunday as escapism from the monotony of the working week.

But, life is more than just working for someone and doing a job that just pays the bills. We spend around 40 hours per week at work, when you factor in the commute in the morning and evening this equates to a sizeable amount of time each week that is devoted to your job. If that job is not fulfilling you in every way, something needs to change.

Now, one of the biggest reasons why people don’t make the leap to entrepreneurship is they feel they haven’t got the time to start a business. This is one of the ways that our brain tells us to continue with the status quo. Our mental state is geared towards self preservation and by nature, most human beings are risk averse. A job offers security but ultimately long term, unfulfillment.

However, you do have the time to start a new business, it all comes down to priorities. Let’s say you return home from work, relax, eat and spend time with your family. By around 8 PM you’re on the sofa ready to dive into a new season of your favourite show on Netflix. You then watch TV for the next 3 hours before going to bed at 11. If you repeat this routine, like most people, 5 days a week, you’ve racked up 15 hours of Netflix during the working week.

So, when people say they haven’t got time, what they really mean is they haven’t prioritised being a business owner over their leisure activities. If this sounds familiar, don’t worry, it’s not too late to make a change. We understand the importance of downtime and relaxing. Watching your favourite show or movie is a great way to unwind and give your brain a rest, but if you want to make the transition to a business owner, you need to sacrifice leisure time for work time, at least a few times a week.

Dedicating even 9 hours of your free time, between Monday to Friday, can see you develop your business. You can use this time to develop new skills, research an idea or even compile a business plan. Time is your biggest asset and everyone should be looking to use their time in the most productive way possible.

To succeed as a business owner you need to match the right attitude and motivation with the right blend of skills and execution. Most people underestimate what they know and the skills they possess. No one is born as a business all rounder. The skills needed to succeed have been acquired through academia, work, life and personal experiences.

We are big proponents of continuous professional development. Learning new skills, often from an expert or professional, can have serious positive implications for you as an individual but also as a business owner. The information age that we live in now has made it super easy to acquire new skills from the comfort of your home. You can access online training courses covering a wide variety of topics including digital marketing, sales or even programming.

The most effective business owners are those who have a plan, for both the good and bad times. Believe us, having contingencies in place and being prepared to pivot and modify your strategies will be very useful in the long term.

This blog is not about deterring you from starting a new business or even about promoting iOB Business, this blog is about striking a chord with you to fuel a change. Everyone deserves to be fulfilled and get rewarded for what they do. We are truly lucky in that we have launched a successful business and work with Partners all over the country to grow their Digital Agencies. We have a passion for what we do and that’s why we don’t mind working long hours, often late into the night and on weekends, because we believe in what we are doing.

Above all else, you should always remember that you have what it takes to become a business owner. Don’t make the mistake that people often make whereby they overestimate what they can do in the short term and underestimate what they can do in the medium to long term. A business and indeed being a business owner, is a marathon and not a sprint.

You need to find something that you are passionate about. Whether it’s a new job or a new business, you deserve to dedicate your time to a cause that is right for you.

If you do want to find out more about what we do here at iOB Business, hit the ‘Talk to Us’ button up top to schedule a call and a member of our Business Development Team will be happy to help.

Until next time, take care.