Entrepreneur Success Factor #2 – Fully understand the level of responsibility involved
From: Beyond the Numbers: 5 Key Success Factors that Impact an Entrepreneur’s Success
Being an entrepreneur isn’t for those seeking balance in their lives. If you think being your own boss means more freedom, the ability to hit the golf course any time you feel the urge, having total control . . . well, sure . . . in your dreams. In reality, probably not. You’ll have control – over decisions; not so much as it relates to time. Freedom? From someone telling you what to do and when to do it? Okay. From responsibility? Nope. In fact, as an entrepreneur, you’ll have all the responsibility. Just know that seeking control and freedom are the wrong reasons to become an owner.
In a typical high-level job, say managing a department of ten or more people, the responsibilities are substantial. Determining assignments and compensation, rating performances, forming and maintaining attitudes, encouraging teamwork, and problem-solving all require diligence, analysis, people skills, and a demeanor that conveys control without being dictatorial.
Yet, at the end of the day, those tasks and associated problems can stay sheltered in a file cabinet or sequestered in a folder. Perhaps they may warrant some dinner conversation with a significant other, but even if they’re the most urgent issues, tomorrow’s another day. As with most judgments, I acknowledge the exception. There are non-owners in business who cogitate about work after hours and even “bring the office home” evenings and weekends. They may be workaholics or simply possess a basic hardline ambition.
However, the level of responsibility of a department manager, supervisor, or even a top executive doesn’t rise to the height of a business owner. I’m not just referring to the list of tasks, which, for corporate managers, starts and stops with the workday clock. Owners get to tack on a relentless time commitment, a 24-7-365 mindset, life-balance challenges, and outside forces bent on beating them into submission. Oh yeah, then there’s the issue of personal and family financial responsibility.
Now, you’re probably thinking “No sweat. I want to be my own boss. So sure, I know owning my own business comes with lots of responsibilities.” You may know it, but you also know when you’re sick and need to take some medicine. That doesn’t make you a doctor. Nor will wanting to be the boss make you a successful entrepreneur, capable of handling the duties, commitment, and pressure.
If you underestimate the burdens of ownership, you’ll be battling a lot more than cash flow, economic conditions, and competition. On the other hand, if you not only accept the reality of the heightened accountability you’ll face, but prepare for it, you’ll boost your chances of joining the ranks of successful business owners.
More to come on this topic in future blogs; next blog is an introduction to Entrepreneur Success Factor #3 (hint: what are your goals?). Check it out. See you next time.
Send me your questions (I’m a combination of Dr. Phil, Dr. Laura, and Dear Abby).
Larry Brummond, The Write Touch Inc.