Overrated Career: Small-Business Owner

I miss it

If someone offered you a job where there was no guaranteed income, no benefits, required you to work 60+ hours per week with no time off, and you had to invest your life savings to get started, you would tell them "are you crazy"? Welcome to the world of self employment.

I started a small business 6 years ago. The first 3 years, we almost starved to death. My wife would ask me almost daily, "why did you give up your great paying job and benefits to start this stupid business?" I really couldn't give her a good answer other than the fact that I couldn't take another day in the corporate world.

After 3 years however, things started changing. Revenues and profits increased rapidly. By the end of the 4th year, I was making almost 2.5 times what I could make in the corporate world. Then when my wife looked at me, she said, "I am really glad you started this businsss!" I just smiled.

Then after 6 years, I really did a dumb thing. I got kind of tired of doing the same thing over and over again and someone asked me if I would sell my business. The offer was great so I sold my business for a nice profit. Uncle Sam ended up taking a huge percentage of it though.

Now I am back to square one. I am working for a corporation and totally hate it. I talked to my wife about starting another business and she says there is no way we are going through 3 years of hardship again starting another business. So I really screwed up. Now I am stuck back in the corporate world dreaming of owning my own business again.

Todd Ebach of FL @ Jun 01, 2009 22:44:05 PM

SBO not overrated..just not for Everyone

There is some truth to the article, but what the article fails to acknowledge is the millions of jobs small businesses provide for communities. This is a very difficult time for small business owners, but since most small businesses operate differently than larger corporations, there is more potential for smart business owners to weather the economic storm.

I agree that owning a small business is not for everyone, but how will you know until you try. Just be sure to write your plan out first, understand your cash flow, and always save for those rainy days.

Belinda Waters of GA @ Feb 09, 2009 10:17:00 AM

in suggestion of which business to start?

can any body give suggestion on small business...new ideas are most welcome... (iam from india)

manohar @ Jan 26, 2009 12:23:46 PM

Some DO, Some Don't

Being a small business owner can be VERY rewarding... when the rewards are coming in. It is a risky venture but it really does show the best parts of the American spirit; determination, independance, ingenuity, diligence, and Liberty. Sure plenty of people go under (particularly easy when you have competetition like Walmart on every corner) but that does not make Entreprenuership worthy of the title of "most over-reated". If anything being a small business owner deserves more credit because *ANYONE* with a dream has the *potential* to be a success.

I think part of what makes "small business owner" carry such a negative image is not accurate. So many of the SBOs were not doing anything original or in demand to begin with. They have done just what I have; buy into a franchise that was misrepresented, thinking the potential for "quick easy money" is greater than the actual demand can support.

The trick is doing something your really love and feel passionate about... but that also has a solid demand market nitche.

BattyAntBee of AL @ Jan 11, 2009 03:34:53 AM

vison

no one plans to fail they fail to plan. most people go into business doing what they want to do and not what needs to be done. you need to identify growing markets where customers are under served and leverge yourself. meaning the business does not require real estate inventory equipment expensive advertising and employees.

cal of FL @ Jan 05, 2009 16:29:57 PM

Small Business Owners Beware!

One HUGE negative of being a small business owner that NOBODY tells you about is...if you go out of business, (or as in my husband's case, you are forced out of business by a vengeful management) you ARE NOT ENTITLED TO UNEMPLOYMENT BENEFITS EVEN THOUGH YOU ARE REQUIRED TO PAY INTO THE SYSTEM!!!! It's true! My husband was refused unemployment, and we are now living off of our savings while he decides whether to re-open his business elsewhere, or look for a job in this difficult job market. He was in business for 27 years! We even contacted our local political reps who confirmed the status of "disqualified" as the owner of the business. When my husband asked why he was required to pay into it all of these years, he was told "because it benefits YOUR EMPLOYEES"!

Dee of PA @ Jan 03, 2009 10:52:45 AM

Most of that is real

Most of my time after I finished my BS I spent doing business. It is the most rewarding experience that I ever had. Like many others said, you have to know what you are doing; watch your cash flow, and very important CONTROL.

Finally, think about this " If you can't make money without money, you probably can't make money with money either"

josh of FL @ Dec 24, 2008 01:34:28 AM

My mom owns a nail salon. Although her business does extremely well in the summer, it gets very stressful. She has to deal with impatient customers, working as the cashier, directing her workers, children, and on top of that, the hectic atmosphere. She also never has any free time to herself. She's closed one day a week, but she can't fully relax because there are errands to run. She can't afford to close her store for long periods of time for fear that her customers will find a better nail salon while she is away. The way I see it, unless you're selling goods, small businesses (especially service types) are a real pain in the you-know-what.

Karen of NY @ Dec 19, 2008 03:07:42 AM