| I've owned my own company since 1988, and often | | | | business will help them make what they're really |
| hear people say they'd like to own a business. When | | | | worth, because they might not realize how little that |
| I ask why, they give answers such as "So I can set | | | | is. |
| my own hours", "To make what I'm really worth", or | | | | While business owners don't have a supervisor to |
| "So I won't have to answer to anyone". I tell them | | | | answer to, this doesn't mean they don't have people |
| not to go into business for themselves, because they | | | | who hold them accountable. There are creditors who |
| don't understand what owning a business really | | | | expect to be paid, customers who often demand the |
| means. | | | | impossible, and sometimes a spouse who questions |
| While it allows the freedom to come and go without | | | | why they still can't pay the mortgage despite putting |
| permission from anyone, it doesn't allow the freedom | | | | in 100 hours a week. |
| to come and go anytime the owner feels like it. Most | | | | Hollywood has painted an unrealistic image of |
| business owners work more hours than their | | | | business owners. The mention of someone who |
| employees. The owner of a medical device | | | | owns a business conjures up images from greedy |
| manufacturing company in San Antonio recently told | | | | bank owner Mr. Potter in the 1946 movie "It's a |
| me that he can leave work any time he darn well | | | | Wonderful Life" to nuclear power plant owner Mr. |
| pleases - after he puts in his 80 hours a week. | | | | Burns in the television show "The Simpsons". Owning |
| The desire to achieve financial independence is | | | | the company doesn't mean sitting in a leather |
| certainly a good reason to go into business. In their | | | | wingback chair all day and counting piles of money |
| book "The Millionaire Next Door", Tom Stanley and | | | | while all the workers bees make more; it means quite |
| William Danko revealed that self employed individuals | | | | the opposite. You'll never hear a business owner say |
| are four times more likely to be millionaires than | | | | "That's not in my job description". Business owners |
| those who work for others. New entrepreneurs hear | | | | refer to themselves as the chief cook and bottle |
| stats like these and think they'll be the next Henry | | | | washer because they have to do whatever needs to |
| Ford or Walt Disney. What they forget is that Mr. | | | | be done whenever it needs to be done. |
| Ford and Mr. Disney both went bankrupt before they | | | | Employers have become accustomed to employees |
| achieved such stunning success. For every Donald | | | | who do the least they can to get by, which is usually |
| Trump, there are thousands of business owners | | | | what's printed in their job description. Because of this, |
| taking cash advances off credit cards to make | | | | companies add "...and all other duties as needed" to |
| payroll. Some estimates have placed the average | | | | every job description. But those who excel in their |
| annual profit of small business owners in the United | | | | careers don't need a job description to tell him what |
| States as low as $10,000 a year. While owning a | | | | to do. They do whatever needs to be done, |
| business greatly increases the owner's odds of | | | | whenever it needs to be done, without waiting until |
| becoming a millionaire, it also greatly increases the | | | | they're asked. In other words, they act like they |
| owner's odds of working for less than minimum | | | | own the place. |
| wage. I caution people who say that owning a | | | | |