Business Ownership Pitfalls

Most people who have ever worked at some point in time or another have hated a job they have had. Often that same person has thought or said, if this was my company I would do this or that. Before jumping out and starting your own business, reading this guide will help prevent your business venture from ending in failure. A lot of the content will focus on people who work for themselves and less of those who simply own a business and make money off of others.

1. Know Your Industry. Usually a successful business owner will know the overall industry they are a part of. Often times the business owner will have known or worked in the industry for a good period of time and understand it. Focus should be made towards the customers, the competitors, the overall market share and potential profitability. Does the industry have peaks and valleys, how bright is the future, and how easily can competitors come in and compete in the market.
   
2. Love Your Work. Often successful ventures are lead or involve individuals that go above and beyond the call of duty. These leaders will often spearhead the organization or venture and motivate other members by teaching or promoting the business. As a business owner, I know how hard it can be day in and day out. Often owners will mention how much harder it is working for yourself than for other people. If the leader of the organization isn't passionate about the work than others will take notice. So if you have to work harder and longer to make a business successful by most accounts than imagine how hard it would be if you hated it. So advice here is to love it first and worry about what it pays secondly.
   
3. Hire The Right People. Often business decisions are made on price and not experience. From personal experience, my advice here is to do 1 of 2 things. Either get the highest qualified person you can afford for the job or if you know your industry and are experienced enough than find someone you can teach and hire them to do it. Obviously, on both counts you hope you don't bring someone in and learn the business and they end up working for or as a competitor. I have found 2 experienced people can do the job of 4 less experienced workers and cause the owner half the headaches.
   
4. Do The Right Thing. As a Marine, this advice comes natural. Always do the right thing by your customers and success should come hand and hand. Lying, cheating and stealing will get you no where and should be avoided at all costs.