How to know you are ready to be an Owner
Most people start their careers as an employee. Often this is a part-time or summer job and most likely several jobs as they want/need to make money. Many combine this work with school and their experiences in both tend to influence their starting full-time career choices. Sometimes this initial choice is due to convenience, specific interests, perception, or a combination of factors. For most, this initial decision is just a beginning point.
After more learning, doing, educating, and experimenting, people frequently discover something they are good at or enjoy. Many times, the current environment is stifling, or the bureaucracy is annoying or other people’s priorities or objectives get in the way. Entrepreneurs, Inventors and Owners all seem to have an idea of how to do something better, different, faster, cheaper, or have a disruptive idea regarding a potential new product or service, but no one listens.
The restlessness that comes with having been held back is the start of being an Owner. Unless a person grows up in a family business and has a desire to continue in it, most would be Owners start a new business, or several. Some observations can be made about these would be Owners:
First, there is a burning desire to prove that their idea, passion, approach, etc. will succeed as a viable business and others will want it. Owners want to have control of the business and move it forward. Some do this better than others, and true Entrepreneurs and Inventors often need someone to run the real business while they develop the idea. Whether its an Entrepreneur/Inventor and/or Owner, there is a passion to be independent and not restricted by someone else.
Second, many Owners desire to make more money.
There is a capitalistic streak that most Owners must be successful, much of which is measured by their ability to generate more income. Many do not want to spend the money on themselves, they just view it as a key measurement of their success. Good Owners recognize the need to reinvest in their business to keep it growing to become more successful.
Third, business requires constant decision-making. Owners know that hundreds of daily decisions can add up to success or failure, and one decision can make or break a business, and them personally. Good Owners thrive on their ability to make these decisions and understand that not every decision will be correct. The best Owners waste little time second guessing their decisions, but constantly try to improve and make better decisions.
If you are an employee and wondering if you should be an Owner, compare yourself to these attributes. If you have a burning passion to be independent and for inventing/developing/improving something, a strong desire to make money, and relish in making decisions, you may be starting on the path to becoming a business Owner.
As a business Owner, you will have the opportunity to build Equity in a business that can not only serve a current and future financial purpose but provide your legacy and succession plan for future generations.