Ive owned my own company since 1988, and often hear people say theyd like to own a business. When I ask why, they give answers such as So I can set my own hours, To make what Im really worth, or So I wont have to answer to anyone. I tell them not to go into business for themselves, because they dont understand what owning a business really means.
While it allows the freedom to come and go without permission from anyone, it doesnt allow the freedom to come and go anytime the owner feels like it. Most business owners work more hours than their employees. The owner of a medical device manufacturing company in San Antonio recently told me that he can leave work any time he darn well pleases after he puts in his 80 hours a week.
The desire to achieve financial independence is certainly a good reason to go into business. In their book The Millionaire Next Door, Tom Stanley and William Danko revealed that self employed individuals are four times more likely to be millionaires than those who work for others. New entrepreneurs hear stats like these and think theyll be the next Henry Ford or Walt Disney. What they forget is that Mr. Ford and Mr. Disney both went bankrupt...
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