4 answers
Noid
Student
Miami Gardens, Florida
11
Questions
Asked
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What is It like to own a small business
#entrepreneurship #entrepreneur
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4 answers
Lyndsay Capshaw
Online Math Teacher
56
Answers
Longmont, Colorado
Updated
Lyndsay’s Answer
Busy. Organized. Awesome. I love being self employed. A few pros:
No boss
I set my own rules
I make my own schedule
A few cons to consider:
No boss means that if you have a question, you're on your own to figure it out. If you are resourceful (ie you can look stuff up online) you'll have no trouble here.
You have to be incredibly organized and willing to put in work without getting much back at first. I prefer working by myself because of high anxiety. I teach online and my classes are viewed by parents and the owners of the company where I teach my classes. To me, I like this so much more than having in person classroom auditors.
No boss
I set my own rules
I make my own schedule
A few cons to consider:
No boss means that if you have a question, you're on your own to figure it out. If you are resourceful (ie you can look stuff up online) you'll have no trouble here.
You have to be incredibly organized and willing to put in work without getting much back at first. I prefer working by myself because of high anxiety. I teach online and my classes are viewed by parents and the owners of the company where I teach my classes. To me, I like this so much more than having in person classroom auditors.
Bonnie Pollack, Ph.D.
Part-time Consultant in Human Capital Management, I-O Psychology, People Analytics
2
Answers
California, California
Updated
Bonnie’s Answer
It takes a LOT of work and skill sets. You have to "wear many hats" and be willing and able to do many tasks and be resourceful. There can be a lot of trial and error. Get as many mentors as possible. Enroll in as many courses as possible. Network on Zoom and go to in-person meetings at your local Chamber of Commerce as much as possible.
Husain Kalavadwala
Management Consultant
4
Answers
Dubai, United Arab Emirates
Updated
Husain’s Answer
Owning a small business is the best start to your career development. You learn by doing it and have a better experience to share. However, it is definitely not as fancy and luxurious as it seems. You are constantly running with time and in the first few years, you are working way longer than an employed counterpart as you are doing everything.
As explained above you are the master of everything and you own the business so you are the ultimate decision maker, but it helps to get some consultation or advice from friends, family, mentors, peers. Time management and organization skills are of utmost importance as you will be juggling multiple things at the same time.
Another point to note is that you need to be more tolerant and patient. You will have lots of questions and it will be okay to have them. You will eventually find the answers but you will need to remain patient while looking for them.
In short, having the liberty and freedom to work on your own terms with significant hardwork in the beginning will set you up for a good balanced career later.
As explained above you are the master of everything and you own the business so you are the ultimate decision maker, but it helps to get some consultation or advice from friends, family, mentors, peers. Time management and organization skills are of utmost importance as you will be juggling multiple things at the same time.
Another point to note is that you need to be more tolerant and patient. You will have lots of questions and it will be okay to have them. You will eventually find the answers but you will need to remain patient while looking for them.
In short, having the liberty and freedom to work on your own terms with significant hardwork in the beginning will set you up for a good balanced career later.
Rebecca Tang
Banking
1507
Answers
Hong Kong
Updated
Rebecca’s Answer
Firstly, what business you would like to own? Even though it is small, there are plenty of industries you can consider, e.g. run a cafe / bistro, boutique, education centre, online business, etc. Regardless what industry you would like to run, you still need the relevant knowledge or skill to rune the business.
For example, if you would like to run a cafe, you may need to know how to make coffee or other beverage and prepare some simple food.
I would suggest you can do some research to shortlist sone industry you are interested on. Then, you can attend some relevant courses and try to work in that industry first. It can help you to understand how it works before you make the initial investment to start.
Hope this helps! Good Luck!
For example, if you would like to run a cafe, you may need to know how to make coffee or other beverage and prepare some simple food.
I would suggest you can do some research to shortlist sone industry you are interested on. Then, you can attend some relevant courses and try to work in that industry first. It can help you to understand how it works before you make the initial investment to start.
Hope this helps! Good Luck!