What Type Of Business Ownership Works Best For You?

Business Ownership being presented as an enterprise that involves itself in goods and or services to the end consumer can be created from many different industries to include consumable and non-consumable products, textiles, auto, technology, energy, farming, transportation, financial, real estate and many more. Before you move ahead in business ownership, there are many key factors to take into consideration.

First of all, you will need to decide if you are going to be a sole owner, a partnership or a corporation and if you will have shareholders. As the business owner, the basis of the business will include having a clear business plan created to include the flow of the entire organization.

Depending on the size and structure of your business, you will need to decide what departments you need for your type of business. For example, let’s consider some very important departments that may be key to the success of your business.

First of all, the Administration Department could consist of the business owner if he or she is running the business, the board of directors, and possibly a Managing Director shares the vision of the business and is key in guiding the employees to maintain the flow of the business plan in place.

The Finance Department heads the Financial Manager of the business and this employee should be able to predict and adjust for profits and losses on a daily basis as well as understand how to balance and maintain the financial stability of the company by working with the capital provided all while working toward positive financial growth.

The Production, Service and Distribution departments contribute to the growth of the business substantially when proper employees are in place with sufficient and specialized skills, experience and knowledge depending of what the type of business demands. The latest technology and advanced methods should always be used to ensure the most development and growth for the company.

The Human Resource Department Manager is key to the success of the business in regards to the quality of employees that are hired and needs to be able to effectively communicate with the owner and other managers of the business as well as the employees. The HR Manager will be dealing with employee issues and needs to be able to communicate effectively with all parties involved all while maintaining company and legal policies and working with all parties involved to resolve any issues that arise in a professional manner.

These four Departments need to be considered when taking on the exciting venture of Business Ownership and you as the owner, will need to understand and be capable of deciding the functions of each department and always be aware of what is happening in the workplace and have control of your business in every aspect.

Exploring Business Ownership – Craft Your Reason to Be in Business (Part 3 of 7)

We’re exploring the ins and outs of business ownership for wannabe business owners who are considering taking the plunge. In part 2 we decided that a good definition of a successful business is…

A self-sustaining entity that allows you to achieve your lifestyle goals.

Defining Your Lifestyle Goals

What lifestyle do you want your business to provide? As I shared in part 1, some people fantasize that business ownership will allow them to be waited on hand-and-foot on the French Rivera, which I refer to as “gentleman farmer’s syndrome.” Fair warning: Maybe you can achieve that goal after retirement, but failing to actively oversee your business while you own it means your business will almost certainly fail!

Even big business is not immune from this fact of life. A good example is Lee Iacocca when he moved from the #2 spot at Ford to assume the chairmanship of Chrysler Corporation. He first focused on rescuing the troubled automaker by bringing out the K car (remember the K cars?) and introducing the mini-van (originally a Ford concept that Ford didn’t feel there was a market for). His efforts were successful and Chrysler was able to pay back their government loan in full, ahead of schedule. In fact, the federal government actually made money from the first Chrysler bailout.

But even a corporation as large and talented as Chrysler suffered while he was later distracted in the 1980’s by traveling to raise funds to restore the Statue of Liberty. Chrysler lost market share during that period that it never regained. Without the captain guiding the ship it wandered off course and again required a huge effort to just avoid disaster.

Get rid of any visions (hallucinations?) that you have of creating a business that would support a gentleman farmer’s lifestyle. It’s the road to financial disaster. Successful businesses always have active owner involvement and oversight.

Your Goals May Change

In reality, lifestyle goals vary widely and may change over time. Some may want to make huge sums of money, but others might place a higher priority on having a flexible work schedule, or not having to work backshift or weekends or holidays. Still others really desire a business that creates intellectual stimulation (think Steve Jobs of Apple Computer) or positions them in the spotlight as a community leader. And others might want control of their calendar so they can be at Parents to Lunch with their elementary school child or be able to ramp down their calendar during the summer months when the kids are out of school.

The point is that you may value one or more of these attributes above making large sums of money. Craft YOUR reason for wanting to be in business. Don’t simply adopt someone else’s.

Still have the “itch?” Employees, franchise owners, and entrepreneurs all think differently. In part 4 we’ll explore how employees think differently from business owners.

The Chronicles of Narnia: Discover To Be Enslaved To Business Ownership Vision Instead of Details

In The Chronicles of Narnia: The Voyage of the Dawn Treader, Prince Caspian and his sea-fairing crew members, found themselves on an island where slave traders took control of the island and its Narnian inhabitants. It appeared that the communities could have fought back; however, they somehow chose not to fight back because fear had set in and it made them weak.

Maybe they just didn’t have ample means and were too weak to rise victorious if they were to retaliate. Obviously, the inhabitants were “enslaved” by the fear the slave traders created in them. Retaliation didn’t happen at first. Partly, because they were frightened that their loved ones would be taken away by the evil, green mist as a “sacrifice-of-sorts.”

Green mist or not, the Narnian community needed courage to envision that they could be free from the slavery and destructive influence of the traders. Although, having the Prince and others helping lead the way, envisioning the idea of freedom was needed to guide their actions, not fear!

My Challenge For You Today

My challenge for you today is to become a “slave,” enslaved, to your Vision instead of being in bondage with the details of your business. Being legally blind, I find dealing with the “details” of my business to be most challenging. Therefore, I strive daily to take responsibility for my attitude, adapting, and actions.

So, what are some steps that will help you become enslaved to a powerful Vision instead of being a slave to details with business ownership?

Possess a Positive and Constructive Attitude

One step to discover your vision for business ownership is to Possess a Positive and Constructive Attitude. Keep an open mind to legit opportunities that may present themselves to you. A positive attitude will help you become more decisive and open to change. Realize that in business it’s 95% about attitude and 5% about details and a negative attitude can have an adverse affect on your success as an Entrepreneur and business owner.

While striving to keep a positive attitude, you’ll discover that obstacles will stand in your way, trying to enslave you to “details” and placing you in the bondage of fear. And with fear, the vision will perish. And without a vision, freedom for your future will perish!

Taking Personal Responsibility

Another step to discover your vision for business ownership is to Take Personal Responsibility for your choices and actions. Since your life is a sum of your choices and actions (for me, divine intervention plays a part), you can’t wait for someone else to “take charge” of your life. You have to make that choice and I have to make that choice. My choice was made at age 7.

Knowing Your Passion and Why

Another step to discover your vision for business ownership is to Know What Your Passion IS As Well As Your Why. What are you really passionate about? What drives you to wake up every morning to do what you do? Finding that passion and knowing why you are passionate can help save you a great deal of heartache.

Most business owners know “what” they do and “how” they do it. Yet, seldom do they know “why” they do what they do. It’s easier to place in a vision statement that you “provide solutions for marketing by offering turn-key systems and training,” then it is to state WHY you provide solutions and training. Once you discover your passion and know why you’re passionate, you’ll find that your vision solidifies and the “details” take less of affect on your life.

Properly Develop Vision

Probably the most vital step discover your vision for business ownership is to have a Properly Developed Vision that…

  • Attracts People of the Same Mindset and Goals
  • Builds Respect and Loyalty for Cultivating Positive Relationships
  • Calculates the Risks Involved
  • Communicates Your WHY and Purpose
  • Defines What It Means To Become Successful
  • Emphasizes the Importance of Giving
  • Identifies Your Passion(s) Based on Your Gifts and Talents

Secret Discovered

I find that possessing a positive and constructive attitude is taking responsibility for my own decisions and actions because I know my WHY and I have developed a unique vision that’s right for me, my business, and for my life.

Business ownership and becoming an Entrepreneur doesn’t have to be a difficult decision, just a well-thought out, wise decision that’s been established by facts, due diligence, and integrity. Nonetheless, business ownership does need to be a decision that’s right for you.

My decision to become an Entrepreneur and vision is to Inspire Abundant Awareness so people can experience true freedom for their lives. Like the communities in The Chronicles of Narnia: The Voyage of the Dawn Treader, you don’t have to be afraid. Just make the choice!