Every time we struggle to get up for work, we always wish we had our own small business so we can walk in any time we want, every month when we get paid, we wish we were our own boss, and we start looking for a business to own. Being an entrepreneur, although seems all rosy and glamorous, can be quite tough, to quote Rich Gelfold, Chief Executive of IMAX “it’s never as good as it looks, or as bad as it seems”

Managing your own small business is nothing like managing a department or even a whole company, you may ask what is the difference? Difference is ownership. Whilst managing a company can be tough, managing owns business is tougher; for one thing, you have to take all the blame. If your business is in trouble, you are the first one the employees are going to look at, if you owe some debt to the bank, you would be the first person the bank turns to, if your business has violated some law, you would be the one blamed, a key feature of running a successful business, to own all the activities undertaken by the employees including their consequences.

Although starting one’s own venture can seem exciting, it also requires a lot of planning and many sleepless nights in the office, if you thought owning your own small business would get you a few hours of extra sleep, think again.

After reading the above, some may begin re-thinking their entrepreneurial plans; it is in fact recommended to juggle around with the idea until you come up with a solid and realistic plan. Entrepreneurship can be a very tough job, but it is not impossible. An alternative to starting up your own business from scratch would be purchasing an existing business. Although it is not easy to find an established business to own, there are many advertisements containing a business for sale section. In order to purchase an existing business it is recommended to get a feel of the business and get acquainted with the relevant parties associated with it, one way of doing this is to work for a few months in business to own that you have planned for.

Although there is no secret formula for running a successful small business, a few tips can help ensure that you are on the right path.

As mentioned earlier, it is very important to have a well formulated practical long term plan, favorite quote of mine is “plan the work and work the plan”, however ensure that the plan is not too rigid as the market is as unpredictable as North America’s weather. Do not jump at any revenue generating activity; if it is not compatible with your plan and doesn’t show long term growth then you are better off letting it go. Many entrepreneurs believe that taking risks is the key to success, I would advise against this belief especially in the early stages where a wrong move can make or break your own small business. Only take risks if you can afford to lose what is at stake.

It is essential to communicate your business idea to a small group of experienced people in order to receive their feedback, this would also help you get answers to some of the questions you had no idea existed, and get an idea of the public’s response about your planned venture.