Being a Business Owner is a Precarious Business: Spend Your Money Wisely

More businesses were started last year than ever before; apparently there was more than one a minute taking on the challenges of business owner.

There’s plenty `5 easy steps to starting a business’ type of information around but those of you staring down at your bruised knees, from the long crawl to reality check, will know it takes more than a hop, skip and jump to manage to stay in business, to build and hold on to it when there are so many fires to fight and all around are screaming ‘are you out of your mind?’

Interesting then to read an article about how some of history’s most well-known movers and shakers were mostly privileged people, with few having what we’d term a day job, unless they lived the day job. The majority had time to think creatively, many when they were out walking and a large proportion spent time sleeping.

Nice work if you can get it, arguably more people today have access to time because of all our time saving gadgets, but bizarrely, the more time I have the more time I seem to need. I can answer an email or text almost instantly, meaningful conversations take somewhat longer; I can order probably almost anything online within minutes and with little thought, shop and considering my purchases takes time… which I’m supposed to have because of my time saving gadgets… but I’m using that time to do more things because I can travel further and gather more information. I have more choice … quicker and I don’t think I’m alone with my dilemma.

Businesses operate in an attention economy.

When I think over the business owners I’ve talked with, a majority have the talent to be movers and shakers but all, without exception, are squeezed for time. It’s a challenge we all face: the opportunity to access more versus the overwhelming scale of what’s available. Whichever side of the see-saw  you’re on, business or customer, the horizon can appear limitless. As demand for access to goods and services expands there is a mixed effect on the economy, add to the mix an increased level of entry of those going into business, fiscal demands will respond accordingly.

In its simplest form, the supply and demand effect is dependent upon markets.

Effective business ownership has an advantage. By understanding obstacles, either from its own skills, knowledge and experience, or understanding limits of ability and being involved in intermediary activity, pooling contacts or calling upon other advisors for guidance (my gasp remains flabbered to those who’s first port of call for finance is a local bank in a banking system with much changed management and service practice), these are the business owners with more than a general idea of what they want to achieve.

Everything is at the mercy of the rules of business and an idea is nothing without someone interested in sharing that idea – the difference between wanting to achieve, and trying to achieve, is planning.

Image credits: Article credit: Copyright SUF © 2015