Overrated Career: Small-Business Owner

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DON"T USE YOUR RETIREMENT! You will loose it!
Remember, EVERYONE gets paid before you. Other employees, every single vendor, uncle sam, state and city licensing agencies, every nickel and dime fee, utility companies, maintenance people, marketing people. After all that you HOPE to have some scraps left over. SCRAP? Most likely your spending this money to restock, or put back into Marketing.........

Marlene of SC 7:39AM September 27, 2010

Just think: if it weren't for entrepreneurs, no one else would have a job, including Mr. Marty Nemko.
Every successful small and major corporation in the world began with one or a few people who had an idea--a better way or something new--they built a product or service, sold one, then used the profit to sell two... some of these corporations have been around for a 100 years, many others for just a few years.
Businesses like Intel, Nordstroms, Macy's, Microsoft, Florsheim, Wells Fargo, Safeway, and thousands of others--all had to deal with similar hard hurdles to start, including "being good at many jobs", insufficient sales revenue to support growth, long hours, and so on....
The ones that successfully run the startup gauntlet become sufficiently profitable to then provide jobs for others, enrich their communities, and (generally) provide something of value to others, locally or maybe even internationally.
If people should stop starting new businesses because it's hard, then, I guess, women should stop having babies, too. Seriously, if you believe in yourself and want to start a new business, then GO FOR IT.
Yes, it's a risk... it's a challenge... and yes, even though the odds are that you won't succeed, 20% do succeed. You might be among the 20%. You won't know until you do it. The percentage of successes are much higher for those who try a second time. And there's inexpensive help via SBA, community college programs, and other resources. GO FOR IT.

Steve Heitmann of OR 8:32PM May 20, 2010

Maybe it's the tough economy, maybe I'm not as good as I thought I was, but owning a small business was the most expensive lesson in my life. Maybe I bought the wrong business. The advise I would give is make sure you know exactly what you are getting into. Talk with lots of people in your prospective business and get their input. Negotiate everything; lease, credit card processors, vendors, etc., etc., etc.! We didn't and screwed ourselves.
Remember, EVERYONE gets paid before you. Other employees, every single vendor, uncle sam, state and city licensing agencies, every nickle and dime fee, utility companies, maintenance people, marketing people. After all that you HOPE to have some scraps left over.

Chris of NE 9:09AM May 03, 2010

Just started a business & this article is discouraging yet at the same time when I was working for a company I felt like Todd did; I hated it so somehow even though business is tough its worth trying at least instead of always wishing you had...

ag 8:52AM April 06, 2010

I was laid off from my mind numbing corporate job...thank god...i finally got my act together and started up a little skate shop. Its was difficult because I started with a very small budget and a small loan from a family member. I was warned about how hard it is to establish and succeed but I went for it anyway. It was a very risky move...but I couldnt stand the thought being 1 of 100 applicants for every job that becomes available. With a little smarts and a little luck you never know. Anyway, at least I have my sanity...for now :)
If you are thinking of starting a business...I say GO FOR IT. Our country is going back to grass-roots and Ma & Pop shops.
I say forget your masters degree and go ahead and start that lawn care business. Open the store that specializes in bird houses. Rent out a small studio and open an art gallery. The money sucks...but you'll feel better about yourself.
Life is short...do what makes you happy.
My 2cents

Christian of KS 7:29PM October 30, 2009

If someone offered you a job where there was no guaranteed income, no benefits, required you to work 60+ hours per week with no time off, and you had to invest your life savings to get started, you would tell them "are you crazy"? Welcome to the world of self employment.
I started a small business 6 years ago. The first 3 years, we almost starved to death. My wife would ask me almost daily, "why did you give up your great paying job and benefits to start this stupid business?" I really couldn't give her a good answer other than the fact that I couldn't take another day in the corporate world.
After 3 years however, things started changing. Revenues and profits increased rapidly. By the end of the 4th year, I was making almost 2.5 times what I could make in the corporate world. Then when my wife looked at me, she said, "I am really glad you started this businsss!" I just smiled.
Then after 6 years, I really did a dumb thing. I got kind of tired of doing the same thing over and over again and someone asked me if I would sell my business. The offer was great so I sold my business for a nice profit. Uncle Sam ended up taking a huge percentage of it though.
Now I am back to square one. I am working for a corporation and totally hate it. I talked to my wife about starting another business and she says there is no way we are going through 3 years of hardship again starting another business. So I really screwed up. Now I am stuck back in the corporate world dreaming of owning my own business again.

Todd Ebach of FL 10:44PM June 01, 2009

There is some truth to the article, but what the article fails to acknowledge is the millions of jobs small businesses provide for communities. This is a very difficult time for small business owners, but since most small businesses operate differently than larger corporations, there is more potential for smart business owners to weather the economic storm.
I agree that owning a small business is not for everyone, but how will you know until you try. Just be sure to write your plan out first, understand your cash flow, and always save for those rainy days.

Belinda Waters of GA 10:17AM February 09, 2009

can any body give suggestion on small business...new ideas are most welcome... (iam from india)

manohar 12:23PM January 26, 2009

Being a small business owner can be VERY rewarding... when the rewards are coming in. It is a risky venture but it really does show the best parts of the American spirit; determination, independance, ingenuity, diligence, and Liberty. Sure plenty of people go under (particularly easy when you have competetition like Walmart on every corner) but that does not make Entreprenuership worthy of the title of "most over-reated". If anything being a small business owner deserves more credit because *ANYONE* with a dream has the *potential* to be a success.
I think part of what makes "small business owner" carry such a negative image is not accurate. So many of the SBOs were not doing anything original or in demand to begin with. They have done just what I have; buy into a franchise that was misrepresented, thinking the potential for "quick easy money" is greater than the actual demand can support.
The trick is doing something your really love and feel passionate about... but that also has a solid demand market nitche.

BattyAntBee of AL 3:34AM January 11, 2009

no one plans to fail they fail to plan. most people go into business doing what they want to do and not what needs to be done. you need to identify growing markets where customers are under served and leverge yourself. meaning the business does not require real estate inventory equipment expensive advertising and employees.

cal of FL 4:29PM January 05, 2009