I worked for corporations—large and small—for a couple of decades after graduating from college. But I knew that eventually, I would own my own business. I have a pretty independent spirit, I’m very organized, am constantly in search of new knowledge, and am willing to work long hours. Those attributes have served me well, with my investment consulting business as well as in my real estate company.
There may come a time when you feel like you’ve accomplished as much as you want to on the corporate ladder and decide to strike out on your own. When considering maximizing your wealth in your career, owning your own business can catapult your finances into the next level.
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I’ll just give you a quick example, using my real estate business. I’ve had my license almost 20 years and have made a very good living from selling real estate. But, after a handful of years, I got bored with the transactional side of the business, so attained my broker’s license. That required quite a bit of additional education (which I’ve always loved!). And it also brought me to the attention of the local real estate board, where I held several positions for a few years. At the same time, a franchise company asked me to open a new office for them as their Managing Broker. I did that for a few years, and while I learned a lot, I ultimately decided if I was going to have that much responsibility that I should be earning more money.
And that’s when I bought my own franchise. After hiring several agents, I saw my income rise by one and a half times in the first year! Of course, I also had more expenses, which led to me exiting the franchise and turning my company into an independent real estate business after three years. Finally, I had complete control and I saw my income jump (at least until COVID!).
I admit; it’s not easy being your own boss and owning your own business, but it can be incredibly rewarding—both financially and emotionally.
If you think this might be a good path for you, here is a quick list of questions to ask yourself to help determine if you have what it takes to become a successful entrepreneur:
Questions to Ask if You Want to Own Your Own Business
· Are you creative, an innovator, and do you have a vision for your company or product?
· Are you willing to continue learning to stay current?
· Are you a good listener? This is a crucial skill. You’ll need to stay on top of the marketplace to make sure your company and products remain relevant.
· Are you willing to monitor your competition and your market?
· Are you a risk taker?
· Do you have capital to tide you over for the first year or two?
· Are you driven?
· Are you a hard and smart worker?
· Do you seek out people smarter than you for advice?
If you can answer yes to all of those questions, you’ll want to make sure that you hone the following entrepreneurial skills to their highest levels before starting your own business:
10 Must-Have Skills if You Own Your Own Business
- Analytical skills
- Strategic planning
- Organization
- Problem-solving
- Decision making
- Management skills
- Interpersonal skills
- Networking
- Marketing
- Technological skills.
You see, being an entrepreneur means that you must master all the skills of the business (at least in the beginning!).
If you decide to go that route, know that you have fantastic potential to change your financial future, as well as that of generations to come.
*This post has been partially excerpted from a recent issue of Cabot Money Club Magazine. To read the full article and learn more about education, owning your own business, and maximizing your career earnings, click here.
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