Colm C. Maher: Report on Small Business

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Small business is the backbone of every country's economy. It's where the vast majority of jobs are and the sector where most new jobs are created. The big corporations grab the nitely TV news shows and the newspaper headlines and they dominate the financial stock exchanges, but they really are small potatoes compared to small business. Small businesses maybe individually almost insignificant but banded together with all other small businesses, they are a mighty force. Governments in progressive economies know this so they design programs, and design tax laws to foster small business.

Given the importance of small business it should be very surprising that entrepreneurship is not taught in our school systems. Instead the school system is almost totally focused on getting a good education so you can get a good job. After 12 years of hearing this message, is it any wonder that students automatically look for a "good" job and ignore the possibility of starting their own business. Maybe it's because the school system is run by academics not business people. In the current system, the "smart kids" are channeled towards the arts and sciences and the "dumb kids" are channeled towards the trades because "they like to work with their hands".

Some of these so called smart kids become doctors, lawyers, dentists and accountants. They are often self employed and can be accurately called small business owners.

The "dumb kids" in trade schools eventually become trades men and women like plumbers, electricians, carpenters, heating and air conditioning specialists. Most of these trades people are actually self employed, small business owners because that's the nature of their vocation. Later in life when their business has grown, they become the envy of the so called smart "arts and science" friends who got a good education but missed the boat on the good job.

These two groups are the decided minority in any graduating class at high school. The vast majority either go on to university, community college or just try to find a good job. Go through any commercial or industrial area in area in your home town and you should be amazed at home many different types of small and medium size businesses there are. Some where along the line, the owners of these businesses decided to do something different and started their own business. Most are not formally educated as business people. Most probably had a job they didn't really like for a variety of reasons and knew they could do better. Most just saw an opportunity and went for it. In recent times, with massive job losses, people have been forced to think about starting a small business because no one will hire them. People venture  into the small business arena for diverse reasons. Some of them are successful and some fail. Some fail temporarily in business and start a new business which is successful. Some fail permanently and quit to find a job again. It has been said that only one in 10 businesses make it which some people use as a reason not to start a small business. To the true entrepreneur, this becomes a challenge to beat the odds. Every time a business fails, you learn something that you don't repeat so the next business will be more successful.

Many people are held back by false assumptions about running a small business. Most people think it is too hard, or they don't know enough or they are not smart enough. (If you've had a job and a boss, you should kind of know you don't have to be smart). It may be a lot easier than you think. The small business environment has revolutionized. Personal computers, the Internet, fax machines, photocopiers and courier companies have all changed the small business landscape. These tools have taken much of the time consuming grunt work out of running a small business making it much easier than it would have been even 20 years ago.

In Canada, as in many other countries, the various government levels have whole departments there to help you. Some even offer financial assistance. Government are big on helping small business because they generate jobs which generates income tax. Yes, you will become an unpaid tax collector for the government so use all the free resources you can find.

The most important factor in starting your own business is the desire to be your own boss. Make sure that making real money is on the top of your list. This should be an integral part of your business plan. Most small business owners will work harder at their own business than at a job so make sure you are being compensated for it. If you don't,  you will end up with a poor paying job that you created and you can't complain to the boss anymore. The second most important factor is the business idea. Do your research. Don't assume that people will buy something. Test your idea out. Getting a job in the same field with your potential competitor may be the best step you could take. You will learn lots. Every business and profession has a "dark side". Find out what this is-- and determine if you can live with that.

The Small Business Puzzle

Choosing or creating a small business or a home business is very much like looking for a job but it also has something in common with looking for a partner or lifelong spouse or significant "other". Even if your business is part time, it often will occupy your off time thoughts. Are you still working or is this your creativity at work?

When you have your own small  business, you are required to be creative. You are the only one who can make things happen. People who depend on other people for direction will find a small business a struggle. Independence can be learned and developed. Just because you've always had a boss who told you what to do doesn't mean you can't learn to be your own boss. It's a learning process that can be quite liberating.

As you make good decisions, success breeds success and you move on to bigger and better decisions and goals. It's a learning curve which is why the willingness to learn, adapt or change is critical. It's a necessary ingredient to any path to success. A quote which has stuck with me a long time by Dennis Waitley is " winners adapt, losers addict". I don't like calling anybody a loser but there are many people on a losing path who could make a better life if they only took charge of their own life and stopped depending on something or someone to change their circumstances. Only you can do that. So get out from under your circumstances and your comfort zone because it ain't comfortable . You can have a different life and starting a small business  may be just the vehicle you need to ride your wave to success.

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