Either you've made the decision, or you're thinking about it. Owning your own business isn't all about money, but for most people that's a big part of it. If you've read the bestseller Rich Dad/Poor Dad or the sequel Cash Flow Quadrant, you'll remember that the first step Robert Kiyosaki recommends to becoming financially free and wealthy is to own a business. Let me quote a brief passage from Cash Flow Quadrant:
"Recently, a friend of mine sold his company. He put more than $15 million into his bank account the day of the sale. His employees had to look for new jobs. At the farewell party, which was filled with tears, there were also undercurrents of extreme anger and resentment. Although he had paid them well for years, most workers were financially no better off on their last day of work than they were on their first day of work. Many people realized that the owner of the company had gotten rich while they spent all those years collecting their paychecks and paying bills. The reality is, your boss's job is not to make you rich. Your boss's job is to make sure you get your paycheck. It is your job to become rich, if you want to. And that job begins the moment you receive your paycheck. If you budget your money wisely and learn about [becoming a business owner], then you are on your own path to great personal fortune and, most importantly, freedom."
So what are the deep waters that you must navigate in order to be achieve financial freedom and wealth by owning a business? First, you must overcome your fear. Many people settle on working for a paycheck because they are afraid that they might not be able to make enough money to pay their bills if they take on the risk of owning the business. But that's simply emotional - not rational. There is no guarantee that the company you currently work for is going to be any more successful than a company that YOU run! You're simply hoping the boss knows better and putting your head in the sand! With all the resources available today, it is relatively easy to overcome the ignorance that fuels this fear. This same fear that causes you to hesitate to purchase a business is the same fear that pressures a buyer to set unrealistic contract terms, or gives him/her a good dose of "buyers remorse." Be courageous! Twenty-percent of all businesses in the U.S. are sold every year! You can do it. By doing your homework, selecting a business that is already operating successfully with excellent cash flow, and relying on mentors like the previous owner and your business broker, you are already in a position to overcome much of the ignorance that fuels your fear.
Secondly, you must overcome your greed. As you continue to reap the rewards of being a business owner, you may find that it's not ENOUGH money. The root again is the fear that you'll not be able to meet your obligations or lose your sense of significance if some unforeseen catastrophe confronts you. Remember, it is your courage, God-given abilities, and wise decisionmaking that created the opportunity for wealth - not money that was already in your account! And none of those abilities change with your bank balance. When you find that you have ceased to be generous to others, you know you've given into the fear that drives greed. Living for something that is larger than yourself allows you to see wealth as a means to that greater end, and not the goal itself.