Some will tell you that starting their own business is something they always felt destined to do – while others discovered their passion after working for someone else, wanting more independence, and to have their hard work properly rewarded. The reality for the accidental business owner however, often has more to do with solving real-world problems and hits the ground running, learning ‘on the job’. From the best ways to invest in employees, to making tough decisions with imperfect information, and how to keeping up with limitless rules.
It’s the rare new business owner who comes to the venture knowing everything, so reach out for additional support – there are resources and networks available to make the initial transition and ongoing operation successful. Talk to professionals and those who know the industry/market and are willing to help you – however, be cautious of what you disclose. When it comes to protecting your interests, consider seeking legal counsel, and ensure appropriate insurance and liability coverage.
If you don’t understand the market you’re entering, commit to performing your own due diligence. The risk of this venture rests squarely on the shoulders of the business owner – as does its ultimate success. You want to make money doing something you love, but you must implement the necessary resources first – from manpower and finances, to time, space, materials, and manufacturing capabilities. Not to be overlooked are staffing, HR, payroll, accounting, marketing, and sales. There are so many moving parts to running a business that the business itself can become the greatest challenge.
What is this episode about?
Imagine you were thrust into the role of business owner tomorrow – responsible for EVERYTHING from HR and staffing to logistics and dealing with suppliers while still carving out time to plan and execute for profit. The learning curve is substantial! Who do you turn to – what do you do first – who can you trust? From survival mode to short -term, intermediate, and long-term planning, the stories featured on this episode epitomize the experience of ‘an accidental business owner’. Kavita Kent, Owner of Balance Medical Center and Westcoast Women’s Clinic, Heather Odendaal, CEO of WNorth, and Jill Van Gyn, Founder and CEO of Fatso Nut Butters share the life-changing circumstances that acted as a catalyst to their entrepreneurial adventures.
What are we hoping will come out of this show?
A surprising number of ‘accidental’ entrepreneurs, who didn’t start out wanting to run a business, can be found among the ranks of the self-employed. They are motivated by a passion, interest, or ability and the business just happens to be the vehicle to fulfill their vision. What we discover in this episode is that the idea of taking control of destiny is a big driver for people to work for themselves, while the rising profile and ‘glamification’ of entrepreneurialism is also helping increasing numbers of people step into the role. As alluring as these aspects can be, entrepreneurialism is closely tied to risk and reward, hinging on the reality that you could sink the enterprise with one misstep. Keeping the doors open for a week, many could probably handle, but extend that period into multiple weeks, months, or longer, and it might be a different story. Issues become apparent almost immediately. On this episode, we demystify widely held notions of entrepreneurship.
The program also airs on FaithTV Mondays and Wednesdays at 4pm CT / 5pm ET.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth.