MANAGE YOUR OWN BUSINESS

Before even considering devoting your time and capital to a business venture, give careful consideration to the points raised earlier in this part. You need only walk through the streets of any city to see business people who work very long hours for very little return. Running your own business will involve the selling and marketing of your product or service, raising finance, keeping accounting records and managing people. Although you do not need to be an expert in these areas, a certain level of skill must be either acquired or hired.

The successful establishment of your own business also requires careful planning. If you have done your homework and are confident that you have a good chance of success, then give it a go. But remember, because you are working for yourself it does not mean that your slavery is over. Rather than being a slave to someone else, you may become a slave to yourself. Making a success of your own business is hard work and you can expect to work long hours.

Many successful businessmen have plenty of money but very little time to enjoy it. Your objective is to have both money and time. There could be no better example of this philosophy than Dick Smith, Australia’s whiz electronics retailer and Australian of the year in 1987. His message is “ master your money, don’t let money be your master”.

Dick Smith started his business by selling computer wares out of his Holden station wagon. Over a 20 year period he built up the business into a multimillion-dollar company extending throughout Australasia.

He then realized the futility of having considerable wealth if he didn’t have the time to spend it, so against the advice of his business associates he sold his chain of stores to the Woolworths empire. Since then, he has made the first around the world solo helicopter flight and launched the natural history magazine, Australian Geographic.

Smith was wise enough to realize that he had all of the wealth that anyone could hope for and was able to say enough is enough . Life for Smith has just started. He is incredibly positive and bursting with enthusiasm. His new goals are not concerned with wealth; his needs have moved beyond the basic ones for a nice house, nice car and all the other usual symbols of success, onto goals of personal achievement and challenge.

By all means consider forming your own business. If you can do it well, it will enhance your financial well-being. But don’t lose sight of the fact that it is still a means to an end and not an end in itself. A slave to oneself is no less a slave.