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What does owning a business mean to you?

MysticSang'ha

Big Squishy Hugger
Premium Member
Have you owned or do you currently own a business? Or if not, how do you imagine it to be like?

Is owning a business just for certain types of people? Would you exclude or discourage certain types of people from owning a business? Who are the best candidates for business ownership?

And finally, what place in society does business ownership have? How critical or integral is ownership in the health of the economy?
 

Penumbra

Veteran Member
Premium Member
Have you owned or do you currently own a business? Or if not, how do you imagine it to be like?
I pull in some meaningful side income. Wouldn't call it a business, but it's something akin to freelancing. I report it for tax purposes but I'm not currently under a business structure. I might eventually put it under a business structure, but I haven't spent much time looking into the options.

Is owning a business just for certain types of people? Would you exclude or discourage certain types of people from owning a business? Who are the best candidates for business ownership?
I imagine that it helps to have a degree of intelligence and well-roundedness. I wouldn't want to discourage anyone from trying it, though I don't think everyone can successfully do it. That's true for most things though- they take a bit of talent and a lot of hard work.

And finally, what place in society does business ownership have? How critical or integral is ownership in the health of the economy?
Small businesses apparently supply around half the jobs in the U.S.
Small Business Drives U.S. Economy

I do my best to do business with small businesses instead of large corporations, whenever it's possible. I think having a more decentralized economy is preferable, with ownership interests spread across a larger percentage of the population. I try to support co-ops too.
 

Revoltingest

Pragmatic Libertarian
Premium Member
Have you owned or do you currently own a business? Or if not, how do you imagine it to be like?
Is owning a business just for certain types of people? Would you exclude or discourage certain types of people from owning a business? Who are the best candidates for business ownership?
And finally, what place in society does business ownership have? How critical or integral is ownership in the health of the economy?
I'll answer just the title's question for now.
To own a business means:
- I wear many hats, eg, locksmith, accountant, PC technician, trainer, manager, CFO, CEO, janitor, accounts receivable, accounts payable, landlord, snow shoveler,
tenant, security, parking lot attendant, purchasing dept, programmer, decorator, clerk, counselor, personnel, groundskeeping, plumber, goofer offer, gofer.
- I am responsible for everything that happens, even things beyond my control.
- Sometimes long hours, & sometimes short hours, but always whatever is necessary.
- I want big rewards. Some years I get them, & some I even lose money.
- I develop long term relationships with contractors & customers.
- I know things that non-business owners never will understand.
- I get to wear Hawaiian shirts every day, & no one says boo about it.
 

MysticSang'ha

Big Squishy Hugger
Premium Member
I personally have found the experience and the journey so far to be rather like becoming a parent. There's a lot of studies, expert opinions, and advice for new entrepreneurs, but until one walks in those shoes, and is responsible for someone else's livelihood, is up at 3am because something happened, and understands what a taste of economic freedom tastes like, it relies only on the expert opinions and the stories to express the meaning.

I think what has surprised me more than anything so far, and I honestly have not expected this, is how much I truly care for the staff and for the clients. I have done the "business is business and nothing personal" mantra and have separated my emotions from my business, and I've wound up feeling less human as a result.

I prefer to give a damn, and to understand the human condition as much as possible. It's made for more customer, staff, and owner satisfaction all around.
 
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