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Realistic Expectations: The Ups and Downs of Small Business

February 15, 2011

Small business owners have the luxury of being able to work in an area that they are passionate about solely under their terms. There are obviously both benefits and drawbacks to this arrangement. While they are in control of their business’ destiny in terms of direction and vision, they are also responsible for planning and managing some of the less glamorous aspects of running a business which can include drafting a business plan, securing capital, or managing finances to name a few.

In order to make chances of success as great as possible, it is prudent to familiarize yourself with both sides of the coin in order to prepare and reduce the potential for any unpleasant surprises as your venture gets underway. While most small business owners have likely given alot of thought to what’s involved in running a small business, many still become overwhelmed when faced with unforseen stresses and responsibilities weeks, months or years into day-to-day operations.

Making yourself aware of the challanges with which you may be faces can allow time to plan ahead for the purposes of preventing excessive stress and burnout.

Some of the well known and frequently touted benefits to small business ownership include the following:

  • Freedom to run the business under your terms
  • Unrestrained creativity
  • Flexibility and option to scale your input up or down
  • Pride in ownership

While you may indeed already be well aware of the benefits of owning and operating your small business, it’s important to be aware of the potential challenges and unforseen responsibilities presented to small business owners and entrepreneurs. Areas where difficulty is commonly experienced include the following:

  • Securing capital
  • Building brand equity
  • Long hours and much input often necessary before success is experienced
  • Managing personal productivity
  • Building your brand
  • Establishing an effective online presence

I plan to discuss both the challenges and benefits of small business ownership in more detail over the course of this blog. Also featured in this blog will be related research, tips and information regarding resources and tools available to assist small business owners in the various tasks and functions involved in running a business at both the macro and micro levels.

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