Three Ways to Learn How to Own a Business

Most of the successful business owners have learned to be a business owner by working in companies. This is a form of on the job training. Those who pass family professions on from generation to generation raise their children in the same way. Unfortunately, very few people can get this type of education.

For those who don’t have the chance to work in companies, there are several ways to learn how to own a business.

Management training programs are prepared only to train CEOs. Learning to own a business is something different.

Those who want to have a business firstly follow the path of being self-employed. Most people cannot skip this stage. Because they cannot develop a solid system. So, they become part of a system. Successful business owners have been able to develop systems that operate on their own.

Here are three ways to pass the path and become a business owner:

Finding a Mentor

A mentor is someone who has followed the same paths and has achieved success. Mentor and counselor are different. The counselor tells the client what to do and how. However, they often have no experience in the area they advise. The number of consultants who teach how to be a business owner or investor is quite high. I suggest that you follow the advice of those who have tried and succeeded. If you don’t know someone who owns a business, find and read the biographies, interviews, books or articles of those people. 

You need to learn systems and leadership. Not being a CEO. CEOs may tend to belittle their subordinates, but leaders are aware that they often lead people who are smarter and more talented than them.

I strongly recommend you to read Michael Gerber’s E-Myth Mastery. It’s a unique book to learn the basics of building your own business system.

Probably the traditional way to learn systems is to study undergraduate in economics. In this way, accounting knowledge is acquired and the relationship between company systems and finance is learned. But of course, undergraduate education in the department of economics does not provide business knowledge that will enable to create and build a proper company order.

In order to learn all the systems of a company, it is necessary to work for at least 10-15 years in a large company and learn different aspects of a business. Then you stop being an employee and become a business owner. Working in a company with good systems is like getting paid from your mentor.

Franchising

Another way to learn about systems is to buy franchises. When you buy a business franchise, you are purchasing a system that has been proven to be successful. With a good market research, you can find a lot of very good franchises in the market.

When you purchase franchise instead of setting up your own system, you have more time to train your employees. By purchasing a system, you eliminate one of the uncertainties on the way to own a business. It will also make it easier for banks to lend you money. Normally, they don’t like giving credit to a startup small business. However, banks are aware of the impact of systems on success and know that the risk is reduced when a franchise is purchased.

In order for a business to be sustainable and grow, there must be a harmony in its system. Failure of only one unit leads to crash of the entire system. For example, if the fuel system of an airplane in flight fails, the plane is likely to crash even if everything else is fine. A problem in a person’s circulatory system can cause that person to die, even if all other systems work well. This rule is the same for companies. 

Buying a proven system allows you to learn about unknown or overlooked factors. This is why professional investors tend to support those who will use systems that have proven to work.

Network Marketing

Network marketing is also known as multilevel marketing or pyramid selling. In the beginning, network marketing businesses were deemed illegal as well as franchises. In some countries, those who set up network marketing were penalized. New systems or new ideas may seem strange and suspicious at first.

Many people have been able to build successful network marketing companies. These people have changed the lives and financial situations of many other people thanks to their business. This makes the network marketing system even more valuable. It is possible to become a customer of an established system and starting a business with very reasonable fees. Those who start their businesses thanks to the marketing network don’t suffer from the difficulties of establishing small businesses in traditional ways.

If you’re thinking of starting your own business, you can also check out these posts:

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