Should everyone try be an entrepreneur at least once? I know most kids at least try a ice tea/ lemonade stand once during their childhood, but should everyone try running a small business as an adult at least part time?
The reason this idea came to my head was thinking about my wife the other day. To be honest I wouldn’t expect her to be good at running a business, but other than the odd accounting question or tax issue she does do a great job running her daycare. She has also learned a lot from running the daycare.
As I’m setting up my publishing business I’ve been thinking about how many different skills you use have to use to set up a business and run it. Then there is all the little things you learn while doing it. Actually after watching my wife do her business for a few years I’ve got a much deeper appreciation how difficult it can been to keep a business up and running.
In general the following are some skills you learn:
- Crisis Management: It’s a miracle if something doesn’t go wrong at some point with a business that is a minor crisis.
- Client Relationships: Learning that fine balance between being friendly, but firm when you need to be.
- Accounting & Tax: Having a clue on how to keep the books and do your taxes or even paying someone else to is usually a educational experience.
- Cash Flow: So far I’m avoiding spending money I don’t need to to avoid the classic trap of a crappy cash flow which can kill off a business rather quickly.
- Time Management: You can’t be everyone at once. So you pick what you can do and when.
Overall these skills I think make just about anyone a bit better of an employee and certainly help you when you get to a management position. So in general I feel a lot of people could benefit from trying their hand at a small business, but I’m not convinced everyone should do it. Some people just don’t seem to have the drive to keep a business going for long or they don’t think out the idea all that much.
What’s your thought? Should everyone try their hand at a small business?