Posts Tagged 'Expectations'

It’s amazing how much things can change in a few short years.  Unemployment went from about 4% to over 10%, seemingly overnight.  Businesses are failing in record numbers, only to be replaced by new businesses, in record numbers.  Where people used to graduate from school, get a job, and plan on starting their own business in 5 to 10 years, surveys now show those same people are starting their businesses immediately upon graduation.  Many more people have lost their jobs, only to find a tight job market, with few openings and long lines of qualified applicants.  A lot of these folks have also started their own businesses.

There are three types of business owners – The Professional Hobbyist, the Job Owner, and the Businessman.  Recognizing these types, and setting your expectations accordingly, can have a dramatic effect on the level of success you achieve in business.

The Professional Hobbyist: This person started out doing something they love as a hobby, and then they opened a business so they could get paid to do it.  They take great pride in their work.  You can recognize this person because they have all the newest and best tools and materials, and they love to show you.  They have invested quite a bit of money into their operation, and anytime the business has extra cash that could be profit, they use it to buy even newer and better stuff, even though they’re not using half the equipment they already own.  After all, they think that the capacity to do even more and even better work will eventually lead to bigger and better profits.  However, no matter how long they have been at it, their business has never shown a profit.