Jim O's second and final part in a series of three that discusses the benefits, and drawbacks, of going into business for oneself.
If you’re a sports fan, you may have noticed that great athletes don’t necessarily make the best coaches. A person blessed with great athletic ability typically has trouble understanding and motivating players with lesser skills. Great ballplayers succeed through raw talent and hard work.
Coaches need people skills and strategic vision. It’s rare to find all of those ingredients in one package. The same holds true for trade workers. A first-rate craftsman gets that way through mechanical skills. But being a great craftsman does not automatically translate to business success. The skills required for business have little to do with tool-working ability. Businesses almost never fail because the owner lacks sufficient technical ability to do the work. It’s usually because of a lack of good business sense. The keys to success in business lay in three areas: financial, marketing and people skills. You have to be a good money manager, a good people manager and a good promoter. If none of this sounds appealing, better think twice about starting a business.