Do You Preffer To Be A Successful Employee Or A Small Bussiness Owner

Do some small business owners lie to their employees about "hardly making a profit"?

Do some small business owners lie to their employees about "hardly making a profit"?Probably. Some do.Why would they want to deceive people? Well, I know a few reasons and can guess a few more:Employees don’t understand the risks owners take and effort owners put into their company. If the owner appears to be “too successful,” employees will feel they are being taken advantage of and will demand more pay.Many people (most?) prefer to be private about their financial situation. Business owners are no different. They simply may be private about their finances. What is their obligation to share profit info with others - whether employees or the general public?Some owners share their profit with employees in the form of profit-sharing, bonuses, or other perks. But the owner may have to use a big chunk of the profit for other things (paying off a loan, saving for new equipment purchase, preparing for an acquisition). If the owner discloses that he/she made $100K of profit, but only shares $30K with employees, they may see him/her as being stingy without knowing the whole financial situation. So why doesn’t the owner share the whole financial situation? See #2.Employees have friends and family. And they would probably share what they know about the company’s profit with those people. But some of those people may work for the competition or talk to someone who is a competitor. Financial data is among the most sensitive business data. Without knowing who might get the information, sharing it with employees may mean sharing it with someone who can harm or compete with the business.Ultimately the “small business owner” is the person who owns the profit. He/she is under no obligation to share information about profit with anyone. Yet owners are constantly under pressure to talk about how the business is doing, what the revenue level is, what the profit percentage is, etc. I think most owners are savvy to the prying attempts by people to “look under the hood” of the business - so they get good at avoiding disclosure of sensitive data.So, do you blame them if they are deceptive about or reluctant to disclose specifics about the profit they earn?

Do you prefer to have your own business or to work for someone's business?

It depends on your goals and tolerance for risk. There are many who want a consistent paycheck and benefits and don’t want to take work issues home with them as they consider that to be their own time.A business owner really has no such separation as even when at home with my family I am still aware of my businesses and have chips on the table and at risk. I have no guaranteed paycheck and my income fluctuates substantially due to circumstances that are often beyond my control.Employees can quit and changes jobs, change cities or countries, or change industries at any time. This is a kind of freedom that a business owner rarely enjoys. This said, business owners can replace employees at any time and with successful businesses enjoy a level of job security that few employees do.It takes a certain mindset to be a business owner and different mindsets for different types and sizes of businesses. I have been both employee and owner and have a business with multiple employees as well as businesses with one or fewer employees.I would now be considered a horrible employee candidate and hope that I never need to look for a job again. Being the boss has ruined me for being an employee. I don’t deal well with rules or requirements if I don’t see a purpose or benefit from them. I question things constantly.I am raising my children to be entrepreneurs and don’t expect them to do well as employees having seen my poor example for so long. I expect they will likely work as employees for only as long as it takes them to gain the skills, connections, and experience they will require to start their own ventures.If they decide they prefer the regular paycheck and freedoms that come from being employees I will be OK with this. It takes a certain mindset and not everyone enjoys that mindset.

As a current business owner of 20+ years, where do we get our education to take our successful medium size business to the next level?

I don’t come close to having your experience but what I find when it comes to current businesses that are super successful with rapid growth is that most of them outsource and use advisory services as much as possible. The days of hiring (and paying a market-related salary to) a Chartered Accountant when your business employs 5 people but has a core function which requires clients be invoiced and payments made is silly - Outsource handling of your money with a company that specialises in accounting solutions, tailor the solution to offer only what you need (certain things are easy enough to do internally) Outsource your IT to an IT company (have 1 IT Admin person who handles everything and only needs approval for purchases from you) outsource logistics, but most important TO ANSWER YOUR QUESTION I do not know which country you stay in but a company like BDO is international and provide a service where you can get all these things PLUS Business Strategy Advisory services included and pay a set fee.You’ll also have an exclusive account exec that will come to you and provide advise on what next, etc

Would you prefer to run your own private business or work for a large company with many employees?

It varies from person to person.I’m kind of person who is very possessive & dominating.So,I can’t let my boss insult me just because he is not in a good mood.I can’t let my seniors/managers suppress me & restrain me from performing just because they’re afraid I’d surpass them.I’m a free bird…In a typical office environement, we wait … wait & just wait…..Wait for weekends to run errands and just dream of having a quality time with family, spend dating time with themselves.Wait for a raise….Wait for appraisals…Wait for the end of month to have salary…Wait for gratuities…In return they have one thing…“Job Security” or “Risk Free Money”.I can take certain amount of pressure, utilize my skills for my own ME. In a nut shell,I wasn’t born to pay bills & dieSo It depends who are you & how do you define success.Some are happy being just an employee.Some like to have their own business with a good no. of staff.Some people just want to sell their services directly being their own boss.Take out a paper & pen.Perform self analysis. Simplest way to do is apply SWOT.Clearly write down what can make you Happy. Mention your goals.Make a simple, realisitic & effective plan.Stop thinking … Just do Action.Good Luck….