We all know it can get heated when we talk about politics at dinner, especially on Thanksgiving. There is one more topic that is even worse to speak about if you are an entrepreneur.
Background
Approximately 10% of adults in the U.S. own a business. This means that when you are in a room with 10 people, then you are probably the only one who owns a business, and if 20 people, then maybe one other person, and hopefully not your weird cousin Herbert. You may feel like you live in a different world.
What’s the Point?
The point is that non business owners do not understand what a business owner goes through and when you speak about it, you often get blank stares or nods, but no real dialogue past a sentence or two. Try talking about your issues regarding:
- Cash flow. Your business is doing well, but it’s eating up cash while you try to grow
- Cash flow. Your business is seasonal and cash flow is a struggle at the moment.
- You manage a team of employees and have to deal with issues such as:
a. Performance issues
b. Compensation and benefits
c. Finding good employees
d. Keeping good employees
e. Understanding that both you and your employees have good and bad days - You can’t easily apply for a mortgage to move to a better house because the lenders do not understand business owners. You must provide DNA samples and give up the rights to your children before getting approved, even though your business doubled from the prior year. If you happened to have a bad year, then divine intervention is needed. Your brother-in law only had to provide a tax return, W-2 and latest paystub.
- You are constantly thinking about taxes, paying taxes, and trying to minimize taxes.
- Your CPA is one of your good friends (and you should treat him/her to lunch often or at least a double espresso in the morning).
If this is you, then welcome to being an entrepreneur.
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