Robert Kiyosaki, author of Rich Dad Poor Dad (the most popular book on personal finance ever written) often describes the life of an entrepreneur, or business owner, as a choice of freedom over security. He makes the point quite well when he reminds us that the term ‘maximum security’ refers to prison. Being in ‘maximum security’ is definitely not being free!

My wife and I have been self-employed since 2003. We love it. We love being able to attend the children’s school assemblies, to head off to the gym at 10 AM when it’s quiet, to go for a run in the middle of the day. The kids think it’s great that we can be at home when they are sick or on holidays. Heck, I’ve only worn a tie about 10 times since my last ‘proper job’ and no boss is going to tell me to get a haircut! These are just a few of the privileges of small business ownership.

Why isn’t everyone doing the same thing? Well, there is always a catch. Business ownership is risky, the stakes are high, many will fail. To enjoy the many privileges of business ownership, there are also many sacrifices to make. Long days, late nights, the responsibility of paying not just yourself, but your team. The endless procession of costs, some anticipated, many not – machinery breakdowns, industry memberships, insurance.

Business ownership is never easy, but a strong vision of what your business can deliver to you and a well-considered plan how to get there dramatically increase your chances of success. And the look on your children’s faces as they notice you standing in the back of the assembly hall with a handful of other lucky parents is worth it.