There are generally four ways to become a business owner:
1. Start your own business;
2. Take over a family-owned business
3. Buy a franchise
4. Buy an existing operating business.
Each option has its own level of risk.
1. Start your own business. As 65% of start-ups fail, this is a very risky way to become a business owner.
2. Take over a family-owned business. While this can be successful, all too often the transfer produces poor results. The most common problems result from the “child” not having the skill or passion that the business founder had.
In many cases, running and growing the business is not the “child’s” dream, but taking it over from the parent is the path of least resistance. In some cases the basic skills have not been developed and the business is of a size where these skills are required.