Kris Hunt

You have had a rich experience in babysitting and now intend to progress to starting up a childcare centre. But you wonder if you are better off being an entrepreneur or employee? To determine if you have what it takes to be your own boss, you?ll first need to understand what are some if the issues a daycare entrepreneur might face.

Here are some of the dilemmas entrepreneurs face.

Cash vs. control
Contrary to many beliefs, being an entrepreneur might not necessarily be a more lucrative than working for someone.

The truth is, many entrepreneurs venture out not out of a profit motive. Many do it out of the need or desire for control. They want to grow and control a new venture and they enjoy the independence. They want to have more control over their decisions and future. They enjoy the financial independence.

Passing the baton
Many entrepreneurs don’t develop a succession plan because they don’t think anyone can fill their shoes. That?s a mistake many entrepreneurs make because they find it very hard to let go. However, grooming a successor is a key step in planning for the future of the company.

Growing pains
Once you?re on to something really good, the dilemma is two-prong. Firstly, the founder need to decide if he should grow or not to grow and at what rate. Do you grow slowly, and build brand recognition with the risk you don’t go fast enough to ever build your brand? Or do you go quickly into it, without brand equity?

And if you decide that it is important not to miss the ride and grow, you need to determine if you wish to do it all yourself or perhaps it?ll make more sense for you to license the idea to another entrepreneur or established company. That is not an easy decision to make.

The second dilemma is to determine if it?s time for someone else to take the reins. Sometimes, the person who starts a business isn’t necessarily the best person to steer it into the big leagues.

The dilemma of partners - Can?t live with them, can you live without them?
Many entrepreneurs deliberate of whether they should go at it alone or they should do it with a partner. I am sure that many of us have heard horror stories of how the ventures fall apart because of partner?s disagreements. A partnership is just like a marriage. Communication is key.

The value of partnership is it offers you an additional avenue to tap on another person?s creativity, contributions, talent, networks and even funds.

The dilemma of ethics
How often do we comment that Company ABC lacks integrity in conducting business? As an entrepreneur, you?ll be faced with many of such situations. Many entrepreneurs grapple with the dilemma of ethics/honestly vs. survival. If you were to be put in such a situation, which will you choose?

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For more essential information and resources on starting a successful daycare business, please visit www.setupadaycare.com

Posted in Business, Entrepreneurs