Is Your Business Worth Owning?

As I work on my masters. My program is focused on helping rising entertainment professionals like myself build our own business. As we focus on the ins and outs of developing these companies, we all see something worth owning in it.  Rather it’s our passion for music, sports, film or anything related we have an idea that could lead us to join the world of euntreprenual. As I researched different topics I stumbled across this one titled “Is your business great to own?”

Although the question seems straight forward and most people in the start up phase would scream YES! This article really outlines just a few key points that could help you define your true answer. You see it’s not about how passionate you are about your industry or how long this has been your dream. It’s truly about the stability of your company. This short but detailed article states some really good points.

Ultimately the key to having a stable company or revealing if your company is stable is to ask yourself these questions:

1.     Is my company valuable to someone else?

2.     Does my company provide unique benefits for founders and owners? (That’s you!)

3.     Does the company create tax efficiency?

4.     Is the company vulnerability free?

5.     Does it have a great culture?

Of course building a company takes more effort that answering five questions. But I think this is a really great way to get yourself on the path to creating a company that is stable, valuable, and benefits you and your customers. As you define your market and how you want to operate consider this question in every decision you make. Will this decision for my company make it NOT WORTH OWNING? This is just a little way to keep you on your toes and on the right path.