When I think of "Small Business," I imagine a couple or an individual working away to earn INR 120,000 a year running their own shop, workshop, trade, etc. They have no company-sponsored health insurance, disability insurance and so they buy their own. They don't have a retirement plan with company-matching contributions and pension plans, nor have they generated a large amount of wealth and safeguarded this wealth.

For all this, what does the small business owner do? A lot. Running a small business is a lot of work. Many people put more time into their small business than they would put into a conventional job.

Now, the most serious question of all, what happens if the owner gets sick? Each owner's effort is central to success. The company cannot continue to function as it once did. The owners will be forced to sell the business (and no knowledgeable buyer will pay much for it) or abandon it. Even if the owner remains well, there is the possibility, for whatever reason, that sales will fall and the owner will loses money or in some extreme cases everything.

The above is enough reason to avoid starting a small business. Starting a small business offers a poor risk-reward combination. The risks are high but the rewards are small. You may pat yourself on the back for being your own boss, but in reality, you are a slave to the business. You will not be doing nearly as well as company-backed franchisees. In company-backed franchisees, the company is not your boss but rather a mentor.

There is one and only one offsetting factor to compensate the small business owner for the loss of all the above benefits and perks and that is growth. More income = More retained earnings within the company = More wealth.

However, In order to achieve the above said wealth the business must grow. It cannot remain "small" in the mom-and-pop sense. It must offer substantial sales and a growth potential. That is not to say that operationally the business must occupy a huge plant or an office but the potential for growth must be intact.

Franchisors are good trainers in a particular product and entrepreneurship. Franchisors often know a lot about small business because when they started their companies, they started out as small businesses. Most small business owners do not know entrepreneurship. They do not evaluate risk-reward. They do not seek to grow their business.

The isolation in small businesses leads you to a no-learning zone, you are you own teacher and you cannot hire technical or management experts. As small business pushes you into an activity trap, there is no time to wait, think and analyze events. If you don’t analyze, you are subjected to sweat shop victim syndrome where the victim and owner of the sweatshop is none other than you.

The lesson is to think very carefully before starting a small business. Always ask yourself, "What is the potential of this business?" Learn about small business, yes. Learn about taxes and record keeping and all the other small business topics. But, allow for financial upswing. The best way to do this is to seek mentoring from a franchisor who has the entrepreneurial skills to launch a successful business. Learn entrepreneurship from the franchisor and you will be well rewarded for the effort.

In small businesses, you rarely have a bird’s eye view of your own business nor do you have someone to play the devil’s advocate. However, in a franchisee business, the franchisor will always keep watchful eye on your business and offer criticism, when necessary, about your business activity as his growth depends upon the franchisee's growth. Hence, his primary concern is the success of the franchisee’s business.

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