Are You Really in Charge of Your Business? Business ownership is all about being your own boss and getting to call the shots, except when investors, partners, your spouse or even your mom butt in. How do you stay in control?
By Carol Tice Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Ah, the dream of business ownership. It's all about being your own boss and getting to call the shots, right?
But when a tough decision comes up, you'll soon find out you're not as independent as you might have hoped -- especially if you have business partners, investors, a spouse or family who gave you a loan.
That happened this week on the Discovery Channel show Gold Rush Alaska, to 17-year-old entrepreneur Parker Schnabel. Tasked with taking over the family gold-mining business from his aged grandfather, Schnabel has been doing it all -- chopping down widow makers, driving huge earthmovers and working all hours.
Until his mom showed up.
While Schnabel thinks he's got his work schedule and stress load under control, mom Nancy Schnabel isn't so sure. She's concerned he's working himself to death. As important as it is to save the family's Big Nugget mine and keep finding gold, it's also critical that he stay safe and end the summer in shape to start his senior year of high school.
When he denies he's putting in 14-hour days, she snaps, "Well, you said you did on Facebook, liar." (Busted!)
Parker assures his mom he's got it under control, but she doesn't like his sassy attitude. "You think I can't shut this down? You're wrong," she tells him. Later, Parker got to suck it up and apologize to his mom in order to keep working at the Big Nugget.
While most entrepreneurs might not have their mom on their case, it's not uncommon for owners to find stakeholders who want to influence your business decisions.
When you're an underage entrepreneur, mom has the veto vote. For other entrepreneurs, it's important to keep a majority ownership stake, or you can find you've lost control of your business.
Related: Five Tips for Asking Friends and Family for Funding
Who's in charge of your business? Leave a comment and tell us how you keep the busybodies out of your decisions.
