Are you a small business owner who finds that you no longer love what you do? Are you having trouble remembering why you decided to take on the responsibility of running your own company? There are many challenges involved in operating a small business, and it is easy to get caught up in the daily grind and forget what motivated you to start your own business in the first place. Perhaps it is time to pursue a new path in life, but maybe it is simply time for a reminder about some of the advantages of owning a small business that attracted you in the first place.
Let’s try to reignite that entrepreneurial spirit by taking a look at some of the best reasons to run your own company along with some advice that will help you reach your goals. You are in control. If you have always wanted to blaze your own trail and dislike working for others who profit more than you do from your labor, it is hard to beat being a business owner. You choose with whom you work and the direction you would like to take your enterprise. Additionally, business owners typically have greater potential of making large amounts of money than employees do because there is no limit to a company’s profits, whereas employees are limited to what their employers are willing to pay them. Not working for other people does not mean that you don’t have to answer to anybody. In order to be successful, you will still have to do things such as meet customers’ needs, honor contract obligations with other companies, and so forth. Nevertheless, you are ultimately the one who makes the decisions, and the freedom to make your own decisions means success or failure lies largely on your shoulders. Learn from both your mistakes and your successes, and learn how to brush yourself off and adapt when something fails. Although the risks can be great, few endeavors in life allow you as much control over your own destiny as business ownership.
You can create more flexibility between your work and home life. Since you are in charge, you can make your own hours and standards of dress, decorum, etc. This allows you many more options than working for others and following their schedules or rules. However, many small business owners allow their businesses to consume their personal lives, so it is important that you find the right balance for yourself and your family. Write down short-term and long-term goals for yourself and your company, and begin taking steps to achieve them. Develop systems and routines that will allow you to strike a healthy balance between your professional and personal life. Find ways to continue to grow professionally and personally so that you are better equipped to handle crises that arise at home and in your business. Learning from others, whether from researching other successful businesses, talking to peers, or seeking the aid of a business coach, can also help you grow as an entrepreneur and as a person. As America’s first great entrepreneur, Ben Franklin, once said, “Moderation in all things—including moderation.”
You can make a positive impact on your community—or even the world. Helping customers and clients is often cited by owners as one of the biggest benefits of owning a small business. Aside from the products or services small businesses offer communities, small businesses also contribute to the general welfare of the public by donating to charities, sponsoring events, and creating much needed jobs for local citizens. Furthermore, successful small businesses can sometimes turn into much larger enterprises that impact entire regions, nations, or the world. Apple started as a seedling, and McDonald’s was in one neighborhood before it could be found around the globe. These companies now employ people around the world and have even changed the way people live. Small business entrepreneurship is a noble calling that can lead to more good than individual small business owners may ever realize.
It’s easy to see how the effects of running a small business can be beneficial to many people in many ways. The sense of pride you get from creating or building something of your own can be personally fulfilling and rewarding, while the impact of the business can be tremendously positive for your family, friends, and community. However, in order for any business to be successful and beneficial to both you as the business owner and those around you, it is important to appropriately administer and prioritize responsibilities inside and outside of the business and to learn to grow from mistakes, successes, and others.
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Are you running your business or is it running you? Leadership Excellence specializes in providing personalized business coaching to owners of small to mid-sized businesses to provide them with the tools needed to succeed. Our training can be done in person, by phone, or via web conference at times that are convenient to you. Contact us today to learn more.
