why do you want to own your own business
The Entrepreneur Insiders network is an online community where the most thoughtful and influential people in AmericaБs startup scene contribute answers to timely questions about entrepreneurship and careers. TodayБs answer to the question, БWhat are the benefits of being your own boss? Б is written by Brian Smith, co-founder of Winc. Being your own boss is both a blessing and a curse: You have total control of your future and achievements, but are ultimately responsible for all of the issues, challenges, and failures. And itБs these ups and downs that either keep you up at night or make you feel like you can conquer the world. When risk and reward are at play almost every day, you must learn to manage it, but also to thrive on it. With freedom comes responsibility. You have the freedom to manage your time and energy When I started my first wine company, I was working alone out of my Бcloffice,Б which was basically a closet that I turned into my office. I had no income and my wife and I were expecting our first child. Stress levels were at an all-time high. At that point, everything in the world seemed criticalБand truly was. There was no room for error and no time to slack. Every second of the day was spent marching toward my goals. I found I was most creative and strategic when I was out taking a walk, surfing, or talking to customers and buyers, not when I was stuck in my БclofficeБ sending emails. It took me a while to switch from being БonБ all of the time to creating enough time and space to let new perspectives and ideas bubble up.
When you are your own boss, your instinct is to commit every second to work, but the truth is you must take advantage of the freedom you have with your schedule to take a step back, breathe, reflect, and absorb. But thatБs the beauty of it. Your schedule is yours, and you can choose when to allocate your time toward the things that count most in businessБand in life. See also: YouБre empowered by setbacks I remember my first sales visit with a new distributor and big buyer in New York. This buyer could have really put my brand on the map. It was sort of a make-or-break first pitch for a product I had worked on for over a year. I sat down at the table and made an emotional presentation of my project, my vision, and my dream. I was so confident in my 1-liter packaging concept, the brand, and the quality of the project. The buyer tasted the wine and paused before informing us that not only was he not going to buy it, but that he hoped I hadnБt invested too much money in it because my liter concept wasnБt going to work. Not only was I turned down personally, but also in front of a sales team I was trying to inspire with success. It was horrible, to say the least. But it was also incredibly empowering. In fact, it gave me the conviction to drive harder than ever before. I knew my vision for the product had a market fit, and hearing someone tell me that I was destined to fail encouraged me to sell that much harder.
That buyer became known as the Бdream killer. Б
Since then, IБve probably used the dream killer story 100 times to get people to believe in my business and me. I have sold thousands of cases of wine by using rejection to empower myself and the brand. Being your own boss allows you to believe in yourself and to leverage that belief to the fullest extent. You foster growth Not only are you required to grow financial metrics and fundamentals of the business, a great team, and a healthy culture, but you get the opportunity to help individuals grow. We have someone on our team who started as our social media intern two years ago, and is now a director of our wine program. We also have someone who started as a temp on customer service, and within a year, became a full-time project manager for our engineering team. Helping to grow culture, teams, and individuals is one of the most rewarding parts of being your own boss. As the saying goes Choose a job you love, and you ll never have to work a day in your life. Actually, people who run their own businesses do work really hard, but if you enjoy what you do and have a stake in making it a success, then it doesn t seem like such a chore. People with an enthusiasm or passion for something are usually very appealing to both investors and customers. Being interested in whatever your business is about should mean you understand your customers and what they want better too.
Just make sure that doing what you enjoy will actually earn you some money. And be realistic about having to do some of the more mundane admin and less pleasant tasks too. You may love the idea of running your own beach cafц, but remember someone has to add up the takings and take the rubbish out. It may not be the ideal way to start living the dream, but if you find yourself unemployed or unable to find a job, then starting your own business can be a great way of making money. Think of it as an opportunity. Whether that s simply to put cash in your pocket or to fill a space on your CV and prove to future employers that you have the drive to take on something new and work for yourself. If you re struggling to get into the career you want, starting your own related business is a great way to prove that you have the determination and skills. If you ve previously been working, then a redundancy pay out may help you to get started, but many businesses start with little or no cash at all. If start-up costs are a worry, try considering such as. If you re over 18 and getting certain benefits, the New Enterprise Allowance can provide money and support to help you start your own business. Jobcentre Plus should be able to talk you through the details. England: Scotland: Northern Ireland: Wales: Having no one to answer to except yourself can be very appealing. Being the boss means you make all the decisions and you reap the rewards.
It can also mean that your business can be more agile and do things quicker, smarter or better than others in a similar line. is often a reason for going into business. And while it s true that you may be able to dictate your own hours, working for yourself can mean you rarely get time off from thinking about your business. You may have to work long hours to get started, and get your hands dirty doing all sorts of different tasks. But, if you re prepared to take the lead and jump on in, then the rewards can be hugely satisfying. If you ve ever thought, I wish there wasБ or There s got to be a better way ofБ, you may be on to a great business idea. Your business idea could make a difference by providing employment for other people. You could help revive, or attract people to a particular area, or change lives by offering a service or supporting a charity through your business too. Filling a gap for a product or service in your local area is a great way of putting something back into your community. And those local connections can provide your first, all important customers. It s exciting to create something from nothing but your ideas and hard work. You ll find people are usually really interested in what you do and why you chose to go it alone. Some may be envious, others may even be inspired. It does take persistence and self-belief to set up your own business, but when it takes off, you can take great pride in saying I did that.
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