why should i start my 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. Owning Your Own Business Can Be Very Rewarding. Image (c) Morsa Images / Getty Images There are thousands of articles cautioning would-be self-employed types about the, but almost nothing about how great owning your own business is.
One article certainly won t right the balance, but for the benefit of those who are thinking of plunging into and of their own, here is a summary of the best advantages of owning your own business. 1) You re the one in control. Yep, the thing is pretty great. I should lie to you and tell you that that means that no one tells you what to do, but people (, government workers) will still tell you what to do all the time (and on bad days, might even tell you where to go, too). The good news is that when you own your own business, you don t have to do what they tell you (most of the time). You have choices and you get to make the decisions. 2) You get to build something. From one kid who loved Legos to another, you know how satisfying that is. Or create a program that increases numeracy among children? Or turn people s yards into truly beautiful spaces? When you, you get to shape and flesh out your dreams. 3) You get to help people. A TD Canada Trust Small Business Survey found that ninety-six percent of said that being able to help their customers and was one of the top benefits of owning a small business. Small businesses also help people by creating jobs in their communities and. 4) You may have the option of a more flexible lifestyle. For, especially, owning your own business can give the lifestyle flexibility necessary to raise a family and still have a successful career. Mompreneurs are a growing trend; according to the State-Owned Business Report, commissioned by American Express, the number ofPwomen-owned businesses has increased byP68% since 1997, with more than 9. 1 million women-owned businesses operating in the U. S. in 2014 ( ). But it s not just young(ish) women who can benefit from this advantage to owning your own business; people who are close to retirement or already retired may find owning their own businesses gives them both the chance to keep their hands in and to do something satisfying. (SeeP Pif you re of this age and want to get started. ) 5) You might change the world.
You certainly don t have to think back very far historically to come up with the name of a business owner whose enterprise has changed the world. Mark Zuckerberg anyone? Bill Gates? And your doesn t have to become the next Facebook or Microsoft to be the agent of powerful change. Ten years ago, for instance, Torben Vestergaard Frandsen came up with the idea of the, a personal, low-cost water purification tool that is being used to provide safe drinking water to millions of people. So okay, changing the world is a pretty ambitious target, but changing just a piece of it for the better is still a worthwhile effort that can be deeply satisfying. 6) You might make more money. Some businesses make truckloads full of money. Some don t. provide their owners with a living, not a fortune. But the point is, opens up the possibility of making more than you could possibly make as an. Working on the assembly line that produces cat clocks will bring you in a certain wage but what if, for example, there s a huge surge of demand for cat clocks and the company s profits soar astronomically? As an employee, you won t share in any of those profits. Businesses generally have much more opportunity to make money than individuals do. The advantages of owning your own business listed above apply to all businesses with the caveat that those who choose to run will find it more difficult to create a flexible lifestyle because of the demands of retail trade. But people who are self-employed rather than employed by someone else also have other potential advantages. They may be able to enjoy not available to employees, such as hiring other family members and. They might be able to. Best of all, owning your own business can have you waking up with a smile on Mondays eager to start work rather than dragging yourself into someone else s business. If you re thinking of starting your own business, reading andP Pis a good place to start.
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