There are many reason people choose to start a business, ranging from necessity to a passionate desire to create something from nothing. No reason is more valid than another. It really comes down to your own personal story and how you choose to navigate your path.
Some of the most successful entrepreneurs are the ones who were forced into it by circumstance and through sheer force of will made it happen (because there was literally no other choice). Conversely, the desire to create something wonderful for the world sometimes isn’t enough to ensure the success of a new venture.
Success or failure aside, let’s focus for this post on the reasons why you should start your own business.
#1: Your Sandbox, Your Rules – Don’t want to go to meetings EVER AGAIN? You don’t have to. Only want to work 4 hours a day? That’s your choice. Want to work most of the day in your pyjamas? You can do that too. The best part of starting your own business is you get to choose what that looks like.
Obviously, certain choices like avoiding meetings or working in your pyjamas limits the types of businesses you can start, but knowing your lifestyle goals allows you to design a business that fits with those goals. After that, it’s all up to you!
#2: Limitless Opportunity – Want to build yourself a mini empire? You can! That’s what I love about being an entrepreneur: you can go out there and make it happen for yourself and your business. New ideas, new directions, new potential. It’s all there waiting for you.
Here’s the caveat: you have to go get it. Opportunity is what you make of it and more realistically, what you make happen. Yes, sometimes it comes a knocking, but more often than not, you need to go out there and pound the pavement.
#3: You Own Your Success (or Failure) – Find it frustrating when other peoples’ decisions mean your idea flops? That’s probably the most frustrating part of being an employee: you only control so much of the ultimate success or failure of whatever you are working on.
As an entrepreneur, it’s all yours: the good, bad, and the ugly. The good news is that even the bad and ugly mean you have an opportunity to both learn and change the outcome. And trust me when I say the successes feel so much more rewarding when you know it was all you!
#4: The Freedom – Wish you didn’t have to miss so many special moments with your family? You don’t. The truest test of the robustness of a business is the ability to leave it in the hands of your trusted employees so you can do the things you want to do.
Again, just as with your sandbox rules, designing a business that allows you the freedom and flexibility you desire will influence key decisions. Perhaps you bring on a partner to share the work load. Maybe you choose to cap the growth at a certain level to avoid the size trap.
#5: The Reward – Want to be rewarded for your efforts instead of waiting for the executive team to declare that you have earned your fair share? That’s what it all comes down to. As an entrepreneur, you get the rewards that go along with the hard work.
The flip side is you also take on the risk that goes along with starting a business. It’s less fun to talk about than the success and the rewards and the writing of your own rules, but it is a reality you need to consider (more about that in Part 2 of this series).