The Thrills of Business Ownership

Your employers job is to give you a job. It’s your job to make yourself rich, successful and fulfilled ~ Robert Kiyosaki

The Thrills of Business Ownership

One of the things I enjoy most as a business coach is working with young entrepreneurs and small business owners. They have fascinating and somewhat romantic ideas about their business. You literarily feel their passion and excitement when they talk about their dreams and what they want to achieve through their business.

As a coach, I have no alternative but to allow the dreamer to dream on. I stir up the entrepreneurial spirit and encourage the can do it belief system. But then I am also mindful of what happens when we “build castles in the sky” or have the “pie in the sky mentality for too long.

Business Ownership Motivators

So why do people start, own or manage small businesses?

There are a number of reasons why people get into business and want to enjoy some of the thrills that come with owning and running your own business. If the business succeeds, then you will get some satisfaction that you took the correct path and made the right call. If it does not succeed, you have put in the effort, learnt the lesson that will give you a better chance at success when you have another go at it.

Here are my list of five motivations for business ownership.

#1. Financial Rewards

There is no doubt that the need to have more money is a real motivation for a lot of people in business. This is quite justifiable and there are hundred of books that teach people how to make money by owning your business.

Many people tied up in low paying jobs believe that they can do better financially by starting their own business. This may not necessarily be true. There are many jobs that that will pay you lot more as salary that you could earn running your own business.

If you are planning to leave your job to seek greater financial returns a s business owner, look before you leap. The world of business is an adventure into the unknown. Properly check out your plans. If you have the knowledge, skills and courage to start your own business, then I say go for it. You just might succeed in getting the financial rewards that enticed you in the first place.

#2. Financial Security

Related to the issue of making more money is the need for financial security. Once upon a time, many people stayed in the same job throughout their lifetime. ‘Job for life’ as it is called is now a thing of the past.

After hopping from one job to another in search of the elusive security, many young people come to the conclusion that they can be better off as a business owners. This is not necessarily so. However you do have a lot more control and flexibility over your fortunes as a business owner. This means that you are now responsible for providing financial security for yourself and for your employees. This can be scary but exciting.

Whether you are in employment or you are running your own business, it is your responsibility to work out a strategy that will give you financial security. Take charge, take control and take action.

#3. Personal Investment.

The greatest investment that anyone can make is in self development. One important area of self development is to learn how to develop yourself as a business person so that you can invest your time and money into your own business to bring you great financial gain.

The most effective way to become rich is to research extensively and invest in a business that you can own and manage to properly generate good profits and bring you the wealth and influence that you probably have dreamed about for so long.

By investing in the skills and knowledge to run your own business, you build yourself as your greatest asset. Should your business suffer some financial loss for any reason, you have the capability to make a quick comeback as a result of the knowledge that is in you.

#4. Special Skills

Several people over the years have realised that they have the talent that can bring them recognition, fame, wealth and happiness. Such people, usually under the guidance of mentors and the encouragement of family and friends choose the path of entrepreneurship.

The entrepreneurial path helps you develop your talent into great skills that is of service and value to others.

Many people set themselves up as self employed skilled workers offering services from plumbing and computer repairs to entertainment and leisure services.

The owners and operators of these small and micro businesses find a more enjoyable outlet to display their skills, make money and make an impact than if they were doing something else.

#5. Independence

We live in a fast-paced and rapidly changing world that places a lot of demand on our time, physical presence, as well as mental, emotional and physical health. These pressures are not going to stop or reduce and many have found the flexibility around working for themselves as a way out of a very demanding job schedule.

More people are moving out of daily commuting to a fixed work location and opting for working from home.

Sometimes, the quest for independence has more to do with the entrepreneur not wanting to lose his or her freedom and vision by working for one boss for a prolonged period of time. Such people will start their own business because that do not want to be subordinate to someone that may not allow their creativity to flourish. They want the space and freedom to spread their wings and express themselves.

Whats your reason for starting your own business or for going the self employed route?

Leave a comment below and look out for part two of ‘The Thrills of Business Ownership’.