Running your own business is challenging, there is no doubt, but the media often focus on negative aspects. The positive aspects are fairly obvious, such as the potential for financial security, tax benefits or even creating your own dress code.
However, not all the positive aspects are straightforward. Consider these five often overlooked benefits of being your own boss.
Your Identity as an Entrepreneur
Whether we enjoy it or not, ‘small-talk’ is an inevitable part of life. Introductions involving conventional salaried day jobs seldom get the same attention as an introduction as a business owner.
Running your own show definitely makes you an interesting person, inviting questions about what type of business you are in, what your product is and how the business is structured. According to Outdoorsy, Corey Weathers built a business producing and selling sustainable handcrafted trailers. In fact, as an RVer, he got the brilliant idea from his daughters.
Now, the family is enjoying the rewards of pursuing a passion they all love.Being an entrepreneur is a common goal of many people in all walks of life, providing endless topics of conversation.
Furthermore, your business invites new interest and can open doors to contacts and helpful resources you would never have otherwise engaged. Think of it as a whole new world.
Experience Gained
Employees seldom have a true understanding of what employers experience daily in order to meet their monthly salary demands. Factors such as reducing overheads and overcoming competition are only dealt with at the executive board level, leaving the average employee with little experience regarding the bigger picture involved in keeping a business afloat.
Running your own business gives you first-hand experience of these challenges, deepening your business skills and experience. Should you return to the workforce as an employee at any stage, this will put you at a distinct advantage.
You would certainly ‘wow’ your interviewers with in-depth questions about how their business is run, giving you a competitive edge. Moreover, you might get a better position as you would be considered a peer in terms of experience and knowledge.
Determination
Starting your own business requires a degree of bravery, commitment and a huge amount of determination. If you have succeeded to the point of a successful enterprise of any size, you have learned to commit to the changes and sacrifices required to achieve that success.
Determination in your business life spills over and becomes a personal trait. Entrepreneurs often make great parents, spouses and sports competitors due to their high levels of determination learned through entrepreneurship.
Most entrepreneurs start out determined; it’s those who develop that determination who really succeed. The ability to push through failure, and come out on top, is a great life skill.
Time Rewards
The long hours required when running your own business are often discussed as a negative aspect. This can be a challenge, but it is not without a flip-side.
The long hours are a choice, and are associated with increased reward. Fixed-hour day jobs force your time whereas working for yourself allows for flexibility.
Perhaps you won’t have shorter hours, but at least you will have the ability to plan around the important aspects of your life. It’s all about priorities and being your own boss affords you the opportunity to find the balance that’s important to your well-being and happiness.
Everyone has different interests and passions, essential to our quality of life. Allowing time for these pursuits increases productivity in all areas of life.
The Opportunity to Make an Impact
How you feel about your work is important, as well as the impact you have on those around you. When you’re in a decision-making position, you have the power to change the world, literally.
The ability to create new ideas, employ people, support families and create positivity in the world can be overlooked by business owners involved in day-to-day work tasks. Remember the opportunities you create for others have a ripple effect, widening your reach in your community, city and country.
Besides creating direct opportunities, you will also inspire and mentor others to greatness. There are no limits when you’re the boss.
Final Thought
As you can see, running your business is about more than just financial success. The many overlooked benefits complete the picture to make it a robust and rewarding experience.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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