Why do you want to start a business? It is a question I ask at each seminar that I give and to each client that I interview. I am always intrigued by the many and varied answers I get. Interestingly, two of the most common answers are “Control” and “Work/life balance. ” Sure there are plenty of other answers, but these two are most often mentioned.
Control: It just makes sense, doesn’t it? Many of my clients are transitioning out of corporate employment and often speak about being tired of never having the control in their last job to make decisions, get things done, travel less, make more money, work less hours, whatever… They see business ownership as a way to gain control over their career and financial destiny.
Work/life balance, however, is an almost counter-intuitive notion when associated with starting and running a business. But it isn’t really. After you have found the right business to start, will you work hard to get it up and running and operational? Of course! But many of our clients see this as an opportunity to grow a business to flexibility; i.e., to hire the right employees and put in the right operational systems that allow them to back away from the day to day operations. They want to end up working on the business, not in the business. An owner able to build such a business can enjoy a great work/life balance.
I recently came across this article from Shelly Prevost, writing for Inc Magazine, and was intrigued by her take on other motivators that drive people to business ownership. She points out that would-be business owners are probably driven, to an extent, by money. But, digging deeper, under the surface of running a business, she also points out it may be more accurate to say they are driven by what money can give them….Relevance, Security, Adventure, Impact and Freedom. Read her article here and share your comments below.