Upsides of Being an Entrepreneur

Why you may want to take the plunge, stay in the pool, or even swim out to deeper waters.

If you read last week’s post, and are still interested in starting (or continuing) your business, then welcome! Keep that dose of reality in your back pocket. But what are good reasons to be in business for yourself? This week’s post will explore the upsides. And there are plenty.

The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant.

Max de Pree

1. For starters, small businesses give back to the community. Not only in jobs, but in all kinds of ways. But let’s start with jobs. In North Carolina there are about 934,000 small businesses, employing 1.7 million people, and the total number of employees in NC for the same period (2020) was about 4.4 million. That means 39% of jobs in NC are supported by small businesses. That means you. Even if you are a micro business, or only support yourself/your family, your business generates income. Good job!
2. If you aren’t posting a profit yet, you still contribute to all the businesses you support with purchases. You may support suppliers, shipping companies, service organizations (like accountants :D), and those dollars spent have a direct impact on all those businesses. Even buying coffee to meet with suppliers, distributors, customers or potential customers supports another business. If you are dedicated to the small businesses economy, you may buy primarily from other small businesses. And when you can’t, you probably think about which organizations you want to support. Vote with your dollars.
3. You are creating just wealth for your generation, but perhaps for future generations. Many small businesses are handed down, or at least employ kids and family. Even if your kids don’t go into the family business, you are teaching them, handing down skills for the next generation of entrepreneurs. Those of us without kids, may be mentoring other business owners, giving them a hand up. Pass it on.
4. By learning your business deeply, you are improving your industry. Any business owner will tell you it’s a lot of work to learn the details of how that service or product is provided. Your business brings new creativity, new ideas, innovation and perhaps a new approach entirely. You may improve or even revolutionize the business you are in! Friendly competition mixed with liberal cooperation, and a generous attitude, is a great recipe for success.
5. Your passion and hard work strengthen your community by building and maintaining networks to all kinds of other businesses, non profits, public organizations and customers. If you’ve ever had a mentor or coach lift you up, encourage your hard work, admire your successes and help you shake off failures, you have been in the midst of that web of connection. It’s how we get by, with a little help from our friends. Look at how we handled COVID. It was a crushing time, but we got through. A lot of that resilience came from the community, including business owners.
6. Create innovative workspaces. Your business doesn’t have to follow traditional models where they don’t serve us. You may offer flexible hours, flexible time off, employee childcare, flat organizational styles, employee input and/or profit sharing. New management styles evolve, and small businesses can test and try new ideas just by merit of being small and “agile”. Whatever ways you are trying new things within the running of your business, you set the pace.
7. Set examples. By this I mean both hard work (thank you Protestants) AND resting. If you burn yourself out, you won’t be able to help anyone. Balance, grasshopper.
8. Yes, you’ll set your own hours, and can choose to take a break from some businesses, for instance if your products/services are seasonal.
9. Choose your customers. Not everyone can do this, and yet, it’s satisfying when you can. Keep customers who value you and your business. Cut loose the 10% that cause 90% of your headaches.
10. You define success. If breaking even is your goal, wonderful. If buying a small island and fishing in your retirement is the plan, you can set the bar high. Your bar, your choice.
11. Get cool write offs. If you think about it the entire tax code for small businesses encourages us to take the leap. If you travel and do business, you can write off a portion of the trip. Use your home? Write off a portion of utilities, and service. Employ your kids. Books and courses related to your business are deductible.
12. You’ll either learn or be taught patience. Know you aren’t expected to post an immediate profit. If you do, great! (Save up for rainy years.) If not, give yourself the gift of patience. With the right timing, luck, talent and determination, you can make a go of it.

The future isn’t just a place you’ll go. It’s a place you will invent.

Nancy Duarte