According to a recent survey, 76% of small business owners would say they are happy with their decision to start a business. But what are the benefits of being a business owner, and why do people choose to start their own businesses?
Some of the benefits of being a business owner include a sense of freedom and independence, an improved work-life balance, personal fulfilment, and the possibility of making an impact on the world around you. In this article I’ll go over some of the main things I find, as a business coach, motivates my clients in the Glasgow area to run their own businesses.
Independence
One of the most significant benefits of owning a business is the independence and control it provides. As a business owner, you have the freedom to make decisions about the direction, operations, and growth of your business. You have control over strategic planning, hiring decisions, pricing strategies, and overall business management. This level of autonomy allows you to shape the business according to your vision, values, and goals.
Creative Independence
With this freedom comes the opportunity to unleash your creativity and pursue innovative ideas. As a business owner, you can introduce new products, services, or business models that meet the evolving needs of the consumer market.
For many, the entrepreneurial environment is so appealing because of the culture of innovation, experimentation, and continuous improvement it fosters. Business owners who embrace and excel in such an environment can stay at the forefront of their industry and grow exponentially.
Work-Life Balance
Owning a business often offers greater flexibility and the potential for a better work-life balance compared to traditional employment. While starting and growing a business requires significant effort and dedication, it also provides the opportunity to design a schedule and work environment that suits your preferences and needs. You have the flexibility to set your own hours, manage your time, and create a balance between work and personal life.
Personal Fulfilment
Many business owners find personal fulfilment in building and running their own enterprise. Entrepreneurship allows you to pursue your passions, creativity, and ideas. It provides a platform for self-expression and allows you to align your work with your personal values. The sense of achievement and satisfaction that comes from overcoming challenges, seeing your business thrive, and making a positive impact can be incredibly rewarding.
Impact
Running a business allows you to make a positive impact on your community, industry, or society at large. With products, services, or work in the community, you can cultivate value, solve problems, and contribute to others’ well-being.
Building a successful business can also allow you to create a lasting legacy. Your business can become a source of pride for future generations, and it may even provide financial security and opportunities for your family and loved ones. Additionally, your business can have a positive impact on the livelihoods of employees, suppliers, and the broader community. This sense of making a difference can bring a deep sense of purpose and fulfilment.
Who Can Be a Small Business Owner?
In general, people think of business owners as entrepreneurial, driven, extroverted and self-confident people. But, as DISC profiling shows, all sorts of different personality types end up owning and running businesses.
Traditionally, business owners are thought of as task-oriented and highly driven people who “do whatever it takes” to have success. But in 2023 we are seeing more and more diversity amongst the individuals who own businesses. In large this can be put down to some of the benefits listed above; people want to be in control of their own lives now more than ever and owning a business can be the best way of achieving your dreams.
As a result, people-oriented and creative people are becoming involved in their own small ventures on an increasing basis. With the rise of online sales, people are able to sell their products and services all over the world even if they are only a small company. This has allowed small business owners to find their niche and be successful in their own right.
The variety of reasons that motivate people to own a business naturally lead to a variety of different people owning businesses. For many, becoming an international or multi-billion-pound company isn’t a priority. Rather, spending more time with their family or doing their passion may be the motivation. As such, the traditional image of a cut-throat business owner is not as relevant as it once was.
So, really, anyone can be a business owner if they have the right motivation.
Get in touch if you are in the Glasgow area and want to get more out of owning a business than you currently are.
