When you start a business, you’re concerned with addressing customer
pain points, product development, feedback and marketing and selling
your offerings. Generally the intention is to start small and remain
nimble, and grow through trial and error. You can grow a business into a
company as your processes evolve and improve and you hire more staff.
Though there are a number of benefits to starting a business, there are two in particular that stand out as significant reasons you may want to grow a business first:
Satisfaction. Particularly for someone who is starting his or her first business, it’s incredibly rewarding to be at the helm of a new business that grows and is successful. This product or service is possibly built on your vision alone, and positive reactions by customers might be the best validation for taking on such a risk.
Being your own boss. When you start a business, you control everything, from your time to your income. Having the flexibility to say what happens when and where can be freeing and oftentimes promotes increased productivity and a greater focus on work/life balance.
There are also a number of drawbacks when it comes to starting a business:
You’re bootstrapped. You may have secured some money through small business loans or lines of credit, or even self-funded if you had the means. But to be a small business owner is to be obsessed with your bottom line. This may hinder your progress if you find you don’t have the resources to grow in the form of staff, technological developments, or fine tuning your own skills.
Responsibility. Okay, responsibility in and of itself isn’t a negative thing, but if you’re working on your own to start a business, you’re responsible for its success. This means your interpretation of the marketplace could be way off, or you may have grossly underestimated your start-up costs. There are many variables to consider when starting a business, and if not assessed properly, your own strengths and weaknesses may not be the winning combination to support a successful business.
Though there are a number of benefits to starting a business, there are two in particular that stand out as significant reasons you may want to grow a business first:
Satisfaction. Particularly for someone who is starting his or her first business, it’s incredibly rewarding to be at the helm of a new business that grows and is successful. This product or service is possibly built on your vision alone, and positive reactions by customers might be the best validation for taking on such a risk.
Being your own boss. When you start a business, you control everything, from your time to your income. Having the flexibility to say what happens when and where can be freeing and oftentimes promotes increased productivity and a greater focus on work/life balance.
There are also a number of drawbacks when it comes to starting a business:
You’re bootstrapped. You may have secured some money through small business loans or lines of credit, or even self-funded if you had the means. But to be a small business owner is to be obsessed with your bottom line. This may hinder your progress if you find you don’t have the resources to grow in the form of staff, technological developments, or fine tuning your own skills.
Responsibility. Okay, responsibility in and of itself isn’t a negative thing, but if you’re working on your own to start a business, you’re responsible for its success. This means your interpretation of the marketplace could be way off, or you may have grossly underestimated your start-up costs. There are many variables to consider when starting a business, and if not assessed properly, your own strengths and weaknesses may not be the winning combination to support a successful business.
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