I spent a couple of hours last night talking shop with a friend.
While sitting in his garage converted into a smoking lounge, he asked if
I missed my past corporate job (I'm now a small business owner). I've
been asked this before, and I told him I missed two or three things
about it. But overall I really liked where I am and shared why: As a
small business owner my wife and I are able to live well financially
(though there is no private plane purchase on the horizon) as well as
enjoy quite a bit of freedom as to to how we spend our time.
When it comes to business size, traditionally bigger has often been considered better. Though I've never run a big business, I've noticed something that you probably have as well. Running a larger business usually requires greater management responsibilities and time commitments from the leader. If you desire free time in addition to financial reward, a profitable small business could very well be the vehicle that helps you attain a great quality of life.
All of us are constantly making decisions that deal with two critical aspects of our lives: time and money. As it relates to running a business, the analysis often breaks down like this:
OWNER/CEO EXPERIENCE ANALYSIS:
Size and Profitability of Business --- Owner Experience
Small and Profitable -------------> Time & Money
Comments: I find this a desirable place to be, assuming you
are on board with the idea of having time and money
Small and Not Profitable -------> Time but less money
Larger and Profitable ------------> Money but less time
Larger and Not Profitable ------> Little Time, little money
Comments: To me, this is the least desirable state except for those who derive a great deal of fulfillment from running something large because of benefits other than the time or money, eg. Ego satisfaction. Of course you may say "Even CEO's of failing companies usually have nice salaries..." which is true, but I'm assuming you don't really want to try to pull that off for the long term.
This is a very brief summary and as such it's oversimplified. It doesn't take into account other intangible benefits like the prestige of owning or running a sizeable business and only applies to those who are motivated by money and free time, but I think it sufficiently illustrates the point. And I would add another observation here: When running a larger organization the owner/leader not only loses time quantitatively, he also often suffers a bit qualitatively - as the organization increases in size so does the number of management headaches.
Frankly, I personally do find a great reason to run a large organization: a greater capacity to accomplish good - for your customers, industry, employees, and community. In that sense, size can be virtuous. And I'm sure a number of small business owners are happy to make little as long as they don't have to put up with a blasted boss! However if you are searching for a business vehicle that requires a smaller time investment over the long haul yet can still generate a strong income, consider the owner experience analysis and the benefits of building a profitable small business.
Question: What size business fits you and why?
When it comes to business size, traditionally bigger has often been considered better. Though I've never run a big business, I've noticed something that you probably have as well. Running a larger business usually requires greater management responsibilities and time commitments from the leader. If you desire free time in addition to financial reward, a profitable small business could very well be the vehicle that helps you attain a great quality of life.
All of us are constantly making decisions that deal with two critical aspects of our lives: time and money. As it relates to running a business, the analysis often breaks down like this:
OWNER/CEO EXPERIENCE ANALYSIS:
Size and Profitability of Business --- Owner Experience
Small and Profitable -------------> Time & Money
Comments: I find this a desirable place to be, assuming you
are on board with the idea of having time and money
Small and Not Profitable -------> Time but less money
Larger and Profitable ------------> Money but less time
Larger and Not Profitable ------> Little Time, little money
Comments: To me, this is the least desirable state except for those who derive a great deal of fulfillment from running something large because of benefits other than the time or money, eg. Ego satisfaction. Of course you may say "Even CEO's of failing companies usually have nice salaries..." which is true, but I'm assuming you don't really want to try to pull that off for the long term.
This is a very brief summary and as such it's oversimplified. It doesn't take into account other intangible benefits like the prestige of owning or running a sizeable business and only applies to those who are motivated by money and free time, but I think it sufficiently illustrates the point. And I would add another observation here: When running a larger organization the owner/leader not only loses time quantitatively, he also often suffers a bit qualitatively - as the organization increases in size so does the number of management headaches.
Frankly, I personally do find a great reason to run a large organization: a greater capacity to accomplish good - for your customers, industry, employees, and community. In that sense, size can be virtuous. And I'm sure a number of small business owners are happy to make little as long as they don't have to put up with a blasted boss! However if you are searching for a business vehicle that requires a smaller time investment over the long haul yet can still generate a strong income, consider the owner experience analysis and the benefits of building a profitable small business.
Question: What size business fits you and why?
BIO: http://www.leadingbythinking.com
Paul Hoyt is an emerging writer presenting a fresh and unique perspective on topics relating to business, ethics, and the logic of life. He is the founder and President of a successful luxury watch company and previously served as an executive for a training and consulting group.
His writing is defined by its intelligence, thoughtfulness, authenticity, and common sense. Paul is a member of Mensa International and The Cerebrals Society, an international fellowship for those whose cognitive abilities have been assessed at or above 141 on professional psychometric scales, which is roughly 0.3% of people. He is insatiably curious and, besides his business and writing interests, has recently become an avid off-road motorcyclist. Paul currently resides outside of Atlanta, Georgia with his wife Brandi and their dog Audemars Piguet.
For more articles please visit: http://www.leadingbythinking.com
Paul Hoyt is an emerging writer presenting a fresh and unique perspective on topics relating to business, ethics, and the logic of life. He is the founder and President of a successful luxury watch company and previously served as an executive for a training and consulting group.
His writing is defined by its intelligence, thoughtfulness, authenticity, and common sense. Paul is a member of Mensa International and The Cerebrals Society, an international fellowship for those whose cognitive abilities have been assessed at or above 141 on professional psychometric scales, which is roughly 0.3% of people. He is insatiably curious and, besides his business and writing interests, has recently become an avid off-road motorcyclist. Paul currently resides outside of Atlanta, Georgia with his wife Brandi and their dog Audemars Piguet.
For more articles please visit: http://www.leadingbythinking.com
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