When I was growing up my dad had a paint contracting business. I remember him working long hours and my mom keeping the books. It was somewhat of a family affair.
Even though my family worked hard to make the business work, I remember there being a sense of pride in my father about being a business owner. It took me a while to realize what he was proud of. It was his knowledge of knowing that the success the business created was because of his efforts and diligence.
Starting a business is not for everyone. Not every person understands the happiness that comes with working long hours and, in some people’s eyes, taking all the risk of being successful or failing. For some people, it is very scary to go out on your own and potentially fail. However, for those that see the glass half full and are willing to take on the challenge of taking full control of their success, the rewards of being an entrepreneur can be great.
The rewards of being an entrepreneur are more than financial success-although this is a great reward-it is also very rewarding to know that you have created something from nothing. You had the ability to work with others to create something other than yourself. You had the ingenuity to see things that others didn’t, the opportunity that others passed by, and innovation where many just saw a potential problem.
A few other reasons that you can appreciate about being an entrepreneur and successful business owner are:
When someone works for a company the usually pay all their taxes first, then they get to keep what is left. As a business owner, your company makes all the money, pays expenses (which usually includes your salary), then whatever is left your company pays taxes on. You will still have to pay taxes on your individual income, however, it usually is not as much as if you were working for someone. There are also bonuses, draws, and other ways that money is taken out of the business that is taxed less than regular income from an employer. How much tax is charged for each kind of income has a lot to do with the type of entity your company operates under. In the end, many times you will pay fewer taxes on the money you take home as a business owner than an employee. Not paying as much tax can make a huge difference in your financial situation in the long run.
Being proud of what you do is extremely important. Having inner pride is even more important. It is what we try to teach our children when they are young because it allows them to have self-esteem.
Self-pride is not to be confused with arrogance. Arrogance is thing more of yourself than what you really are.
The difficult thing about self-pride is, the older you get the harder it is to keep the same self-pride you had when you were younger. When you are young, not much is expected of you. As you get older, expectations rise and you are held to a different standard. It is this standard, that usually keeps rising, that makes it more difficult for one to maintain the self-pride you may have had at ten and won the spelling me. Winning a spelling bee at the age of ten is a big deal. If you tell your family your greatest accomplishment was winning a spelling that year, you may be laughed at, or at a minimum thought a little odd.
The secret to self-pride is to accomplish things that allow you to be one step closer to a larger goal that you set for yourself. The goal could be to raise healthy kids, save enough for retirement, or start your own business and be a successful entrepreneur.
You don’t have to become successful overnight to start to have self-pride. The very fact that you made that choice can bring a sense of accomplishment for some. The closer you get to your goal, and the more obstacles you overcome to get to your end goal, the more you will feel a sense of self-esteem and self-pride. If you don’t quit, you will wake up one day, look around, and know that you have accomplished what many have never had the nerve to try and less have been successful at attempting. Being an entrepreneur is, in my opinion, one of the greatest things you can do to gain self-pride and esteem because there are so many obstacles to accomplish, hence opportunities to gain that feeling.
LEAVING A LEGACY
One of the best things I learned by my dad being a business owner was that I had the ability to control my future. As long as I could find a product or service that was valuable enough to others that they would pay for it, I could control my financial future. I learned that being a business owner is very hard; it requires dedication, determination, direction, and pure grit to not quick when times get hard. These are all things that I wish could be passed on to every kid. Unfortunately, it is very hard to teach this to a child unless they see it in action or are forced into a situation where they have to learn these lessons.
If you have kids, nieces, nephews, or anyone that is watching you, and they are watching you, you are teaching them lessons that they can not learn in a book. These lessons will live on in those minds long after you are gone. And believe me, they will remember you for teaching them these lessons, where you wanted to or not.
If you’re lucky, your children or family members will be interested in the business you created and have the desire to take over the business after you retire and are ready to hand it off. By doing so, you are making sure that the business you took so long to build does not die with you. The business can act like an annuity that continues to feed your family for generations to come. And one day, when your great, great grandkids ask their parents how the business get started, they will mention your name and remember you for the great things you did.
I hope this was helpful to you. We at Startup Business 101 want to make sure everything we are putting out is valuable. If you would like to learn more about us or any additional topics that have to do with business, please do not hesitate to let us know. You can contact us through our website and most social media channels. We look forward to hearing from you and all of your successes.