By: Kurt A. Schindler, Ph.D*
There is a common misconception that business owners start their own business because they want to get rich. However, in an online survey conducted by Inc. magazine (www.inc.com), in which 462 small business owners participated, it showed that the desire to build a fortune was not among the top priorities when they started a business. Let me share with you some of the main motivations for establishing a business:
- Control of their own destiny: Many business owners like to be in charge of making their own decisions. As owners, they can take control of their business’ culture. They take advantage of this ability to create an environment in which they enjoy working, which, in turn, increases productivity in the workplace.
- Greater balance: Business owners have the opportunity to allocate their time based on their purpose in life. They decide how much time they want to devote to work and how much to family.
- To choose a team: Business owners can choose the people they work with and hire professionals who are committed to the project and the company. On the other hand, it is also their responsibility to replace those members of the team whose work is not up to standards.
- To take on risk and enjoy the rewards: Owners are the ones who are exposed to the business risks, including the loss of capital. On the other hand, when times are good, they enjoy the profits. They evaluate and take risks that they believe will lead them to their goals.
- Every day is a challenge: Owning a business provides the opportunity to learn something new every day. And this continuous education is what they are looking for when starting their own business. Work is not just a routine, because every day presents new challenges for which they have to seek out solutions.
Do some of these reasons apply to you? In my case, I can tell you that these were among my motivations when I ran my own business. I suggest you spend time thinking about the reasons why you created your business. I assure you that once you do, you will feel rejuvenated, enthusiastic and focused.
Kurt A. Schindler is the director of Financial Education for Banco Popular de Puerto Rico. Schindler is a Certified Financial Planner® and has a Ph.D. in Personal Financial Planning from Kansas State University. The American Bankers Association recently honored Schindler with the George Bailey Service Award, which is given to bank employees who are not chief executive officers (CEO) and who demonstrate excellent initiative by doing high impact work and serving as an inspiration for others. It is the only prize given by the ABA to an individual as part of its Community Commitment Awards.