Making the decision to leave your steady paying full time job in favour of starting your own business is a huge decision, that involves some serious planning. But although you may be starting off alone, a daunting experience in any industry, there are advantages of breaking off from the main piece to thrive elsewhere.
It takes a great deal of financial backing and careful strategic planning to get into that position, and after years of working within someone else’s project, it’s time to build. When embarking on this entrepreneurial journey, understanding the difference between SWOT analysis and a balanced scorecard becomes essential for effective strategic decision-making and sustainable business growth.
Below are just a few of the reasons why going it alone can be very beneficial for yourself but also those that come under your employment.
Having a work / life balance
Being in control of your professional and personal life balance is one of the great advantages of being your own boss. This could come in the form of having the flexibility to determine when you can start and leave work when you feel necessary to enjoy the downtime, choosing the hours you wish to work or delegating tasks to a competent and capable senior.
Entrepreneurs also have the flexibility to organise their priorities and spend more time focusing on the things that they hold most important their lives. This will then help them focus properly on the work-related issues they have with a clear mind.
You’re also following your dreams by building something from scratch that all came from your own ideas. When you’re spending your work life time pursuing the things, you’re passionate about, this will stand you in good stead with having a balanced mental attitude in both work and leisure time.
Picking who you work alongside
As an employee, you don’t have a say in who you work with unless you are part of the interviewing process, delegated by the boss. Having your own business means that you can select the personalities that you wish to work alongside, surrounding yourself with like-minded individuals that will contribute towards continued success.
This process will allow you to dictate who will help shape the plans to take your business forwardThis way, you can dictate who will help shape the plans to take your business forward. Entrepreneurs have, in the past, been known to employ personal friends and family to work alongside them in varying capacities because they know they care for them, which will translate well in the attitudes they have towards the work they’re in.
Pierre Vannineuse, founder and CEO of Alpha Blue Ocean, an alternative investment company based in the UK, works alongside his friends, he says: “I founded the company alongside my two good friends, one of which I’ve remained close with since childhood.
“We all know each other inside and out, which has allowed us to utilise each other’s strengths and grow upon each other’s weaknesses. Doing this allows for as much transparency as possible which limits the amount of potential problems.”
Giving back to the community
In the process of building a business, entrepreneurs enjoy the idea of using the size of their projects to give back to the local community and beyond. This can be done by means of charitable donations or events or simply just the action of creating jobs in a local area, which is becoming an increasingly concerning problem.
Inspiring the next wave of entrepreneurs by attending colleges as a motivational speaker is another feelgood factor of being at the top.
There is nothing more that encourages entrepreneurs in their roles than feeling a sense of pride in what they do and giving back to the community will help them achieve this.
Gaining valuable people experience
Founders usually also take on the roles of CEO’s when a company is relatively small, even if they have limited experience of managing others. This forces you into a position where you learn to govern the actions of your employees. Mistakes will be made along the way, but it’ll be a learning curve that you’ll gain valuable experience from.
Starting off as a small business and slowly increasing in size will allow you to see how a business and its personnel operate through the growing stages, and its transitions from each step.