The Hidden Benefits Of Owning Your Own Business

Most people start their own business hoping to find the answers to a few key questions. How can I be my own boss and make money doing things that I enjoy? How can I be in control of my own destiny? How can I become wealthy and rich?

Don’t get me wrong, these are all very important criteria when deciding to start any business. But with these goals in mind, many first time entrepreneurs don’t fully appreciate the hidden benefits of starting their own venture. The emphasis is often placed on the results and not on the journey.

camouflage giraffe

Photo By Southgeist

After all, what could possibly be more important than making money and being your own boss? The hidden benefits that I’m talking about are not related to the outcome per se, but the experiences and valuable skills that are developed in the process of running any business venture. What are some of these hidden benefits?

You Will Gain People Skills

I can’t think of any successful business that does not require you to deal with people. If you have poor people skills, then your business will force you to develop some. If you are shy, your business will force you to break out of your shell. One of the beauties of taking full responsibility and accountability of your business is that it forces you do whatever it takes to be successful, even if it extends beyond your comfort zone.

I thought that I had decent people skills until I started dealing with customers. After getting yelled at a few times, I quickly realized that customer service requires a completely different skill set in itself. Interacting with customers successfully involves carefully extracting needs vs wants and establishing business boundaries without insulting anyone in the process. It involves building trust and getting along with different personalities and tendencies.

The same skills apply when establishing partnerships with other businesses as well. Knowing how to act and what questions to ask are crucial components in defining mutual goals for you and your partner companies.

Many would be entrepreneurs fear the people aspects of business because they just don’t want to deal with the drama of conflicting personalities. But interacting with people is a fact of life. You will gain people skills whether you fail or succeed, skills that are a huge asset that will apply to practically everything you will ever do.

You Will Meet New People

One of my favorite benefits of going into business is the relationships and friendships that you will develop. Sure, you will meet your fair share of unscrupulous and dishonest people, but you’ll find that most people are worth getting to know.

My blog is the perfect example. In the short time that I’ve written this blog, I’ve already met a wide variety of friends and acquaintances that I will definitely try to keep in touch with. These people are all over the map. Some of them live in the far reaches of the world. Some of them are television stars and some of them can even perform Akashic readings.

Meeting and interacting with new people is especially satisfying because it forces you to keep an open mind. In the course of running our linens business, several of our customers have enlightened us to new ways of using our products, some of which are now proudly displayed in the art and crafts portion of our online store. Several customers have also suggested new products for us to carry that have provided large boosts to our overall sales.

Fellow blogger friends of mine have taught me innovative methods of building an audience and new ways to structure and code different parts of my website. Others have provided me with mental support and motivation to continue on with my writing. It’s literally impossible to list all of the benefits that I’ve gained from meeting new people “on the job”.

The main thing I’ve learned is to never underestimate the value of a strong network of friends. Especially in the unlikeliest of situations, you’d be surprised at how often a seemingly random friend can be of assistance.

Here’s a good example. My wife and I have been searching for new linen vendors for quite sometime now without much success. Just the other day, I was chatting with one of my friends who I just met online. In the course of our conversation, I discovered that she had a good friend who used to run a linens business! She hooked us up and all of a sudden we found a new resource with a rolodex of vendors that we could contact. I love it when random circumstances turn up like this!

You Will Travel To New Places

Part of running our business requires us to travel to various places to visit our vendors. Some of our vendors are in different parts of the United States and some are in different parts of Asia. Once a year, we get to travel to these places tax free.

Last year, we visited Japan and Hong Kong and made a vacation out of it. In these harsh economic times, it might be hard to justify an overseas vacation, but our business provided us with the perfect excuse. Saving 30% on travel and accommodations and 15% on food costs made everything more manageable from a financial standpoint and we knew that these meetings would eventually benefit our top line.

You Will Develop Your Public Speaking Skills

Who hasn’t been afraid of public speaking at some point in their life? Owning your own business is the perfect way to overcome your fear of addressing crowds. Whether you are pitching your idea to someone or selling a product or idea, you will be required to address groups of people whether you feel comfortable or not.

You might suck at it at first, but over time you will gain the confidence to speak with ease in front of total strangers. I can’t stress how valuable a skill this is. Running a business is all of about selling yourself and extending confidence to your customers. Powerful speaking skills can provide you with an enormous advantage when making a first impression.

I used to hate speaking to groups of people, but I actually really enjoy it now. I love the feeling of adrenaline coursing through my veins when all eyes are on me. I love the fact that I have a captive audience that is paying attention to whatever I have to say.

It’s Not All About The Money

If you are a hesitant entrepreneur thinking about starting your own business, you need to take more than just the numbers into account. Once you factor in the intangibles, you’ll soon realize that the personal development aspects of entrepreneurship are priceless. Really, it’s a no brainer. But in order to believe it, you have to take the plunge yourself.

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11 thoughts on “The Hidden Benefits Of Owning Your Own Business”

  1. I get slapped on the wrist for this one all the time but…

    I’m not in this for the money. Oh, sure it would be nice to have lots of it, but the main reasons I have my own business is to give me the time to write fiction and because I have always hated working to someone else’s schedule.

    It’s all about choice and priorities and my priority is being happy and relaxed.

  2. I think what I cherish most about being an entrepreneur were the opportunity to apply what I learn in class room. Although only just about 1% or the most 10%. The rest of the knowledge I learn from the people on the street. There are the best guru.

  3. It’s not all about the money but money is certainly an essential component of being a successful entrepreneur. Money creates emotional reserve and options.

  4. Pingback: S-Proprietor.com
  5. Money is nice, but you are right, there are so many other benefits that come from owning your own business. You will work harder than you ever have in your life, you will be more stressed out than you ever have in your life and you will feel better about yourself than you have in your life. With all the trials and tribulations, at the end of the day, you can take credit for the success that you have acheived.

  6. Your blog has been one of my main references in creating my online store, and for that I have to thank you. My story is quite similar to your wife’s in the sense that after I got pregnant I made up my mind to stay at home to take care of my child (I am now going into my 8th month of pregnancy). The journey of creating my store has been exhilarating, and now that the site is up and running and starting to get customers, I am the happiest mom-to-be. Once again, thank you! :)

  7. What I love most about working for myself is being able to meet & hang out with people that have similar interests. When working a 9-to-5 job, I didn’t really have much in common with a lot of my coworkers. But on my own, I’m able to network and spend more time with people who have similar life goals, and that’s great.

    1. Hey Kim,
      I usually don’t reply to comments on much older articles, but decided to make an exception this one time.

      I’m just curious as to why you didn’t have a lot in common with your coworkers? Having spoken to you in person, you seem like someone who is good at adapting to any situation(I’ve got to stop complimenting you). For me, I always find that I can find something in common if I try hard enough.

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