Entrepreneur. Hard to spell, even harder to accomplish, maintain and be successful as one. Out of the 31.7 million small businesses in the U.S., about 2.7 million — that’s 1 in 12 — will fold this year.
So why do we do it? Why do we continue being business owners despite the many challenges, rollercoasters and risks involved? Well, we’re a special breed. Here are the top 5 motivators that drive us on every single day.
1. Freedom, baby
No more working for “the man.” You’re your own boss now. That glorious freedom of getting to call your own shots and never having to answer to anyone — except your spouse, if you have one, of course — does come with some downsides. Everyone is counting on you and looking to you for help. But that only makes you love it more. Owning a business feels like driving down the road in a convertible with the wind in your hair.
2. Challenge accepted
There is a lot at risk when you own your own business. Your money and reputation are on the line. But you don’t run from that fear. You may even be a bit of a glutton for challenges, constantly taking on new projects and moving the finish line further and further. But you take it all on willingly and, let’s be honest, with quite a bit of ego and bravado, because you know nothing is going to stand in your way.
3. Hocus focus
Your vision is so clear it’s like witchcraft. The working stiffs focus on how to get their daily or weekly tasks done. But you? You know what’s coming five or 10 years down the line and have already laid out a plan to dominate in your sleep. Well, when you sleep that is. Your hyperfocus and crazy high ambition have you working all sorts of hours, but the release of endorphins you experience from the sense of accomplishment is worth the effort.
4. All in
Your whole heart is in this. Your business is your baby, and you’ve cultivated it from nothing into something you don’t want to live without. In fact, 59 percent of entrepreneurs work past retirement age just because they want to! You genuinely care about your customers and helping them achieve their goals through the products and services you provide. And on the dark days when you have no energy and everything just feels hard, your passion keeps you going.
5. Money, money, money
You don’t work for money. Money works for you. You know how to handle it and use it do the things you want it to do. Sure, you’ve had one or two deals go wrong and faced things out of your control (like a recession or pandemic), but you’ve lived and learned and are stronger and wiser for having gone through it. And because you have the freedom, fearlessness, focus and passion of an entrepreneur, you have more control of your own wealth. The sky is truly the limit.
We’re just like you
We get it. At RiversEdge Advisors, we’re built just like you. We understand the challenges and shear awesomeness of being a business owner because live this life with pride (and sometimes terror), as well. We’ve built our services with just these things in mind. Learn more about how we support bosses like you to do better and be better entrepreneurs every step of the way. We promise you won’t regret it.