From 'Being' Your Business To 'Owning' It
Have you ever felt like your business is an extension of yourself? In the realm of entrepreneurship, the line between our personal identity and our business often blurs. Yet, understanding the difference is vital, not just for your personal growth but for long-term business success. Join me, Lien, the founder of The Big Exit, as I delve deep into a conversation I recently had on the "It's Not About The Money" podcast, where we discussed the transformative journey from 'being' your business to 'owning' it.
When Passion Meets Purpose: The Birth Of A Business
Most owners I work with have started their business with an inherent sense of purpose, passion, or a particular skill they wish to share with the world. Naturally, businesses often become an extension of ourselves - our values, missions, and goals are deeply entwined. It's no surprise that many entrepreneurs refer to their ventures as their 'babies.' But is this mindset beneficial in the long run?
Pitfalls Of Being Too Emotionally Attached
While being passionate is excellent, over-identification with your business can set you on an emotional roller coaster. Taking client feedback personally, measuring your self-worth by how well your business is doing, or feeling shattered by challenges are the dangers of being too intertwined with your venture.
The Benefits Of Taking A Step Back
By creating some distance between you and your business, you get:
More Objectivity: Ensuring unbiased decisions based on what's best for the business (and less on your personal preference).
Increased Resilience: Feedback and challenges become about the business, not personal attacks.
Flexibility in Scaling: Allows for growth beyond your personal capabilities, as the business isn't solely reliant on you.
The Power In Ownership
The moment you start seeing your business as an asset - much like owning a house or a car - your perspective shifts. You're no longer just the driving force; you become the strategic overseer, the owner. Shifting your perspective to see your business as an asset allows you to detach emotionally while still caring for its growth. Much like having a renovation done for a home or keeping a car maintained to increase it’s value.
From ‘Being’ to ‘Owning’ Your Business
Let me start by saying this transition is not about losing passion, but about gaining clarity. So how do you start this transition:
Delegate Tasks: This allows you to focus on strategy, not day-to-day operations.
Revisit Your Business Values: Ensure they're holistic, not just a mirror of your personal values.
Seek External Feedback: Sometimes, an outsider's view can shed light on areas too close for you to see.
Conclusion
Owning your business rather than being it, paves the way for sustainable growth, both for you as the founder and owner of the business itself. It's about building something bigger than yourself, something that can thrive even in your absence. As you reflect on your entrepreneurial journey, are you ready to make the shift, to truly own the business you've built, and to grant it the independence it needs to flourish?
Next Steps for Your Business Journey
As you reflect on your position in your business, consider taking the following step:
💡 Business Readiness Quiz: Are you curious about how prepared your business is for a sale? Our FREE quiz offers insights into areas you might have overlooked and helps assess your business's current stance. Discover where you stand in just a few minutes!
Whichever path you choose, remember it's about ensuring your business can thrive, with or without you, and making sure you're ready for whatever the future holds.
