The first Monday of each month, I dust off a favorite post from the Bennis Inc Blog archives and give you another chance to enjoy the wit and wisdom that’s been shared. Enjoy this month’s treasure – and if it inspires you – be sure to share it with family and friends!
I’ve shared my insight before on how fellow entrepreneurs and business owners might choose to price their services. It’s a fine balance between earning what you’re worth and remaining competitive. One of the biggest challenges comes when you’re just starting out. With little to no prior experience and only a small portfolio of work to showcase, new clients often hire you on a hope and a prayer that you’re half as good as what you promise. This situation often requires you to charge far less than market value for your time to even get your foot in the door. Even a seasoned entrepreneur can recall such a time in their career. The glitz and glamour of being a “business owner” can quickly become jaded by the lack of money, time and sleep in return for countless hours of hard work. So how do successful entrepreneurs overcome this starting hurdle? When I was first building Bennis Inc from the ground up, had I measured my success and happiness in income, I may have thrown in the towel before I ever really got going. Instead, I quickly learned that I had to embrace the non-monetary benefits of entrepreneurship until I reached market value. If you’ve also taken the entrepreneurial leap, focusing on these benefits can help you overcome the “I’m WAY underpaid“ blues.
Even when I was just making ends meet, this didn’t impact my ability to enjoy life’s no-cost luxuries. I was (and still am) able to go for a run whenever I feel like it. I can grocery shop at non-peak hours and enjoy a peacefully empty store all to myself. I can take an early weekend (say, starting on Tuesday?) or grab coffee with a friend who’s swinging through town. With my 9-5 job, I felt guilty even scheduling a doctor’s appointment during the day. Now I can get a haircut whenever it’s most convenient—completely guilt free. Of course, this type of free time and flexibility is balanced by sometimes having to work late into the evenings or on the weekends, but at least it’s at my discretion. When I have work to do, I do it and when I don’t, I’m not stuck chained to a desk. As an entrepreneur, soak this up! Your friends may have chosen a more stable, traditional career, but they likely can’t do work from a park on a sunny summer day.
You’re a business owner – that means you also own every decision that’s made. This can be a scary reality, but also an incredibly rewarding one. While you might not be raking in the “big bucks” just yet, remember that the ability to make a decision and not have it be second-guessed or turned down is a luxury most people would place a pretty big price tag on.
Building Something All Your Own
This is all you. When you’re building a business you get to take complete ownership over how every piece comes together. Do you want to steer things in a new direction? Sure! Is your goal to someday have 100+ employees? Go for it! Is your goal to work remotely and travel 10 months out of the year? It can be done! The beauty of building your own business is that you have the ability to make it unique and custom fit to your goals. I have yet to see an example of a corporate job that allows for the same.
During my time of really embracing the non-monetary benefits of entrepreneurship, I found that this is truly one of life’s ultimate leadership experiences. It requires a great deal of self-confidence, trust in your instincts and quick thinking. I always felt like I had leadership qualities inside of me that would shine through when it was required, but as an entrepreneur, leadership is required every day. Some might say it’s baptism by fire, but I think one of the greatest benefits of entrepreneurship is the “leadership boot camp” it provides. You’re forced to step into this role quickly and without hesitation.
At the end of the day, it’s important that we remind ourselves that we’ve chosen the entrepreneurial path for a reason. Hopefully it wasn’t for the money (because that can take many, many years to get flowing) but rather it was for the flexibility, creative freedom, ability to create something new and unique and life’s ultimate leadership experience that is entrepreneurship. Before long, the money will follow, but if you embrace these non-monetary benefits early, the money will no longer be the ultimate goal.