I talk to a lot of people that dream about owning their own company. It really does sound nice. Be your own boss. Come and go as you please. Collect big pay checks. Answer to no one. Take it from me, that is not the case. With great power comes great responsibility.
Small business is hard. As the owner you answer to your clients, your vendors, your bank, the government and your employees. You are the person that takes the toughest customer complaints. You are the person gets paid last. Minimum wage doesn’t apply to you. You have to work until the job is finished for whatever money is left after all the bills are paid. You have to do the work that no one else will do. You have to make the difficult decisions when the going get rough. You have to be the bad guy that fires and disciplines employees when necessary.
It isn’t always bad, but owning a business is not for the weak of heart. It takes someone that is willing to take risks and accept 100% responsibility when things don’t go well. The buck stops with you and at the end of the day the blame rests on you. When things go well, you recognize the team, when things go wrong you fall on your sword.
It is an exhilarating high stakes game. If you win, you could be fabulously wealthy. If you lose, you are left with nothing. I, personally, cannot imagine a better way to live. You get to put your strategies into action, alter the strategy based on how the market responds. You get to work towards your goals, by your values. You can make a lasting impact on the market, on the community and on your team. You put every bit of effort and mental energy you have into the business and know that if things work out, it is going to benefit you.
This mindset and willingness to risk everything, is a big difference from many other people. It often means that it easier for business owners to relate to one another. It often causes relationship issues with spouses that are more risk averse. It can create a high level of stress and energy. I encourage my friends who own businesses to find mentors and seek groups of like-minded people.
I joined Entrepreneurs Organization and it has been a game changer for me. Having a group of people that have been through or are going through what I was going through running a small business, gave me perspective. It also gave me a standard of leadership to strive for. It made me feel like I wasn’t alone. When you see what is possible, it opens up a world of opportunities. It gives you energy and support.
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David Singer is passionate about the community, office furniture and design and leadership. He often embarrasses his family by turning over chairs to see the brand, and taking his picture with office furniture around the world. He also embarrasses his family with corny jokes. He restarted his grandfather’s company in 2004 when he graduated college and has been doing this ever since. He is active member for non for profits that focus on children or entrepreneurship. His dream is to travel the world and leave behind a lasting difference in the world.
Contact David Singer at dsinger@stlwarehouse.com