Make Your Business Revolve Around Your Life: How to Determine if Entrepreneurship Is For You

November is National Entrepreneurship Month, a time when we honor and support the brave folks who venture out on their own to start a business. 

Small businesses are a vital component of the U.S. economy because they create jobs and generate tax revenue. But more importantly, they create an avenue for entrepreneurs to make their own dreams come true. 

Dreaming of a better life is the fuel that propels every would-be entrepreneur—and it’s what keeps every actual entrepreneur going when times get tough. Starting a business means believing in yourself, your ideas, and your abilities enough to leave the security of a job and create something on your own. 

You probably see business ownership as a chance to earn an income while being in charge of creating a rewarding work environment and doing work you’re passionate about. 

I’ve been advising small business owners for more than three decades, and I’ve owned my own small business for even longer. I’ve worked with people who are just in the dreaming stages, and I’ve worked with people who need help increasing their valuation so they can sell and cash out. 

Over all those years, I’ve observed one primary problem: far too often, the reasons people start a business—and the strategies they use to run it—are actually setting them up for failure. 

Examine Your Real Purpose and Whether Business Ownership Is Right for You 

Before you make the decision to start your own business, you have to identify your true purpose. I always say the real purpose of a business is to give you a more fulfilling life—one in which you have more money, time, love, and health to share with the people you care about. 

Success means being wealthy in all areas of life, not just financially. It means having rich relationships with your spouse, colleagues, and friends. A happy home life. A spiritual connection to something greater than yourself. A sense that you’re contributing to the causes you care about. 

Unfortunately, many people lose these other forms of wealth while building their business. Staying balanced isn’t easy—but it is possible. 

So if your purpose in starting a business is to be wealthy in all the ways that matter, you also have to ask yourself: Is business ownership the right choice for you? Many people start their business for one (or all) of these reasons: 

1. To make more money 
2. To have more control over their time 
3. To offer a better service or better product 

The reality is that entrepreneurship is both challenging and rewarding—and your true purpose is what will carry you through the challenges. 

The Myths and Realities of Business Ownership 

The beginning of anything is exciting. You’ve still got the rose-colored glasses on, and you’re seeing only the good. The same is true when you first start a business. 

But every entrepreneur eventually faces reality. Here are some myths and truths about business ownership that you should know—even if you already own a business. 

Myth No. 1: Owning a business will give you more flexibility to spend time with your family. 
Reality: Yes, you have more flexibility, but you also have more demands—and far less time. You’ll actually work more on your business than you ever worked at any job. 

Myth No. 2: Because you’re the boss, you’ll have more control. 
Reality: As a business owner, your clients and customers are your bosses now. Add to that the state and federal government, plus any regulations in your industry. Instead of one boss, you now have many. You make your own decisions, but you’re responsible for all the consequences. 

Myth No. 3: You’re going to make more money being in business for yourself. 
Reality: You might make more money, but you also have all the expenses of running your own business—office supplies, technology, travel, insurance, and everything it takes to deliver your product or service. 

For the first several years, your profits may be small—or nonexistent. But remember, financial profit is only one measure of success. This is where you return to your true purpose to keep going. 

From the Old Way to the New Way 

I’ve lived the old way of being a business owner—letting my life revolve around my business. For years, the needs of my business came before the needs of my family. Eventually, that path led me to becoming unhealthy and divorced. That’s not a recipe for success, nor is it a recipe for a fulfilling life. 

There’s a better way: build your business around your life. 

This begins by identifying what you value most and then figuring out how to structure your business around those values. 

If you’re reading this as a small business owner, you might be thinking, “How can I build my business around my life when my business takes all my time and energy?” Trust me—I know the reality. I’ve been a business owner for more than 30 years. 

But I also know this: when you identify your true purpose for owning a business and use it as your true north, you can build your business around your life. It takes intention, clarity, and sometimes restructuring—but it’s worth it. 

Whether you’re already an entrepreneur or you’re considering starting your own business, I can help you structure (or re-structure) your business so it’s fulfilling. My goal is always to help entrepreneurs build both a small business and a big life. 

Let’s get started today. Reach out at info@louisbarajas.com