I went into business when I was 23 years old. It was a small desktop publishing shop under the staircase of a newly built four-story building in a university area. I had two desktop PCs, a laser and inkjet printer, and a photocopying machine. I employed three people. We made business cards and letterheads and produced copies of documents. It was an utter failure.
I went back to corporate life for several years. Later on, my fiancée (now wife) and I hastily bought a local franchise for a food kiosk. We sold a product great for snacking at a food court inside an office building in Makati. It was a disaster.
In 2008, I launched a conference and seminar business with my wife. We started it at my parents’ home library with one assistant. I was the president, creative director, graphic designer, copywriter, photographer, and marketing head rolled into one. After a few years, we have already moved into our own office in Ortigas, with a team of full-time staff and freelancers. And our business has been growing every single year. You could say the third time’s a charm.
So why did I get into business despite the stability of employment and my past startup failures? And why do I believe running your own business gives you the best chances of achieving wealth? Here are five benefits:
1. Ownership is everything
I have conceptualized and launched very successful projects in the past as an employed manager. I got promoted, recognized, and given a raise. But I did not own my intellectual property. So I have no control over the direction of those projects and no ownership of the full income potential. Now, with my business, everything I create, I own.
2. Employing people is fulfilling
Small business owners like me employ about a third of all working professionals in the country. It’s a source of fulfillment that I am able to give meaningful work and regular salary to people.
3. Variety is the spice of life
I’m more of an entrepreneur rather than a manager so I enjoy the craziness of the startup stage. Doing so many different things at the same time makes work interesting and challenging.
4. Nothing beats flexibility
What is today’s status symbol? For me, it’s the ability to have a flexible schedule and integrate work and life throughout the day. I can watch a movie with my wife after lunch if I want to, play with my daughters in the morning, and work when my creative juices start to flow (which could be anytime).
5. Personal growth is inevitable
Business has a way of stretching my abilities, discovering new ideas, and pushing me out of my comfort zone. A lot of times, I am forced to take more risks, try something I haven’t done before, and build systems that are required if I am to build a business that can run on its own.
I love being my own boss and running my own business. If there’s one thing I regret is that I should have done it sooner.
Photo by rawpixel.com on Unsplash
