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10 Things You Realize When You Start Your Own Business

10 Things You Realize When You Start Your Own Business

If, like me, you have been an employee your whole life, and your immediate family have all been employees, jumping off of the employee treadmill and starting a small business is going to turn your mind inside-out in some pretty profound ways.

In fact, you might spend the first year or so of your new career spinning your wheels with a deer-in-the-headlights look, and therefore not getting a whole heck of a lot done. That’s okay; it’s why God created unemployment benefits and temp jobs. And don’t worry; you’ll get the hang of it.

Here are some of the things that have melted my mind:

1. When you start your own business, you’ll never, ever have to go job hunting again. Ever.

Sure, there may be times when you’re tight on cash and have to work at a café or take on some freelance projects for a little while just so you can eat, but this is totally different from thinking of a job as being a long-term “career”. You know that this job a tactical move to tie you over until your REAL career – your business – picks up again.

(Of course, you probably won’t want to tell that to your temporary boss.)

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2. When you start your own business, you’ll never waste your time and energy making someone else rich again.

You’re working for one person: YOU. And you’re working to make YOU rich. Not Wal-Mart, not the neighborhood repair shop – YOU. Nobody else.

(Okay, maybe the “rich” part hasn’t happened yet, but the potential is there.)

3. When you start your own business, you’ll never have to put up with awful bosses or office politics again.

You may one day BE a crappy boss; and if you are, your business will suffer, so you’ll either learn to stop scaring off your staff or go belly-up. But you can control you. You can’t control your boss or your coworkers.

4. When you start your own business, you’re going to work harder than you ever have in your life … and you’ll love every minute of it.

Why? Because you’re figuring out how to make yourself rich. It’s hard to have that kind of motivation when you’re working for someone else.

5. When you start your own business, other business owners and CEOs become your peers, not your employers.

When you call up technical support, you’ll realize that the CEO of the company who made the product you’re using isn’t just some faceless goon who might show up in the media now and then if they’re famous enough. No, they’re ordinary, flesh-and-blood people, just like you … who started out small, just like you. In fact, if it’s a small company you’re dealing with – say, an iPhone app developer – when you make that technical support call, you might even end up talking to the CEO herself.

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Suddenly, the playing field just got even.

6. When you start your own business, you, and you alone, are responsible for your income.

This means that you’re going to become obsessed with two things: marketing yourself, and keeping your customers happy. No marketing or doing a lousy job means no customers, which means that you don’t eat. You get direct feedback from your efforts.

It’s your butt on the line. Nobody else is going to do it for you.

7. When you start your own business, you’ll find out who your real friends are.

As much as your friends and family may love you, and as much as you may love them back, the ones who are employees are simply not going to “get” what you’re doing. Their butts aren’t on the line like yours is. So while they may offer lip service to supporting you, you can’t rely on them to help you out in meaningful ways.  It’s not their fault; they mean well, but ya gotta actually walk in someone else’s shoes to really understand them.

(Don’t be surprised if you start hanging out with other business owners more than you do your old friends.)

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8. When you start your own business, you’ll realize that you have the potential to be paid what YOU’RE worth, not what the job is worth.

Even if the money part doesn’t happen overnight, it’s hard to describe the feeling when you realize that your income isn’t, by default, limited by the arbitrary amount set by the company you work for.

That “glass ceiling” everybody’s always talking about? Gone!

9. When you start your own business, you’ll learn how to manage your money really, really well.

Forget buying $300 sunglasses or blinging out your pickup with fancy chrome wheels. Since you’re not always going to be able to count on a set amount of money coming in each month, you’re going to think twice before spending your hard-earned cash on anything you don’t need.

At first, expect 99% of your income to go toward paying bills, buying food, or covering business expenses. Anything left over, you’ll probably want to sock away for the next lean month.

10. When you start your own business, you’ll feel freer, smarter, more independent, more resourceful, more in control, and more powerful than you have ever felt in your life.

Economies and governments may collapse, financial systems may fail, but if you’re working for yourself, you know you’ll survive.

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Why?

Because nothing can ever take away your mind, your talents, or your skills, and there will always be someone who wants them.

Your turn: How has starting your own business changed YOUR thinking?

Featured photo credit: Steve Jobs painted portrait / Thierry Ehrmann via flickr.com

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Last Updated on March 12, 2019

20 Inspiring Vision Statement Examples (2019 Updated)

20 Inspiring Vision Statement Examples (2019 Updated)

There is normally a lengthy list of things you need to consider when starting a business, and if you don’t manage them properly, your excitement can quickly turn into overwhelm. What can support you to stay inspired and on the right track when starting out? You guessed it: this is your vision statement.

What Is a Vision Statement?

A vision statement is like a photograph of your future business, which gives your business shape and direction.

A vision statement provides the direction and describes what the founder wants the organization to achieve in the future; it’s more about the “what” of a business. It is different from a mission statement, which describes the purpose of an organization and more about the “how” of a business.

If you were to take a photo of your future business now, what would it look like? What do you want your business to be recognized for one day?

You need to have a crystal clear vision when you start out, otherwise you can get easily lost in deciding the best way forward. When you are making strategic decisions for your business and even daily operation decisions, your vision statement will give you the inspiration and targeted direction you need.

The Importance of a Vision Statement

Without a vision statement, your business will lack motivation to keep going.

If you don’t aim for anything, you might not hit anything. The more specific and clear you are, the better your chances are at seeing your vision turn into reality.

The importance of a vision statement cannot be overlooked; not only does it provide long term direction and guidance, but it also gives you the inspiration and the necessary energy to keep going when you feel lost.

Always keep your vision statement alive by revisiting it regularly and communicating your vision with other members of the team, to inspire and motivate them as well.

How to Craft an Inspiring Vision Statement

1. Dream big and use clear language

An inspiring vision statement should inform a clear direction and priorities for the organization, while challenging all the team members to grow together. Based on our expert sources’ advice, we’ve got some great tips for you:

  • Imagine how you want the business to be like in five to ten years.
  • Infuse the business’ values in the statement.
  • Make sure that the statement is implying a clear focus for the business.
  • Write your vision statement in the present tense.
  • Use clear and concise language.
  • Ensure the statement is easily understood.

There are many different types of vision statements and there is no wrong or right way to do it. The most important thing is to resonate with it. It will always inspire you and give you a clear targeted direction.

2. Get inspirations from the successful companies.

Having researched on a number of successful companies’ vision statements, I’ve shortlisted 20 good examples for the new startups:

Short vision statements made up of a few words only:

1. Disney

To make people happy.

2. Oxfam

A just world without poverty.

3. Ikea

To create a better every day life for the many people.

Quantitative statements are based on numbers, quantities:

4. Microsoft

Empower every person and every organization on the planet to achieve more.

    5. Nike

    Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.)

      Qualitative statements are based on qualities that you want to have:

      6. Ford

      People working together as a lean, global enterprise to make people’s lives better through automotive and mobility leadership.

      7. Avon

      To be the company that best understands and satisfies the product, service and self-fulfillment needs of women—globally.

      Competitor based statements – this type is becoming less common, but famous examples are:

      8. Honda – in 1970

      We will destroy Yamaha.

      9. Nike – in 1960s

      Crush Adidas.

        10. Philip Morris – in 1950s

        Knock off RJR as the number one tobacco  company in the world.

        Role Model Vision Statements – using another company as an example:

        11. Stanford University – in the past

        To become the Harvard of the West.

        12. Reach for Success – in the past

        To become the next Tony Robbins in self development.

        Internal Transformations vision statements:

        13. Apple

        To produce high-quality, low cost, easy to use products that incorporate high technology for the individual.

        14. Giro Sport Design

        To make sure that riding is the best part of a great life.

        15. Tesla

        To accelerate the world’s transition to sustainable energy.

        16. Sony

        To be a company that inspires and fulfills your curiosity.

        17. Facebook

        To give people the power to share and make the world more open and connected.

          Longer and more detailed vision statement:

          18. Walmart

          To give customers a wide assortment of their favorite products, Every Day Low Prices, guaranteed satisfaction, friendly service, convenient hours (24 hours, 7 days a week) and a great online shopping experience.

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          19. Coca Cola

          To achieve sustainable growth, we have established a vision with clear goals:

          Profit: Maximizing return to share owners while being mindful of our overall responsibilities.

          People: Being a great place to work where people are inspired to be the best they can be.

          Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples; desires and needs.

          Partners: Nurturing a winning network of partners and building mutual loyalty.

          Planet: Being a responsible global citizen that makes a difference.

            20. Heinz

            Our VISION, quite simply, is to be: “The World’s Premier Food Company, Offering Nutritious, Superior Tasting Foods To People Everywhere.” Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.

            The Bottom Line

            Remember, always keep your vision statement up-to-date to direct your company’s actions.

            Remember, once you reach your vision, it needs to be changed. General Motors overtook Ford as #1 automotive company in the world because once Ford’s goal was reached, they never updated it.

            Keep your vision statement alive and visibly in front of you, revisit it and let it help direct your actions and activities. This is the fun part: this is where you get to dream really big and allow your imagination to fly as high as you want.

            Don’t hold back, let your creative juices flow and give yourself permission to explore what is possible for your business.

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            To your success!

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