February 17, 2006
Living Your Purpose Through Your Company
Going to the business school at NYU for my undergrad degree, I had to immediately face the decision over which path my career would follow. Would I follow the glamorous, high-paying track of becoming an investment banker/consultant that most of my peers were following or would I become an entrepreneur.
My decision was to become an entrepreneur. This decision was fairly easy for me because my previous experience of starting and running my own business had been so empowering and rewarding.
Now, one year after graduating, Sheena and I are being sustained by the business, and a new question is arising. Do I want to be a high-growth entrepreneur or a lifestyle one. In other words, do I want to be a part of a company whose main goal is to grow large and then sell or go public? Or do I want to be part of a business whose main goal is to give me the lifestyle I want and make a difference.
To be honest, this is an extremely difficult decision for me. However, I'm leaning in the lifestyle entrepreneurship direction. Here's why:
- Stress. For many months after graduating, I worked 70 hours a week. When I did this, the business became the filter through which I viewed life. If business was up, then I was up. If it wasn't, I wasn't. This essentially made for a life where I was stressed and constantly thinking about the business. I don't like this. For the past two months, I've been working 50 hours a week and have been taking time to exercise, read, take walks, meditate, and watch documentaries. This has made a DRASTIC difference in the quality of my life. Moving forward, I don't want to be in a position where 50 hours a week is not enough time to keep me on top of my work flow.
- Control. One reason I like entrepreneurship is the ability to control when I work, where I work, how I work, and with whom I work, and what I work on. By giving ownership in the company to outside individuals, one becomes legally and morally responsible to make them the largest return possible. When one sells a company, staying on as an employee for a certain amount of time is often a requirement of the sale.
- Making a Difference. By growing a purposeful, enduring, great company slowly and surely, I personally think I can make a difference better with the customers, employees, and community than I could by growing a company solely for making money and then giving that money away. Plus, I think it would be more fun.
- Money. I don't have statistics to support this, but I've seen many entrepreneurs who have profitable lifestyle businesses that make way more money then they need every year. Furthermore, they own a controlling share, which means if they sell it, than can make good money. So, while their business might be a $10 million dollar business rather than a $100 million one, they're making good money.
A growing part of me knows that this would be the most fulfilling track for me. However, another part is definitely attracted to the potential of hitting it big, becoming famous, etc. The jury is still out and Sheena and I have been talking a lot about it.
What kind of company do you want to grow?
Posted at February 17, 2006 05:24 PM
I've been looking forward to your updates!
RE: "What kind of company do you want to grow?"
-I want to grow a lifestyle-type company. I like to be fully involved in what I'm doing, and I like to personally help people get what they want. The emotion from doing that is worth more than $100 million to me. With a super-big company, it's easy to get less personal with consumers and treat them like numbers. Plus, I also like to be in good control of what I'm doing. Founders of big-time companies have to give up that type of control most of the time.
I'm not at all "downing" big-time companies, because they revolutionize the world. I'm just saying it's not for me. Small businesses contribute much to the world too, and sometimes money isn't always the most powerful motive for a starting companie.
A difficult question indeed. A similar question was posed to me recently: "Do you want your company to be in the Fortune 500? Do you aspire to be on covers business magazines?"
Indoctrinated by business school I immediatly answered "yes." But upon closer concideration I revised my answer.
To me its not about becoming famous or rich from my business, its about IMPACT. I do want to make a differnce but I don't want to work myself to death in the process either.
Of recent I've been setting less agressive deadlines on projects and making a point to set aside "personal time." But I'm still working insane hours... So I guess the verdict is still out...
My husband and I came across an incredible opportunity to have our own business over 1 1/2 years ago, without having to do much legwork as far as getting it off the ground. The products are phenominal, as well as the training and support! Never before have I been involved in business that is actually a win-win situation. Where you are actually assisting others to improve their lives, reach financial success, and really... assisting others in realizing that they can live the live of their dreams. I realize now that the only thing that I want to do is to help others succeed, grow, and prosper... At the same time have enough money and time freedom to enjoy my life, travel, and do whatever I want to do. Personal development and an unbeatable compensation plan, INGENIUS! Who could ask for more? Improving yourself, others, and making a ton of money in the process!
