Starting a Business: The Joys of Entrepreneurship

creating a business you will need someone to keep your finances on check

Starting a Business is a series we’re running on the steps you need to take in order to begin your entrepreneurial journey. An entrepreneurial spirit is essential to succeeding in the business world; if you want to create change, critically question your environment, and use facts and intuition in conjunction to achieve your goals, then you’ve got what it takes to become a business owner. We want to encourage you to start your journey on this path.

Becoming an entrepreneur means creative freedom; the freedom to implement your ideas and vision into a real, tangible product or service. This creative liberty is like oxygen to the spark of innovation inside you; together, they can create an explosive force that will propel you to relevance.

This freedom of ideas will translate into a freedom of structure for your business. You will be able to decide exactly how you want your business to operate; you know you better than anyone, so your exact skills and knowledge base will be on full display in whatever business you decide to create. This can be incredibly fulfilling, because you are forging your own place in the world, rather than having someone else decide it for you.

You’ve created the business structure; that means you can create its culture and morality. Many among us have a strong moral bent; we see the companies we’re working in and cry out against perceived injustices, powerless to change the way the business is operating. When you start your own business, everything comes down to you: success, failure, morality, culture. This control creates a powerful dichotomy; full freedom means full responsibility.

You are responsible for your earnings when you own your business; that means you can work as hard as you want, and relax as much as you want. Should you want to grow your business wildly, constantly increasing profits, you can opt to work 16 hour days, spending time networking, planning, and executing; you might be satisfied with much less work than that, wanting a simple small business, and in that case, you may have the opportunity to relax more often than a 9 to 5 would allow. This flexibility is one of the greatest advantages of a small business.

Your business is yours, so you can fill as many or as few of the roles essential to operation as you’re able to. This means you can be involved in the total operation of your business, but be careful; remember to frame your skills, and always hire outside help when a domain is outside of your area of expertise. There are tax accountants in Winnipeg who can help you with finance, as well as professionals in manufacturing, inventory management, and other domains.

Compass Accounting will continue the series by evaluating the first steps you’ll need to start your business, now that you’re excited about the prospects of starting one. We look forward to seeing you soon!