Solo entrepreneurship is an adventure. You get to choose what you’ll do for work, and you get to work for yourself. You know exactly what your business is doing because you are in charge. But did you know that solo entrepreneurship can also lead to greater personal growth? People are always wanting their business to grow and develop and solo entrepreneurship can lead to just that and, that in turn, can lead to your personal growth.
It Forces Growth
One way that solo entrepreneurship leads to greater personal growth is by forcing growth. By overseeing a business by yourself, you must make the decisions. If your business doesn’t succeed, then it’s on your head. If your business succeeds, then it succeeds solely based on your decisions. That doesn’t mean that you won’t face challenges. In fact, you will face many challenges that you will have to handle by yourself. But facing those decisions is what allows you and your business to grow. The bigger the challenge you overcome the greater the growth.
More Control Over Finances
As a solo entrepreneur, you will also have more control over your finances. You don’t have to rely on anyone else to oversee decisions about where the money goes. You can take out a loan if you know you need to. You can also open your own retirement plan. To open a solo 401(k), you need to register for an employer identification number (EIN). It may be different than what you’re used to at first, but the freedom to govern your own finances for your business will help you grow in the long run.
Another thing that solo entrepreneurship aids with is setting goals. Setting goals is an important part of personal growth. As a business, you’ll want to expand your reach, and set goals for products that you make, and how many of them you sell. You’ll want to make marketing goals, customer relation goals, and many other types of goals to help your business grow. These goals will not only help your business grow, but they will force you to strive for something that may be outside your comfort zone. These goals can help you in your personal development.
As a solo entrepreneur, your future is in your hands, but it is up to you to shape that future. The decisions you make with your business can not only lead to the growth of your business, but your own personal growth.
We can help you to make goals for not only your business, but also your life. Contact us to schedule some coaching sessions!