Independence and Flexibility

Many pursue entrepreneurship solely for the opportunity to “be your own boss.” Essentially, a self-starter is likely to motivated by the freedom that comes with entrepreneurship. Among other factors, this includes setting your own schedule, making important business decisions, and prioritizing your workload. It also provides one with the chance to put their efforts toward a business goal they believe in.
It is important to note that this freedom does not come without sacrifice, hard work, and persistence. Entrepreneurship can be a huge lesson in time management and task delegation. In many ways, the independence and flexibility of being a self-starter is the result of carefully balancing responsibilities, of which there are many. Those who are self-disciplined and practical may find this to be a perfect fit.

The Opportunity to Help Others

Perhaps your business idea satisfies a need in the market that has not yet been met, or your corporate mission involves humanitarian goals. For those who would enjoy giving back, a small business venture may be just the way to achieve this. Community events and fundraisers are just some of the ways a small business can market itself while benefitting others.

Aside from philanthropic gestures, a small business inherently helps individuals by creating jobs. It is the responsibility of a small business owner to build a team while fostering a positive and productive work environment that is beneficial to all associates involved.

Leaving a Legacy

With the use of a business succession plan, your company can survive a transfer in ownership and continue its legacy for many years to come. Whether you would prefer to have the business remain in operation by family members or be sold to another entity, a business succession plan will honor your decision and ensure order during a time of transition.

Leaving a legacy through small business ownership is also a way to provide your loved ones with security when you are no longer here to provide for them. This takes some degree of long-term planning and foresight, and often requires assistance from a business professional. However, as with any business venture, the potential for achievement begins with you.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.

A solid foundation is the first step to small business success. For assistance with Maryland business formation or with your existing business endeavor, we invite you to contact the Law Offices of Elsa W. Smith, LLC at 410-995-7719.