I recently had a coaching call that left me contemplating a common misconception among aspiring entrepreneurs. The individual on the other end of the line had some bold objections when it came to managing the financial aspects of her business. She firmly believed she didn’t need accounting software because she was teetering between business and a hobby, thought setting aside funds for taxes was unnecessary due to her W-2 income, and insisted that monitoring expenses was a non-issue because she believed she ran a tight ship.
After patiently listening to her rationale, I posed a series of thought-provoking questions: “Do you want this to be a business or a hobby? Are you aiming to bring more money home for your family? Are you tired of the stress that tax time brings?” But the silence that followed my million-dollar question spoke volumes.
The truth is, turning your vision into reality hinges on understanding and embracing the numbers. If you’re bypassing financial management because “it’s not your thing,” you’re not only leaving money on the table, but you’re also limiting your ability to amplify your impact and transform your vision into reality.
The unfortunate reality is that many businesses fail because their leaders shy away from diving into the world of numbers. Owning a business means wearing multiple hats. It’s not just about doing what you love; it’s about being the CEO and taking ownership of every aspect of your business. From finances and customer experience to marketing, sales, and technology – it’s all you.
You can’t afford to make excuses for avoiding certain responsibilities. While outsourcing tasks is a viable option, you, as the business owner, are ultimately responsible for ensuring that everything runs smoothly. The success or failure of your business rests squarely on your shoulders.
If you find yourself shying away from the multifaceted responsibilities of entrepreneurship, it might be time for a reality check. Owning a business is not for the faint of heart; it requires commitment, dedication, and a willingness to confront the numbers head-on. If you’re not up for the challenge of managing the various functions that come with business ownership, perhaps being an employee is a more suitable path – a tough truth, but a necessary one.
Success and failure both belong to you as the business owner. Your business, its results (whether measured in impact or dollars), and its destiny are all in your hands. Embrace the numbers, take control, and turn your vision into a reality that reflects the true potential of your entrepreneurial spirit. The buck stops with you – make it count.
