Business owners deal with many challenges and responsibilities—but they can also reap many rewards. In fact, various academic studies have found that entrepreneurs generally report higher levels of well-being than wage-earning employees.
We asked business owners what is the best part of owning a business, and why. Here’s how they responded:
Seeing the direct fruits of your labor
My favorite thing about owning a business is that I am tangibly rewarded for the effort I put into it. I used to work in the corporate world, and no matter how much effort I put into the job, my reward was the same paycheck every two weeks.
—Lucas Horton, owner, Valeria Custom Jewelry, Dallas
Setting your own schedule
I love having control over my schedule. This allows me to serve more people, more often and in more ways. I get to spend the daytime hours investing in my kids, and my husband enjoys our kids in the evening while I work. I get to show up for friends whenever they need me—all while still getting to serve my clients.
—Carrie Conrad, founder, Beating Disaster, New Baltimore, Michigan
Creating jobs and a great workplace
Owning a business comes with many challenges and responsibilities, but one benefit is being able to provide my employees with the type of workplace I would want to work for. Taking good care of our customers requires us having a workplace built on flexibility and trust—and that is a challenge I am proud to navigate.
—Priscilla Luna, president, Today’s Business Solutions, Houston
Autonomy—and the freedom to carve your own path
For me, the best part of owning a business is the freedom that comes with it. Being able to make my own decisions without having to answer to anyone else is incredibly liberating and empowering. I also love not being bogged down by bureaucracy or red tape. This means that I can experiment with new ideas and approaches, and innovate in ways that might not be possible in a traditional employment setting. I have the autonomy to steer my business in the direction that I want.
—Andrew Forrest, owner, The Attachment Company, Denver
Creating something from scratch
My favorite part of owning a business is the feeling of accomplishment and fulfillment that comes with building something from scratch, seeing it thrive and making a difference in people’s lives. It’s incredibly satisfying to see the hard work pay off and to watch my business grow and succeed over time. I love the challenge of finding new and innovative ways to improve my products or services and the ability to pivot and adapt to changing market conditions.
—Gene Caballero, co-founder, GreenPal, Nashville, Tennessee
Working with family
My mom has been in the jewelry business for 40 years, and she became my business partner when I started my own jewelry company. Working with my mom is my favorite part of the business. It’s great to be able to spend time with her every day, and she brings a wealth of experience and insights to the table. It has brought us closer together and given us an opportunity to strengthen our relationship beyond what I ever imagined.
—Lexi Taub, founder, Alexis Jae Jewelry, New York City
What’s your favorite part about owning or running a business? Share your insights in the comments section below!Print this article
I love being able to set my schedule so that it fits my energy patterns. I'm also able to make FAR more money than I ever did or could have working for someone else. I, too, love being able to set the tone of my office, and the freedom to "fire" patients who make me feel uncomfortable. And I take great pride in knowing that I created this successful practice. I also love being able to move beyond scratching out a living for just myself and actually creating jobs and contributing to my community.