A couple of weeks ago, I made a stupid mistake and beat myself up over it.
I had a custom order from a client, and asked a supplier to fulfill it. In my communication with the supplier, I wasn't clear enough, and through lack of proper communication, we both made mistakes.
That could've cost me $8,500.
So I called the client and asked him if he could take the new product. The answer was no. So I asked him if he could wait an extra week. The answer was yes.
My profit on the sale was about half - $4,000. So with the mistake, I lost $500 on the deal. Not great, but not the end of the world. I'll keep the client and hope to make money on a future order.
...
After making the mistake, I really beat myself up. I felt horrible and like a complete idiot. But there was a realization that made me smile:
I realized two things - 1) That I'd never make the same mistake again; and 2) That I couldn't get fired.
If I were working for someone else, and made a similar mistake (likely with a lot higher dollar amounts), then I'd likely be fired instantly. I'd be out of a job. Unemployed. And without the prospect of money coming in.
However, because I started my own business, I had full control over my future. I took a momentary loss, chalked it up as a learning experience, and refocused on growing my business.
...
Society associates jobs with a sense of security. That having a job is safer than being a business owner. But in all fairness - is it really safer?
In my scenario above, I was a lot better off by being the business owner. And I will be a lot better off in the future.
The only scenario I can envision where the employee is better off than the boss is when a company is breaking even. In a time of growth, the business owner wins out because he's the one that makes the most money. In a time of downturn (mistakes), the business owner still wins out because he gets to keep his job and whatever salary he chooses to pay himself before firing himself last. The only time he can possibly lose out is when he's breaking even and stuck in a road to nowhere. But even then - he can simply switch businesses.
I had a custom order from a client, and asked a supplier to fulfill it. In my communication with the supplier, I wasn't clear enough, and through lack of proper communication, we both made mistakes.
That could've cost me $8,500.
So I called the client and asked him if he could take the new product. The answer was no. So I asked him if he could wait an extra week. The answer was yes.
My profit on the sale was about half - $4,000. So with the mistake, I lost $500 on the deal. Not great, but not the end of the world. I'll keep the client and hope to make money on a future order.
...
After making the mistake, I really beat myself up. I felt horrible and like a complete idiot. But there was a realization that made me smile:
I realized two things - 1) That I'd never make the same mistake again; and 2) That I couldn't get fired.
If I were working for someone else, and made a similar mistake (likely with a lot higher dollar amounts), then I'd likely be fired instantly. I'd be out of a job. Unemployed. And without the prospect of money coming in.
However, because I started my own business, I had full control over my future. I took a momentary loss, chalked it up as a learning experience, and refocused on growing my business.
...
Society associates jobs with a sense of security. That having a job is safer than being a business owner. But in all fairness - is it really safer?
In my scenario above, I was a lot better off by being the business owner. And I will be a lot better off in the future.
The only scenario I can envision where the employee is better off than the boss is when a company is breaking even. In a time of growth, the business owner wins out because he's the one that makes the most money. In a time of downturn (mistakes), the business owner still wins out because he gets to keep his job and whatever salary he chooses to pay himself before firing himself last. The only time he can possibly lose out is when he's breaking even and stuck in a road to nowhere. But even then - he can simply switch businesses.
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