Life Impact of Starting a Business
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To learn more about life impact, be sure to read some of the many real-life stories we have gathered on our webpage Business Success Stories from Women Life Scientists. Many of them describe life impact, in addition to talking about their success.
Being an Entrepreneur Can Help You Grow as a Person
The skills involved in being a successful entrepreneur can spill over and improve other areas of your life. You may become . . .
- More self-motivated after achieving a series of benchmarks, having more responsibility, and holding yourself accountable.
- Better at compromise and communication after working hard at it with a partner or cofounder.
- More understanding of others from putting yourself in the shoes of your employees and partner.
- Better at systemic thinking from being responsible for all aspects of the business and viewing problems from different perspectives.
- More confident due to overcoming a fear of taking risks, learning new skills, meeting the demands of your business, and navigating challenges as they arise.
- More content from aligning your work with your passions and most important values.
(Bester, 2022; Waltower, 2023)
Bester A. Start Your Business: 7 Reasons To Work For Yourself. GetSmarter Blog. April 12, 2022.
Waltower S. The No. 1 Reason Most Entrepreneurs Start Businesses. Business News Daily. February 21, 2023.
The Potential Personal Costs of Starting a Business
Especially in the early stages, your business may have the following personal costs:
- Heavy Time Commitment – Starting a business requires a major time commitment. However, many scientists say that if you are doing what you love, this part does not matter as much.
- Strained Relationships – Long hours, fatigue, emotional strain, and financial uncertainty are common and can strain relationships. Life partners may feel neglected. Parents may feel conflicted about time not spent with their children.
- Financial Uncertainty – Personal income is often uncertain initially. You may have to get a business loan or work at a paying job in your free time while starting your business.
(Insights Success, 2023)
These “costs” tend to ease as the business starts to succeed and more of the benefits are realized.
How Does Running Your Own Business Affect Your Personal Life? Insights Success. 2023.
Meet Some Fierce Role Models
Read about one or more of the “Fiercest Women in Life Sciences” (this link for another website, Fierce Pharma, opens in a new tab), many of whom are successful entrepreneurs. They share stories of how they forged new ways of doing things and faced challenges and provide tips for other women based on their experience.
Park A. 2022’s Fiercest Women in Life Sciences. Fierce Pharma. November 14, 2022.