Building a Legacy V.S. a Bank Account
thank you for once again tuning into a blog post by yours truly.
This post is brought to me via different inspirations from various types of leadership. Some owners have created businesses because they see a gap in the market, others create a business out of passion.
I’m not here to say either one is better than the other because the reality is even if an owner creates a business to fill a gap, they are doing a service to the people who need it.
What I want to cover briefly is the fact that there is a huge overcasting difference between building a legacy with profound impact, and a bank account. I’ll do this by highlighting the pro and con aspects of each (which may be completely different based on the goal of the business owner). For example, what I have listed as a possible pro, may be a con to another.
While both are powerful, the overall reach and end results vary widely.
PROS OF A LEGACY:
Lasting remembrance of founder or organization
Intimate Impact on Community being serviced
Desired by loyalty
PROS OF A GAP FILLING BUSINESS:
Quick Growth (If marketed correctly to the community needing service/product)
Ability to distance from work because it’s not a passion driven business
(hiring others with little reservation)
Profitable through sale (selling the business for profit once it’s established)
CONS OF A LEGACY:
Difficult to leave work behind (often working at home or neglecting loved ones, or other needs)
Slow Growth (if it does not fill an immediate need or demand)
Difficult to sell for profit (often business owners want to sell based on sentimental value of the work put in and the community, rather than the actual worth of the service/product business structure.
CONS OF A GAP FILLING BUSINESS:
Easily influenced by demand of the community (this year it’s in demand, next year it may not be)
Difficult to build a loyal community (people that buy because of the impact - most will buy into this business for convenience like a chain store v.s. family owned store)
Owners may become weary of business because it is not a passion of theirs
These pros and cons listed may or may not resonate with you, but what I have found is that your “why” is critical to running a business. You must determine first if you are going into business because you see a gap that needs filling (very profitable and quick growth) or if you are passionate about the business service/product and willing to grind long and hard for others to see the same importance as you. Both business are great depending on your short and long-term goals. Are you building a business to sell it? Are you building a business to pass down to your children or relatives? Do you want quick profit of a gap fill (think infomercials) or the long-term wealth of a legacy (think Disney).