Gini Dietrich

Rewards and Challenges of Owning a Business

By: Gini Dietrich | May 6, 2010 | 
23

My friend Laura Scholz in Atlanta asks, “What is the most rewarding aspect of owning your own business? The most challenging?” I answer it here. But before you watch…let it be known there is a contest for a free copy of Les McKeown’s soon-to-be-published book, “Predictable Success.” Good luck!

About Gini Dietrich


Gini Dietrich is the founder and CEO of Arment Dietrich, an integrated marketing communications firm. She is the author of Spin Sucks, co-author of Marketing in the Round, and co-host of Inside PR. She also is the lead blogger at Spin Sucks and is the founder of Spin Sucks Pro.

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23 Comments on "Rewards and Challenges of Owning a Business"

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Starr McCaffery
6 years 2 months ago
Most rewarding, hands-down, is the flexibility I have to be there for my children in the past six years since leaving the big agency world and venturing out on my own. Yes, there are times that conflicts arise but with (relatively) good time management (sometimes this means putting on a pot of coffee @ 10 p.m. when they are in bed) I am so grateful to be there for their milestones. I will never get back my eldest’s first step (which I learned of through a hand-written pink phone pad message on my chair when I came out of a… Read more »
Shelly
6 years 2 months ago
LOL – Are you going to get a dare in every one of your videos?? I laughed after the first one and thought I would dare you to wear pig tails in one of them.. made me laugh anyway.. Congrats on doing well and getting your business to 5 years and running well! 🙂 I am actually just starting a business… so I won’t win your contest, but right now, I can tell you that the most rewarding thing is knowing that I am my boss. I set my hours, I set my focus, I set the company path and… Read more »
Erick Bauer
6 years 2 months ago
My experience running a small business is somewhat atypical. In 2005, my good friend Steve Cameron and I founded a non-profit organization to help raise money for the Oncology Unit at SickKids Hospital and the Canadian Cystic Fibrosis Foundation. To date we have held dozens of events, hosted thousands of guest and generated hundreds of thousands of dollars for our two respective causes. We take great pride in our work and what we have been able to achieve; however, it hasn’t come without challenges. Since we both have busy careers in the “for-profit” world, running our organization means constantly putting… Read more »
Vicki Kunkel
6 years 2 months ago
MOST REWARDING: The self-confidence that comes from knowing you can survive completely on your own. I’ve been in business for 15 years. I started on a shoe-string and with no loans, no VC funding, no spousal support. (Well, okay, that’s because I don’t HAVE a spouse, but I digress. LOL!) I can’t really describe it, but when you are 100% responsible for your own financial success–when you don’t rely on an employer–and you work through those fears and thoughts of “what-the-hell-have-I-gotten-myself-into?” that come in the early years of the business, there’s this amazing sense of self confidence that you develop.… Read more »
Dallas Kincaid
6 years 2 months ago

Let’s face it, I got into business for the chicks…nuff said…give me the book! 😉

Ryan Knapp
6 years 2 months ago
You should clearly have a Brutus cutout on your desk (from Ohio State) but I digress… MOST CHALLENGING: Learning about myself throughout the entire process. Coming to grips that I’m not the best at everything, how to gracefully take criticism (and change for the better) learning new skills, hating things I used to enjoy, learning how to be a good boss, how to interact with others, and how to be true to myself. The business stuff is challenging, but for me, it’s all about working to my fullest potential MOST REWARDING: Being able to provide positive experiences for kids and… Read more »
Andy Donovan
6 years 2 months ago

All I can say is hooray for hitting what we all strive for and that is being “cash flow positive”. Way to go Arment Dietrich and your fearless leader Gini Dietrich. Here’s hoping this rubs off on the rest of us. Cheers,

Andy

Jason Verhoosky
6 years 2 months ago

Congrats! It is not easy to be cash flow positive!
That said, I am crafting my response to your contest, and I am thinking way out of the box, due to your creativity guidelines. Be back soon.

Andy Donovan
6 years 2 months ago
Ooops…forgot to add my rewards and challenges on owning a business…thanks for the gentle reminder BFF: Rewards – seeing an idea of developing a concept of a more personal, relationship-centric business into a self-sustaining reality…assembling a “creative brain-trust” of suppliers who not only fully support but participate in helping me grow the business…working with clients who know what they want – provide definitive direction and reward handsomely when the results match their expectations (maybe a little motherhood there but it’s true) – on the flipside who also help me grow as a business when something comes up short (thankfully few… Read more »
Dallas Kincaid
6 years 2 months ago

Andy, let’s be honest though, sometimes it SUCKS being the decision maker when you have to say “No.” to someone. The longer I’m in business (12 years now) the less I put myself out there as the owner. A lot of my customers just think I’m a manager, or an employee here and I’m totally fine with that. I’m insulated and it makes it a bit easier so my decisions are made logically rather than through guilt..

Arik Hanson
6 years 2 months ago

Most rewarding: I work whenever, wherever I want 24/7/365. My end goal: Results for my clients. Does it matter where or when that happens?

Most challenging: The clock. I have so many ideas, and I actually just learned there are 24 hours in an actual day. Could have swore at one point there were 30. Managing my time is without question my biggest challenge. But, I work at it every day. And, I’m getting better. Practice, practice, practice.

More video blogs, please, Gini!

@arikhanson

General Healthy
6 years 2 months ago
Gini, I find the biggest reward and the biggest challenge to be very similar…the freedom to choose our own direction…to steer your own ship (especially of you created it from scratch). Because once you’ve created a successful business, you’ve learned a huge lesson…how to create and bring to market something of value. Once you’ve done this, you are at the helm…confident and satisfied, knowing that you can survive anything…you can start from scratch and make it work…from idea to income. The freedom is great. But, at the same time you are enjoying success, your head explodes, as every branch, twist,… Read more »
General Healthy
6 years 2 months ago

Oooooops, you wanted creativity. OK

I like running my own business because I nac etacinummoc yna yaw I tnaw dna ton teg derif!!

lareneG yhtlaeH

Laura Scholz
6 years 2 months ago
Thanks for asking my question, Gini (and cute outfit–will bribery win me a free book?). The best thing about owning my own business? I’m the boss. The worst part? I’m the boss. I love the control, the flexibility, the freedom to act on all of my ideas, to form really genuine, lasting relationships with clients that produce results. I hate being a bill collector, dealing with finances and paperwork and having no one to blame but myself if things go wrong. But the good outweighs the bad every time. I think this is the closest I’ll ever come to having… Read more »
Tom Miesen
Tom Miesen
6 years 2 months ago

Just getting into the “real world” from college, but I think that the main reason people own a business is because they are allowed so much freedom. I’ve learned a lot about companies with such dynamic leaders that just didn’t seem to fit in working under someone else. So, working for themselves is really the only option.

With that being said, the drawback of owning a business is that if you fail, the failure is all on you. That is a terrible position to be in.

Just some thoughts!

Tom Miesen
@tmiesen

Dave M
Dave M
6 years 2 months ago
For me, it’s getting it going to next level, while still having to hold a 9-5, and two kids at home. So, the free time is the most challenging. I need to recapture my free time, working on building it like I used to. Lately, I have found too much comfort in spending my free time as down time. Also, conquering fear, has held me back tremendously, I have walked away from two investors, because I did not feel worthy and up to the challenge, to let go of the 9-5 and jump. So I guess that’s two, well three… Read more »
Brad Farris
6 years 2 months ago
It’s not too creative, because it’s been mentioned before – but the biggest reward for me is being able to be with my kids almost every night. I traveled so much during my corporate life that it feels like a real gift to be home every night. That was my prime motivation in starting my business. A more surprising reward has been the community of other business owners that I get to be a part of. I know 100s of other business owners and they are all spectacular, live-life-out-loud kind of people. Smart, creative, doing what makes them happy; and… Read more »
Dave
6 years 2 months ago
Gini, First of all, thanks for taking my dare. You never cease to amaze me! Go Green! 🙂 Back when I was a musician, the thing I loved the most about being “self-employed” was the freedom to call my own shots, how hard I was going to work, when I was going to do it, how I was going to do it, and who I was going to do it with (well, I suppose my band mates had to agree to some extent, but we usually did). Plus there was a certain rush that came from being entirely responsible for… Read more »
Tom Harper (@trharp1)
Tom Harper (@trharp1)
6 years 2 months ago
Owning your own business (any business) is like being your own restaurant. You get to create the menu and create all of the delicious dishes; you get to greet the customers as they come in; you get to enjoy the interaction you have with all of the satisfied customers (after all you’ve done well and all of your custoners are satisfied, right?. . .); and you get to design your marketing and engage the wonderful people who will become your customers. On the other hand, you have to cook; you’re accountable for all mistakes; you have to greet all the… Read more »
Jackie Wright
6 years 2 months ago

Great post and love the Sparty! Are you a MI native? Congrats on a job well done!

Jason Verhoosky
6 years 2 months ago

Here you go Gini, I thought about a creative response, thus you get a video response for your video post. Enjoy! http://bit.ly/a1Ey1c

Gini Dietrich
6 years 2 months ago

I let Les choose the winner and it is … drum roll, please …

VICKI!!

But Jason, you win on creativity, so he’s also sending you a book.

Everyone’s comments are great. Thanks for participating!

Jason Verhoosky
6 years 2 months ago

Congrats Vicki!!!
And thank you to Les and Gini for sending me a book for my creativity:)

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