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Entrepreneurs and business executives are culturally obsessed with maximizing business growth. And in the US, we’re arguably more focused on this than any other country. It is easy to get caught up in the mindset of business growth as a metric of success. As we say in America, “The sky’s the limit!”
When I started to research this article, my working title was How to break geographic self-bottlenecking. I planned to write about how to think bigger, expand into new markets and win the brass ring. However, after interviewing 10 local entrepreneurs, my mind was changed, and I had to change my angle as well, to Keep your business smaller.
When I asked these entrepreneurs why they weren’t expanding into other cities, almost every conversation quickly took a personal turn. I dug hard and asked tough questions, but each person shared compelling, well-thought-out reasons for not pursuing aggressive growth.
A vast majority of the 10 leaders had intentionally remained at their current business size, serving a smaller client base. This was a choice. And their reasons were shrewd, I realized, as I ruminated on these interviews. It even made me reconsider my own chosen path.
The benefits of not going “bigtime”
While bigtime founders enjoy a wild ride to the heights of success and often sell their companies for mind-boggling valuations, there are downsides to that trajectory. Once you reach those lofty heights, it is extremely stressful, often lonely and financially risky. There’s a steward-like responsibility that comes with financial success; and after selling the business, there is often a feeling of loss and even depression.
On the other hand, there are untold benefits of running a smaller, slower-growing company that creates strong personal satisfaction in multiple realms. Business success is not the only factor in leading a satisfying life — not by a long shot!
Consider these small... Read More
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