A piece on the BBC website, prompted me this week on the Htet Tayza blog to discuss the connection between identity and business.
Any Successful Entrepreneur Knows one Thing
Any successful entrepreneur will tell you that when you are starting out on the road to success, one thing becomes quickly apparent. You are the face of your business.
Let me explain. I co-own Escape Gastro Bar. Therefore, people associate me with Escape Gastro bar, because I am the one who is ultimately responsible for it. Basically, this means that anything I do will reflect on the reputation of Escape and vice versa, because I am the person people associate with the business in question.
You Are the Face of Your Business
It’s a symbiotic relationship. For any young entrepreneur starting out, it means that they are the ones responsible for ensuring the ventures success.
Take financing, for example. Even when starting a business with no money, it is possible to secure financing from a bank. However, the bank’s decision doesn’t just depend on the viability of the business, but on you, because you are responsible for it.
Therefore, if you have a history of spending money badly, then the business itself is a risk, because the person responsible for its success has a history of mis-spending money. Your identity therefore, has had a direct impact on the success of the venture.
Your Business Represents You
Although the article fascinated me, because it brought home to me the fact that a business can have an impact on your future success. Let me explain.
The article explored the decline in Atlantic City’s gambling trade. The situation is dire for the city that once used to be the centre of gambling on the US East Coast. Over the past eight years, revenue has decreased by 50%.
Here’s the interesting bit. US business mogul Donald Trump has several casinos named after him in Atlantic City, which belong to a company called Trump Entertainment Resorts. However, he only owns a 10% stake in the company, and has now taken legal action to have his name removed from the establishments. Clearly, Trump didn’t want his name attached to casinos that are consistently losing money. It suggests that he doesn’t know how to make money.
This Relationship is Vital to Entrepreneurial Success
Through both arguments, we can see that the relationship between identity and business is vital to the success of any entrepreneurial venture. Yet it has positives and negatives, which is why if you want to become a success, you need to carefully consider the balance of this relationship as your business gets off the ground.