Am I going to the moon?
We had finished reading “Sadie Sprocket Builds a Rocket” before sitting down to dinner, at which my kid declared she wanted to build a rocket. In the book, young Sadie builds a rocket and takes it to Mars. It got my kid excited about going into space and rockets and that got me excited. I have always wanted to be an astronaut and go to the moon. I’ve watched “Apollo 13” and the series “From the Earth to the Moon” a thousand times. But my time has passed. I am committed to staying on this planet for the foreseeable future and living vicariously through her.
Unless of course I have over $50 million to spend on a seat aboard a private spaceship, as reported by the Associated Press. (And I would happily go to the International Space Station versus the moon if offered the chance). As we discussed going into outer space and the reality of people paying to go, it got me thinking… is that where I want to go?
Does going to the moon satisfy my needs, goals, and desires for owning and running my business? If so, it would change my focus on growing and running the business. It would become a catalyst for generating enough money to pay for the seat to outer space. Which would mean I would need to move my business into scale up mode. I would need to shift my strategy to be focused on selling more at a higher margin and contributing all profits to my space fund.
I am always helping business owners assess where they want to go and I thought I knew where I was going with my business, but perhaps I needed to rethink my aspirations.
There are three elements of identifying where you are going: needs, goals, and desires. These are personal to you not what the business itself is doing. There may be some overlap between your needs, goals, and desires and the purpose and vision of the business, but they can also be very distinct. Using this framework, I spent time evaluating and clarifying where I was going.
As I walk through my answers, I encourage you to check in with yourself and your business. Are you going to the moon or somewhere else?
Needs of owning a business
As I explored my personal needs, two large components came to light: income and flexibility. I need to contribute to the family income to cover the many costs of life. I also need a level of flexibility that allows me to deal with the unpredictable nature of a young kid’s life. I need to be able to accommodate sick kids, school closures and summer camps that end at 3pm without being worried that my job is in jeopardy. I know these needs will change as my kid gets older, but for now, this is a big part of what I need to get out of owning my business. To grow fast enough to generate enough income and profits to afford a seat to space would require me to work a lot more hours and not necessarily have the flexibility for my kid. I am not convinced that going to the moon will help me meet my needs.
Things to consider:
What are you earning for? Sustaining or improving your lifestyle? Paying for your kids college? Saving for vacations?
What level of commitment can you make? Full time and anything else required? No nights or weekends? Only when the kids are in school? Around your Ironman training schedule?
What is missing in your life that you need? Time for self-care? Stimulating work? Using your hands in the work you do?
Goals of owning a business
The goals I set out to achieve when starting my business were to spend my days doing work I love with people I enjoy supporting. I want to achieve something that can impact many other business owners while generating enough income to support my family and a lifestyle that includes fun, relaxation, and plenty of sleep each night. Building something that generates a ton of profit would also increase my stress level and reduce my opportunities for fun, relaxation, and plenty of sleep. If I make space my goal, I would need to scale the business and not spend as much of my day doing the satisfying work of personally supporting small business owners.
Things to consider:
What do you want to work towards? Financial independence? International reputation? Work with a team of incredible people?
What needs to change in your life to be happy and successful on your terms? More capacity to coach your kid’s soccer team? Less travel?
What are the conditions you want to create so you can thrive? Operate at strategic level with a team to execute? Work independently or with a team? All remote work and no travel?
Desires of owning a business
I believe there needs to be a selfish component of owning a business. If you are only in it for other people, you might burn yourself out worrying about everyone else. As I think about my desires, I have always dreamed of owning a house in the mountains. I also want to take my kid on adventures around the country and world. If I commit to the space plan, neither of those options would be easily accessible. My dream for going to outer space would need to be so strong that I am willing to sacrifice other things to obtain it. The mountain house, preferably near a ski resort is a much stronger dream that is far more attainable much sooner without sacrificing all of my needs. My desire to have a mountain house can be attained with steady, sustainable growth of the business and without the additional stress of needing extreme growth or external investors. And when I have the mountain house, I can enjoy a relaxing getaway, with lots of skiing frequently versus a once in a lifetime trip to space.
Things to consider:
What is the dream? Go to the moon? Own a second or third home? Be a highly sought-after public speaker? Sell the business at a great valuation?
What impact do you want to have on the world? Support mission driven organizations? Create lots of jobs for people in your community?
How do you want to enjoy the hard work you put into your business? Spend a week a month traveling? Create opportunities for your family for generations to come? Ski every week?
Spending the time writing out my needs, goals, and desires for owning and running my business allowed me to clarify my motivations for putting in the hard work. Every business owner should spend the time exploring each element of why they own and run their own business. Over time you will need to re-visit what you came up with as new situations will alter your needs, goals, and desires.
I will always have a fascination with going to the moon and being an astronaut. If I were offered a seat to fly into space, I would happily jump at the chance. But until that happens, I am going to feel good working each day to meet my current needs and goals and taking achievable steps towards my personal desires.