Family-Owned Business: Ownership vs. Renting

Family-Owned Business: Ownership vs. Renting

What is ownership? How would you define ownership? Do you take ownership of your life and business? It’s something that I have been having a lot of conversations around lately.

Some of my clients, colleagues and friends say ownership is the possessing pride in something, the act of maintaining, coming up with solutions, caring for something, owning vs. renting, taking pride in what you do, taking complete responsibility for that thing, though, activity that only pertains to you and it’s nobody else’s fault but yours. They would be right.

However, my colleague and friend, Karla Lewis explained it the best “I believe that ownership is being an example of success by operating with integrity, self-discipline, and passion in every area in my life and business. And I believe it is operating out of our creed every day whether we want to or not whether we feel like it or not, whether it’s fun or not. ”

Why is ownership or understanding ownership important for your business? There are a couple of reasons. First, we are telling ourselves lies. We are rationalizing mediocrity. We are rationalizing our reality. “Rationalization is a process of not perceiving reality, but of attempting to make reality fit one’s emotions.” – Ayn Rand.

Secondly, if we take ownership we overcome our own excuses. The excuses that we tell ourselves, “I’m tired, I don’t have enough energy, my colleague has a better territory, the market is crazy, it’s not the right time of the year, I’m only human, etc.” Our CEO Dustin Hillis, once said that average people are willing to take themselves off the hook so quickly. If you don’t own the little things, you are even less likely to own them after they grow.

Finally, when we have ownership we have accountability. Accountability creates consistency. Consistency creates growth.

Now, what’s the definition of renting? You might be thinking of the short term, not really investing in the long term, temporary, cheaper, and the ability to pass the buck to someone/something else.

If we just “rent” or think of our business in that way it will lead to stress, less pride, not passionate about something, and complacency. Is that something you want to build your life around?

So how are you going to start owning up to the little things in life? My suggestions are to take pride in creating a weekly schedule, creating good habits in prospecting or building strong partnerships. At home take pride in helping out at home with doing the dishes, the laundry, helping out with getting the kids to bed or maybe even the yardwork for your spouse or significant other.

People who take ownership earn respect from those around them because they have integrity. Think about those people you respect the most. I bet they have integrity, they own up to their actions, and they do what they say they are going to do. It’s owning up to the little things that will lead to owning up to the big things. Ownership will help you take your business and personal life to the next level. So I challenge you to own up to the little things, don’t just rent your abilities. Pick one area or characteristic where you want to take direct ownership of and create the change you need to have integrity and go OWN IT.

If you are leading a family-owned business and know you may need some extra coaching to get your business to soar, CONTACT ME.

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