Business Bondage

What is Business Bondage

Business bondage alludes to the state of feeling unyieldingly interweaved or even detained by your business. Business bondage is habitually experienced by new entrepreneurs and small-business owners. Many factors can add to this feeling, for example, a lack of experience running a business by the owner; the financial stress of starting a business; macroeconomic events; the failure to lead or delegate tasks; inefficient or deficient business systems; lack of experienced staff; and an increase in the competitive environment.

BREAKING DOWN Business Bondage

Business bondage is most frequently experienced by new entrepreneurs. Stress factors, for example, lacking capital, late or non-paying customers, high interest new business loans, national economic issues, market changes and numerous different factors can make new business owners feel caught by their business and leads to a poor work/life balance. As per the Small Business Administration, business startups fail at a rate of generally half inside the initial five years. To cause a business to succeed it requires huge financial, emotional and physical commitment by the owner(s). The flip side of that commitment is the necessity to find life balance or probably risk prevailing at work yet paying too high a personal cost.

Illustration of Business Bondage

For instance, Jane has begun a business. She wears many caps and is in charge of new business development, bookkeeping, sales and product development. She has recruited an assistant, yet couldn't find one with much experience for the amount of money she was hoping to pay. Jane likewise doesn't have a large amount of capital to invest in CRM systems or other technology, so she finishes most processes physically. Therefore, she invests a large amount of energy working and keeping her business running. She's the only one doing most tasks, so on the off chance that she goes home for the day, she might botch opportunities. She feels caught and is experiencing business bondage.