
Business Bondage
Business bondage refers to the state of feeling inexorably intertwined or even imprisoned by your business. Stress factors such as insufficient capital, late or non-paying customers, high interest new business loans, national economic issues, market fluctuations and many other factors can cause new business owners to feel trapped by their business and leads to a poor work/life balance. Many factors can contribute to this feeling such as a lack of experience running a business by the owner; the financial stress of starting a business; macroeconomic events; the inability to lead or delegate tasks; inefficient or inadequate business systems; lack of experienced staff; and an increase in the competitive environment. According to the Small Business Administration, business startups fail at a rate of roughly 50% within the first five years. In order to make a business succeed it requires enormous financial, emotional and physical commitment by the owner(s). Business bondage is frequently experienced by new entrepreneurs and small-business owners.
What is Business Bondage
Business bondage refers to the state of feeling inexorably intertwined or even imprisoned by your business. Business bondage is frequently experienced by new entrepreneurs and small-business owners. Many factors can contribute to this feeling such as a lack of experience running a business by the owner; the financial stress of starting a business; macroeconomic events; the inability to lead or delegate tasks; inefficient or inadequate business systems; lack of experienced staff; and an increase in the competitive environment.
BREAKING DOWN Business Bondage
Business bondage is most often experienced by new entrepreneurs. Stress factors such as insufficient capital, late or non-paying customers, high interest new business loans, national economic issues, market fluctuations and many other factors can cause new business owners to feel trapped by their business and leads to a poor work/life balance. According to the Small Business Administration, business startups fail at a rate of roughly 50% within the first five years. In order to make a business succeed it requires enormous financial, emotional and physical commitment by the owner(s). The flip side of that commitment is the necessity to find life balance or else risk succeeding at work but paying too high a personal cost.
Example of Business Bondage
For example, Jane has started a business. She wears many hats and is in charge of new business development, bookkeeping, sales and product development. She has hired an assistant, but couldn't find one with much experience for the amount of money she was looking to pay. Jane also doesn't have a large amount of capital to invest in CRM systems or other technology, so she completes most processes manually. As a result, she spends a large amount of time working and keeping her business running. She's the only one doing most tasks, so if she takes a day off, she may miss opportunities. She feels trapped and is suffering from business bondage.
Related terms:
Business
A business is an individual or group engaged in financial transactions. Read about types of businesses, how to start a business, and how to get a business loan. read more
Culture Shock
Culture shock is the feeling of uncertainty, confusion, or anxiety that might be experienced when visiting or living in a new environment or country. read more
Customer Relationship Management - CRM
Customer relationship management (CRM) is a reference to how companies, especially technology firms, interact directly with their customers. read more
Shoestring
"Shoestring" is a slang term most often connected to budgeting or to describe a small amount of money, which is inadequate for its intended purpose. read more
Small Business Administration (SBA)
The Small Business Administration is a U.S. government agency established to promote and strengthen the overall economy by assisting small businesses. read more
Sole Proprietorship
A sole proprietorship or sole trader is an unincorporated business with a single owner who pays personal income tax on profits earned from the business. read more
Startup
A startup is a company in the first stage of its operations, often being financed by its entrepreneurial founders during the initial starting period. read more
White Collar
The term "white collar" refers to the working class that commonly works in offices and earns high average salaries. read more