Success Entrepreneur, Business Coach and Consultant Soji Fagade has written an insightful guide on the lifestyle of an entrepreneur and how to successfully navigate your entrepreneurial journey.
Entrepreneurship is not the daunting far-off dreamy impossibility it used to be. For most people who are interested in running their own business, now more than ever before, the means and resources exist to do so. In fact, entrepreneurship has become an encouraged course of action as many policy makers and elected representatives realize and acknowledge the positive impact entrepreneurship can have on economies. In 2013, The European Commission released a statement expressing its own commitment to fostering and promoting entrepreneurship as a means of creating businesses and spurring growth. Yet this must not be undertaken blindly as there are pros and cons to be weighed when deciding if this is for you.
The perks of entrepreneurship are many, chiefly among them being freedom – the freedom to follow your passion, choose your own hours and retain control over your life. But these freedoms carry their own set of responsibilities that not everyone will be comfortable assuming.
Following Your Passion
One of the main reasons people choose the path of entrepreneurship is that it allows them to create their ideal job or to partake in something they enjoy. While there are opportunities to work with existing companies and do what you love, there is nothing like working at something you feel very strongly about or enjoy deeply. More so, it is a beautiful feeling to get up every day and put your time and efforts into something you believe in wholeheartedly. Very often taking on an entrepreneurial venture is the easiest way to enjoy this perk. Being the boss means you are able to take your own nuances and preferences into consideration and create something you actually want to be a part of.
Dictating Your Hours
This is another major reason many consider starting their own business – because it gives them the freedom to dictate their hours. Depending on the nature of your business you may need to work 9 to 5 but the primary difference with when you are your own boss is that you have a say in the matter. If you are not a morning person running your own business means you can start your day later and continue working way beyond normal office hours. Likewise, it means you can choose not to work on a particular business and trade in that time for a Saturday or a Sunday. These are conveniences that you may not be afforded if you work for someone else.When you decide to walk the path of entrepreneurship you are able to create the job you want, working hours that don’t necessarily fit the 9 to 5 mold. Most companies schedule their employees’ work hours based on the traditional 9 to 5 business model. Even in cases where there is an option to work on shifts or flexible hours, these hours are often predetermined and scheduled according to the company’s needs.
As wonderful as it is, this freedom to dictate your own hours can quickly morph into a potential nightmare. When you are in charge you may end up working longer hours. With the structure of a 40-hour week removed from the equation, you can quickly find yourself rising early and burning the midnight oil to keep things going. When the business venture is your baby and your vision, no one else will be as invested in it as you are. You want to see it succeed more than anyone else. Most importantly, if it fails you will have the most to lose. This can turn your freedom into slavery, making your beloved business your slave master.
Controlling Your Earnings
But like so many other pros, it does not exist without its complementary con. Being in control of your earnings means financial freedom but it also means financial responsibility. You are responsible for paying yourself and all other employees so if there is no profit you will be to blame, not someone else. You are directly responsible for how much you earn. This kind of pressure is not for everyone. Some may find it a little crippling and for the faint of heart, it simply will not be worth the price.Most of us understand firsthand the frustration of being paid less than we know we deserve based on the work we do. It can be a very disheartening feeling and will often lead to demotivation. On the contrary, when you choose the life of an entrepreneur, you are in control of your earnings. You decide how much of your profits you should take for yourself as salary and you are able to reward yourself justly based on your efforts. This kind of financial independence is a beautiful thing.
When you decide to become an entrepreneur you and you alone will be responsible for your training and personal development. Maybe you will have a business partner who will be a source of encouragement and motivation, but ultimately you will need to take responsibility for your growth. This will in turn fuel the growth of your business. This responsibility will often mean investing in training seminars and workshops, reading books and magazines on business and entrepreneurship, and networking with other business professionals like yourself.
Ultimately, as with so many other things in life, the decision to take on the lifestyle of an entrepreneur is one that should be made only after careful consideration of the pros and the cons. It is also important to note your own strengths and weaknesses as you make the decision whether or not you should embark on this journey. While the rewards are many, the work is hard; but if you are truly committed and possess the necessary drive hard work will never be a strong enough deterrent. As the saying goes, to whom much is given much is required. ‘You become what you are!’
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