Have you been contemplating starting your own gig? Are you looking to be your own boss?
There are so many upsides to being an entrepreneur. You get to set your own schedule, when to work, how to work, and where to work. This allows you to set up a remote career if you choose. What exactly is a remote career? It is the ability to work from anywhere you want. You could be sitting on a beach with your laptop—and there you go! There is incredible freedom when it comes to entrepreneurship, since you can create your “office” in basically any setting. For those that want to travel, this can be a much appreciated perk of being an entrepreneur. Imagine sitting in a European café handling your biz remotely. Nice huh?
I actually started my architectural business while raising my kids. The flexibility of my schedule as an entrepreneur was a huge plus so that I could be the one raising my kids as it allowed me to coordinate time to be at all their events and activities. There is something to be said about the freedom that owning your own business brings. You can literally create it in the way that suits you best.
Another perk of the “be your own boss biz” is the room for financial growth. There is immense financial opportunity since the sky is the limit. There truly is no cap to the amount of money you could potentially make. Since you are the captain of your own ship, you can decide how to navigate it, what course to set, and the speed you want to take to get there. On the other hand, as an employee you are typically paid a set amount, and that is your cap. Working harder does not guarantee that you will make more as an employee. Unless your work is commission-based, you are more than likely capped at your salary. This benefit can also be a double-edged sword, but we will get to that later.
As your own boss, you also don’t really have to answer to anybody else. That can be tremendously liberating. That feeling that you could potentially be fired or reprimanded is GONE! And, you really are in charge of your own career destiny. There is an overwhelming feeling of ownership and pride that comes with being an entrepreneur that is not easy to find as an employee. Feeling that pride in a job well done may be hard to come by as an employee. Yes, you may be able to feel that on a project you are working on, or the part that you worked on and can take credit for; but you rarely get to feel pride in the entire production, outcome, or process. As an entrepreneur, you connect so much more deeply with your work as it basically has your name on it. That feeling of pride in what you build is rewarding beyond measure.
Running your own business definitely gives you the opportunity to follow your dream. You create the vision for your career, and you create the business to achieve it. As an employee, you are typically following your boss’ dream. You may be fully supportive of it, and you may be 100% aligned with the vision your boss has set, but there is nothing like charging after your very own dream. That can be exhilarating.
But…there is a downside to consider. And I would be remiss if I didn’t point those out too. In 2015, studies show that only about 5% of the working population are entrepreneurs. That number has gone up to approximately 7% in 2017. With such a low percentage, there must be some serious downsides or everybody would jump on board the entrepreneur train. Let’s take a look at some of the negatives to running your own company.
One of the biggest has to do with money. Here is the double-edged sword I mentioned earlier. As an entrepreneur, you are not guaranteed a steady paycheck which can be stressful. Counting on a regular paycheck becomes a thing of the past when you make the decision to go it alone. And for many new businesses, financial stability takes a while to achieve. Studies have shown that it typically takes a new business three years to reach a profit. And studies indicate that first time entrepreneurs only have an 18% chance of succeeding. Yikes!
Given those statistics, entrepreneurship can be a risky proposition which many people cannot stomach. You must have the stamina to undertake starting a business, since it will not reach profitability overnight. It will take lots of grueling hours, a whole lot of faith in it and your abilities, and the motivation and drive to sustain you.
Entrepreneurs can also find it difficult to maintain a good work-life balance since you are not really clocking in and out of your work. Most employees apply themselves at work during their work hours, and then can separate themselves from it, leave the office, and enjoy their personal lives. For entrepreneurs this separation becomes a bit blurred. Whether you find it difficult to break away from work or if it stays on your mind well after “office hours,” it can be a struggle to create a healthy balance that your family would appreciate. While many people think that you can work less hours as an entrepreneur, it is completely the opposite. Typically entrepreneurs work much longer hours, with an ever-increasing list of duties. You will have to take on administrative tasks that may not have been a part of your job as an employee, and you now also have the task of managing employees which can be difficult at times.
Another downside to being an entrepreneur is that it can be lonely up there. While it sounds exciting to “have it all,” it can be a scary and lonely place when you are the one fully responsible for your company’s success or failure. The stress associated with this responsibility can be a tough one to control or manage.
So now that we’ve covered the ups and downs of the “be your own boss gig” do you feel that it is something you want to try? Or have I scared you away?
I can speak from experience that while the challenges as an entrepreneur have been great, the rewards have been even greater. Mark Twain says it well…
Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.
If you are ready to embark on entrepreneurship, check out the YouTube for how to start your own gig here….
And if you are wondering if you have the personality to go on your own, check out this podcast….
And remember to “like” either one if you find it helpful!
Until next time—