The Realities of Entrepreneurship

Great! You’ve decided that you’re going to become an entrepreneur! What are the downsides to being your own boss, being the master of your own domain and not having to answer to a supervisor? Well, there are a few and they include:

  1. The hours are long. When you’re an employee, you punch a clock and go home at the end of the day. As an entrepreneur, you don’t have a clock to punch and you may find yourself putting in more hours than you originally imaged and when you take the hours worked and divide that by the money you bring in you may find that…
  2. The money isn’t as good in actuality as it was on paper when you put your business plan together. You should have a bank account that can support you and your current lifestyle for at least three (preferably six) months while the business gains traction.
  3. It can be stressful knowing that you don’t get paid unless you sell your goods or services and that means you have to be constantly selling. It can be stressful when you’re making a sales call that could make the difference between filet mignon and rice and beans. You don’t want to let desperation seep into the tone of your sales calls.

Take heart, though, there are benefits to being a business owner and they include:

  1. It is so rewarding to see your successes and know you were the one responsible for it.
  2. You have flexibility to work the hours you choose whether you’re an early bird or a night owl or if you want to work on the weekend and take a day off during the week.
  3. You can create your own destiny and perhaps even a business that you can pass down to your children.

If you’re ready to take the leap from employee to entrepreneur, working with a business coach may be your first, best step!