The Good, The Bad, and The Profit of Being Your Own Boss
Being an entrepreneur has its pros and cons. Running a business and being your boss sure has its benefits. However, roses have thorns. A proper understanding of an entrepreneur’s life would help you prepare for the positive and negative aspects of running a business.
While running a business affords you a sense of happiness and fulfillment, stress and pressure are also significant parts of the package. It’s a packaged deal of freedom and control, mixed with long hours and compulsory dedication.
Benefits of being an Entrepreneur
You are the boss
Being the boss is a rather obvious benefit of being an entrepreneur. It is one of the primary reasons why being an entrepreneur is so fulfilling and attractive. You are in control, the captain of the ship calling the shots and making things happen.
Your thoughts and decisions make real impacts. It is way better than submitting suggestions to a middle manager who ignores them or takes credit for them. Every move you make affects real impact and change.
You are in charge of your earning and finances
Another significant advantage of being an entrepreneur is that you determine how much you earn. You have the power to improve your earnings. How much you make isn’t left to the mercy of your boss or some obscure company policy.
How much you make is based on the effort you put into your business and how much you decide to pay yourself. Of course, you must be careful not to suck your business dry. Nevertheless, financial independence is a major source of joy for all entrepreneurs.
Flexible working hours
Another major advantage of being your boss is flexible working hours. You get to decide when and how long you work. You can organize your schedule so you work at the time you are most effective. For instance, if you are a night owl, you can manage your schedule to sleep during the day and work through the night; This is impossible in a corporate 9-5 job.
Flexible working condition
As an entrepreneur, you get to determine and influence the environment in which you work; This ranges from equipment, co-workers, furniture, office location, etc. You get to create the perfect conditions for you and your business to grow by surrounding yourself with the right people and the right ambiance.
Being an entrepreneur means you can’t get fired. The fear and pressure of getting that threatening letter from your boss don’t exist. Your drive to work hard is based purely on achieving your goal and taking your business to the highest peak possible. Your motivation is positive enthusiasm to meet your full potential.
The joy of building something real
The joy of creating and nurturing a business is so overwhelming and fulfilling. Building your business from the ground up brick by brick, client by client, project by project, and sale by sale is bound to fill you with a sense of achievement. There is a special and joyous pride that comes with being the owner and builder of a successful business. That feeling is worth more than silver or gold.
Cons of Being an Entrepreneur
Your clients and team are your employers
As an entrepreneur, you are your boss. However, you are still accountable for a lot of people. You are responsible for your clients and customers. In many ways, you are responsible for your teammates whose careers are in your hands. If you want to run a successful business and lead an efficient team, you have to relate with everyone with guided respect and care. To be a good entrepreneur, you have to be answerable to your clients, customers, and employees. Treating them with respect and thriving for their joy and satisfaction is a necessary ingredient for success.
Long hours, pressure, and stress
Being an entrepreneur requires impossible hours. Sometimes you had wished there were more than twenty-four hours in a day. Success in entrepreneurship usually requires dedication, consistency, and determination. Everything hangs on your shoulders. There is no pressure or fear of getting fired. However, the task of keeping your business running and growing is enough to keep you busy and under intense pressure.
One secret that most people tend to miss is that with financial independence comes financial insecurity. Earning a salary gives you a steady stream of income, making it easy for you to plan for the future. However, as an entrepreneur, your rating is reliant on the success of your business and the market and economic cycles.
In essence, you don’t know for a fact how much you or your company would earn. Plans and projections are essential; however, they are not guaranteed. The business world is very fluid, and so is the financial state of an entrepreneur. To stay in business and avoid brokenness, you would need to have good financial discipline and money management skills.
Most times, entrepreneurship is presented in a single light. Super dark or super bright. However, entrepreneurship is a spectrum, and getting a clear picture would require careful consideration of all pros and cons.
In truth, some features of entrepreneurship double as pros and cons. It all comes down to how well you manage your business. The good news is the pros outweigh the cons by an extensive margin.
Position 2 Profit Membership is for an online business community of leaders who want to position their business for profit. Business evolves at a different level when profit begins and how does your business grow from there? The group is led by Allison Todd, Operations & Digital Growth Strategist. Our members are committed to building a network of referrals, resources and accountability. Entrepreneurship is hard but you don’t have to do it alone.