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 own 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. Its a packaged deal of freedom and control, mixed with long hours and compulsory dedication.
Benefits of being an Entrepreneur
You are the boss.
This is a rather obvious benefit of being an entrepreneur. In fact, it is one of the major 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 effects real impact and change.
You Are in Charge of Your Earning and Finances
Another major 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 own 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 organize your schedule so that you 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 scary letter from your boss don’t exist. Your drive to work hard is purely based 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 own boss. However, you are still accountable to a lot of people. You are accountable to your clients and customers. You are also in a lot of ways accountable to 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 wish 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 earning is reliant on the success of your business as well as the market and economic cycles. In essence, you don’t know for a fact how much you or your business would earn. Plans and projections are very important; however, they are not guarantees. 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 a very wide margin.