Being an entrepreneur means you get to be your own boss.
When you decide to follow the life of an entrepreneur, then you are giving yourself permission to pursue what you are passionate about in life. You get to be the person who is making every decision, pulling all of the strings as you push forward with this opportunity. You get to use your strengths and skills to make a real difference in your life and those in your community.
Some people stay in a bad job because they need to “pay their bills.” Some might “work for the weekend” as a way to justify their decision to stay in a place where they are miserable. It isn’t always easy to be an entrepreneur, and you might not ever get rich, but there is a better chance that you will be happy.
Entrepreneurs get to dictate their own schedule (to a certain extent).
If you like the idea of putting in 40 hours per week and then coming home to relax nights, weekends, and holidays, then being an entrepreneur is probably not the best choice to make. You are going to be working 20-40 extra hours each week if your goal is to be successful with your start-up venture.
Where you gain an advantage is in the flexibility of your time commitments. You are not stuck trying to manage a 9-5 schedule. If you need to take a day off, then you get to do so. Want to take a vacation? Then make the time to go. You don’t report through a chain of command anymore.
Every day is different when you’re working as an entrepreneur.
Embracing entrepreneurship means that you are going to have a schedule that is different every day. There are no consistent routines in this world. Some experts would even say that if you experience two similar days in a row, then you should re-evaluate your business model. You have to stay hungry for every opportunity that comes your way. If you become complacent for any reason, then someone will take your place. This advantage can ensure your creativity.
There are fewer restrictions to worry about in the world of entrepreneurship.
When you begin to work for yourself instead of for someone else, then the independence that this experience creates is something that cannot be duplicated by any other professional opportunity. You are in total control of your destiny. You might earn more than some entrepreneurs, but less than others. Some people might work more than you, but others could be working less.
There are numerous structural options to consider too. You might choose to work from a home office. A shared office space might be a better solution for you to use. Entrepreneurs can work from a coffee shop, at the beach, or while taking a road trip with their family.
Entrepreneurs can choose to pursue any idea they want.
The only thing that limits your pursuit of a dream as an entrepreneur is your imagination. If you think there is an idea that you can follow, then go after it with everything that you have. Build that app which you believe could change the world. Tell your story by writing an autobiography. Sell your artwork online, even if everyone tells you that artists don’t succeed. Follow your instincts, and there is an excellent chance that a good idea will seem like a great one to all of your future customers.
You get to be more involved with your community as an entrepreneur.
The flexibility in your schedule that you can have as an entrepreneur is an excellent way to become more involved in your community in a variety of ways. You can serve at your local food back, coach youth sports, or find other ways to tie your volunteer work to your efforts with a new business. These opportunities will help you to network with others, promote your personality and brand, and build your business while you are helping others at the same time.
Cons of entrepreneurship
The world of entrepreneurship is going to dominate your life.
Your productivity as an entrepreneur is what will direct you toward success or guarantee your failure. There are no off days when you embrace this journey. If you’re not working, then you’re not earning. There are no paid lunches, no weekends off, no holiday pay, and no benefits. It is you vs. the rest of the world.
You don’t need to be engaged 24/7 to have a chance at success in the world of entrepreneurship, but you will be working a lot more often.
Entrepreneurs do not have a guaranteed pay check waiting for them.
If you want to earn money as an entrepreneur, then it is up to you to make that happen. You don’t have a guaranteed pay check waiting for you after every pay period like you would with a traditional employer. It is up to you to chase your money. That means you need to send out the invoices, find the people who don’t want to pay, and avoid the clients who think you should work for free because they can give you “exposure.”
Don’t fall for the trap of “free marketing.” Exposure doesn’t pay for your groceries. It won’t make your payment. If you went to your mortgage company or landlord and said, “I have exposure to pay you this month,” what do you think would happen? Find your perfect client, then find more of them to start bringing in some profits.
The world of entrepreneurship requires leaders if you want to be successful.
There are entire books written by industry experts on this specific disadvantage of entrepreneurship. You can boil down all of their advice to one basic observation: if you don’t have an internal drive that can push you forward every day and inspire others to follow your lead, then this isn’t the project for you to pursue.
Procrastination cannot live in this world. You must staple your pants to the chair, knuckle down on your work, and stay there until it gets done.
Stress levels are high in the world of entrepreneurship.
Meditation is the most common habit that people have when they pursue an idea as an entrepreneur. They make time for it because the stress levels are so high when you are scratching and clawing for a successful opportunity with everything that you’ve got. 1 in 3 people say that they worry all the time about something when they’re working for themselves instead of someone else. Loneliness is a problem for a similar number of people in this field.
Exercise is another great option to consider if you need to limit this disadvantage. If you burn calories every day with a workout routine, then you are less likely to take out your irritation on others or yourself. Then try to greet each new day with an extra helping of gratitude.
Funding can be a significant problem for entrepreneurs.
There are investors who might be willing to take a chance on your idea, but that is not a guarantee. You might find angels or venture capitalists who want to take a risk, although the odds of that are usually slim-to-none. You might attempt to do some crowdfunding, even though you might not get any money from this work.
Most entrepreneurs are self-funded. If you don’t have any money in the bank right now, then start small.