So you are considering leaving the comfortable world of employment and joining the legions of people who are building up new businesses? The world of an entrepreneur is a dangerous yet rewarding world and must be approached with care and consideration.
For those who are seeking to start their own businesses instead of joining the work force here are some pros and cons of being an entrepreneur.
Working for yourself does come with a certain amount of comfort and security. Its pretty unlikely that you are about to fire yourself so at least you have a position for the foreseeable future. The flip side is you cannot pay yourself unless the business makes money and that is only partly in your control. Customers need to part with money before you get paid so unless you are really good at convincing people and have a perfect and ready market you will have an uphill battle until you are able to slow down even a bit.
On the other hand those who have regular jobs have a certain amount of security and comfort. While lately with the economy you might be afraid of cutbacks this doesn’t impact your position of employment the same way it impacts an entrepreneur. You get to leave work at work and go home, and entrepreneur is at work no matter where they are.
Lots of people get into small business as a way of making tons of money. While the success stories you will hear are quite true you also need to realize that those stories are made up of less than 20% of the total population of small businesses. A huge percentage of small businesses fail quick and hard. So while the money long term could be quite nice, the money now is basically crap.
Employment on the other hand promises you money now and some raises over time. This is very nice for most people because we usually don’t have a steady supply of money to live on until our business actually takes off. The comfort of a steady and basically predictable income is huge.
Its very cool to start a business and become your own boss. Really it’ll make you the coolest person on the block. At least until a few months pass and you don’t suddenly start driving a hot sports car. Building a business is incredibly hard work and quite simply isn’t very fun until you become successful.
Employment isn’t quite as cool, but it is the normal. Being employed doesn’t make you a star right away but you could work your way up in the company and become someone important over time.
Work is work, no matter which way you look at it. If you are not willing to ride the tides of a business then you aren’t ready to start one. If you are ready to take a huge chance and suffer for it, you could be one of the next great success stories.