Once college is finished and dusted, the next challenge is to get a job. Entering the business world is a wonderful way to gain real practical experience and put all your university education into practice. However, after some time in the workforce, you may decide that the life of an entrepreneur is more your style. Whether you want to start a side business, be self-employed, or launch your own business, being an entrepreneur has several advantages and disadvantages: let's take a look.
There's no denying that one of the best parts of being an entrepreneur is the total freedom you have to do your own thing. No more bosses to be accountable to or managers to keep an eye on you over your shoulder: now you've gone from bottom to top. And all that extra responsibility comes with flexibility. Many people are excited to be self-employed because it means that they can work when they want and where they want.
Your daily commute can be as simple as walking to the couch or taking a walk to the local coffee shop. Starting your own company requires a lot of work, but at the end of the day, it's your dream and you have the control to make it a reality. Influencing company management is one of the most interesting parts of being an entrepreneur. Instead of enriching others, your profits can now fall straight into your pocket.
This means that every business success becomes your success, and as your business grows, so do your potential revenues. This can be incredibly motivating for many new entrepreneurs on the path to success. Not only is the future of your business in your hands, but so is your next paycheck. Going from a salaried job to an unstable income is difficult.
Starting your own business involves a great deal of sacrifice, and while the reward may be worth it, carrying the burden of responsibility can be difficult at first. As a business owner, you'll assume much of the risk associated with starting a new company. This means that instead of your employer taking the blame, you're often risking your savings, time and effort to get your business up and running. Being your own boss has its perks, we all know that.
However, nothing good comes without a price. Here are some of the biggest disadvantages of being an entrepreneur. While being an employee has few guarantees, the business world has no guarantees. Countless entrepreneurs have invested their savings and countless hours in their new companies only to lose everything.
Believe it or not, up to 20% of startups fail in their first year. In the early days, this is an even greater challenge. There's no guarantee that you'll generate revenue in the first few months. For this reason, it's best to adopt the “no guarantees” mentality and plan ahead.
You can also pay your estimated taxes quarterly or pay yourself a salary to avoid having to save throughout the year. When you pay yourself a fixed wage, you can file a W2 form as a regular employee and you will only have to pay self-employment taxes on your remaining earnings. People often mistakenly think that entrepreneurship is about wasting the 40-hour workweek in exchange for a freer lifestyle. They think that the life of an entrepreneur has less to do with work and more with life.
While that's the long-term goal, the opposite is true in the short term. Whenever you start a new business venture, you should be prepared for long hours. Expect to work much harder than if you were an employee. The 40 hours a week that you want to escape from can easily be replaced by a week of 60, 70 or 80 hours (especially in the early days of starting your own business or when you start to grow 26% (expand by 26%).
If you can't start your new business part time, save a minimum of 3 months of living expenses. Re-evaluate your lifestyle and see if there are areas where you can cut back and save money. Create a budget and stick to it to the letter so you can survive on a limited income. However, don't be deterred by your delay in success.
There is a business truth that you should record in your memory. It says: People overestimate what they can achieve in 3 months and underestimate what they can achieve in 3 years. Ignore your short-term estimate and focus on the long term. This free report shows you how to eliminate stage fright in just 30 seconds.
Now that you know the scary and unattractive aspects of entrepreneurship, let's talk about the benefits. That may be a reference too old for you to understand, but it means that what begins as an alien concept develops into limitless possibilities. This is because I have to consider all the pros and cons of being an entrepreneur when I tell you about my experience. Let's start this list of pros and cons of being an entrepreneur with what isn't easy to be an entrepreneur.
Many people accept wage cuts, uncertainty, and instability in exchange for this level of control over their lives and work. That means that every decision (and mistake) you make has bigger consequences that can affect you over time. Sometimes, things would get so difficult that I really wondered if it would be better or not to return to a normal job where big decisions (and lots of stress) could be made by someone else. At some point in your business career, you'll reach a turning point where all your hard work converges.
You can live life better than the vast majority of people on this planet because you took control of your life. You'll have to constantly overcome new challenges and learn about various business practices, laws, and more. When it comes to topics like public speaking, trust, or hosting an amazing conference, this site has everything you need and more. .
