It seems that nowadays the word ‘entrepreneur’ is becoming a very popular title with many giving the title to themselves. No wonder that this is the case, a lot of new problems arise coupled with the countless amount of smart, solution-driven people who find a way to solve the problems. To be an entrepreneur one doesn’t need to have a multimillion-dollar business, having a small company which sees an unsolved, or poorly solved issue, fixed is good enough. Even large corporations and entrepreneurs like Elon Musk or Bill Gates started with small companies and eventually grew larger as the demand for their products rose. Before you decide to follow suit here are a few good and bad things to consider. Let’s have a look at the benefits you’ll gain from choosing to becoming an entrepreneur.
The biggest factor for most people will be the freedom and flexibility that comes with being your own boss. The flexibility and freedom arises in all aspects of the business. A person is completely free to decide how much money will be spent and invested (the presence of shareholders may affect this) and can priorities according to what they view as most important. When working with a group of people people may have to compromise when views differ. Entrepreneurs are their own creative directors, they are free to make their products and services how they envision it, creating passion in what they do.
Arguably the second-best thing is the ability to create something unique. Coming up with a new way to solve an existing problem is fulfilling and seeing your unique idea come to life provides such joy. Remember, being an entrepreneur doesn’t require you to solve the most complex of world problems. Simple ideas such as a hat holder that attaches to a bag have been successful concepts.
Lastly, the growth that comes with being an Entrepreneur is amazing. As an entrepreneur, you learn a lot about yourself; your work ethic, time management, handling of stress, rejection, whether this is the right path for you. It will teach you a lot about what goes into running a business; the hours, why things tend to be so expensive. Suddenly you will have to face and learn a lot of business from a legal point of view. However, entrepreneurship isn’t all that glamorous, especially at the beginning.
The reality is that success doesn’t come overnight. It takes months, and sometimes even years, to create something of value. Entrepreneurship is a long process and there are unfortunately no short cuts. There will be long unprofitable months and many nights spent trying to solve the unsolvable. You need to be ready to put in the time, effort but most importantly patience. This isn’t about short-term gain, money doesn’t come quickly. It’s a game, which if played well, will result in generated long-term wealth, but it’s a slow game to play.
Many new businesses require large investments, which means that it’s likely that money will have to come out of your pocket. No matter how revolutionary you think the product or service is, there is no guarantee that the business will be successful and generate profitable sales. Even if it does, the money cannot be used immediately and chunks will be reinvested into the company and to pay taxes. Unfortunately, with the ever-changing business environment and unexpected world events, your business can go bust quickly. It is important not to put everything you own into a business because it’s a high risk environment.
Unlike a 9-5 job, you don’t stop thinking about work the minute you step out of the office. Being an entrepreneur means that you think about your business 24/7. There are constantly new ideas and problems that come to mind. A work-life balance can be hard to establish. Spending your Friday evening trying to find a way to keep your business going or how to successfully advertise your product can be draining. Therefore, it’s very important to set limits for yourself.
All in all, entrepreneurship – like everything else – is full of pros and cons and is not for everyone. However, why not give it a go if you have an idea? It creates an amazing opportunity to grow, develop and teaches things you could never learn in school. Remember, Coca Cola didn’t become successful overnight, they only sold 25 bottles in a year but they were in it for the long run and it paid off.