Pros and Cons of Being an Entrepreneur
By Space Coast Daily // January 8, 2020
You’re Responsible For Your Own Destiny
If being an entrepreneur is so great, why isn’t everyone doing it? Is it that we just don’t appreciate the pros of being an entrepreneur enough? Or, are there cons that we should take seriously?
The Pros of Being an Entrepreneur
There are many advantages of becoming an entrepreneur and starting your own business, where the initial step is to put a business plan together.
There are so many positives that most entrepreneurs find making the leap compelling. They go ahead with their ideas despite the cons. Here are just some of the reasons why you might want to do it.
1. Control Your Own Destiny
Becoming an entrepreneur means taking control of your own destiny.
You’re not relying on anyone else for a paycheck. You’re not relying on your boss’ decisions for how the company performs. Or, that the boss will choose to keep employing you.
How much you make is up to you. How much you have for retiring with is up to you. How much time you spend with the people you love versus in the office is up to you. Where and how you work is totally your choice.
You certainly may not have control over all the cards you are dealt, but you decide what you do with them. The worse the hand, the more amazing the win.
Some see this is risky, but you are also betting on the person you know best, that’s you. It’s the best investment you can make. You know you are going to give it your all to make it work.
2. You Get to Do What You Love
You might not love every task and hour of the journey, but overall you get to choose to work on something you love and care about. Too few people ever get to do that. When you get to do this work, it doesn’t really feel like the work you used to know.
More than just being able to really do your best because you are passionate about your work, you get to live your purpose. Some of it may be things you are highly talented at, even if it isn’t your favorite. Other days, it is what you really want to do, even if you are still learning how to do it well.
At least, on your deathbed, you can say you went for it and fulfilled your purpose. There’s nothing better than that. There’s no replacement for that. It is far better than having to go out with the deep regret you never tried.
3. Maximize Your Contribution
Founding your own startup is also about maximizing your contribution. You already know you are capable of more and aren’t being paid what you are really worth.
Freeing yourself from working for someone else means you really get to maximize the impact you can have. With the connectivity we have today, you can reach billions of people with your startup. Over the years you can positively impact generations.
When you make a huge contribution on a broad scale, in turn, the rewards will show up in increasing your own income and wealth.
4. Leading Others
You can’t expect more of others if you don’t lead by example. You can’t expect your kids or a new generation or your peers to do better, change the world for the better, and take control of their own lives – if you just cower in the corner chained to a desk in a cubicle or sell yourself for less than your potential.
Yes, you can create a great legacy and leave your mark on the world as an entrepreneur. More notably, you get to lead and inspire others by your example.
5. There’s Nothing You’ll Want To Do More
Once you taste entrepreneurship you’ll never want to do anything else. It will ruin you for working for anyone else for very long. Whether you win or fail on your first or next venture, the journey will be your own reward. You’ll be compelled to go at it again and again.
The Cons of Being an Entrepreneur
Don’t ignore the cons. They are real. They may not be more powerful than the pros, but do know them, respect them, and embrace them.
1. You’re Responsible For Your Own Destiny
It’s both freeing and terrifying for some. There’s no one telling you what to do or forcing you to clock in at a certain time. Some people can’t handle that mind-bending shift. It’s all they’ve been trained for, all their lives. They only know how to be a cog in the wheel working for someone else.
In fact, you are not just responsible for your own destiny. If you are successful in fundraising for your startup, then you’ll be responsible for millions of dollars of other people’s hard-earned and saved money. You’ll be responsible for your employees and their retirement. You’ll be responsible for your impact on your customers.
2. Lack of a Road Map
Until recently, there hasn’t been much of a road map for entrepreneurs starting a business. You’re figuring out much of it as you go along on a daily basis. Your flashlight lets you see just far enough ahead to take the next few steps.
Fortunately, you can now listen to case studies of other hyper-successful entrepreneurs on the Dealmakers Podcast. You can take a fundraising training course, and find an experienced M&A advisor.
Regardless, you may very well need to raise venture capital from angel investors and as soon as you accept their money you will report to them.
3. It’s Not Going To Be Easy
Don’t confuse entrepreneurship with being easy. Your startup might be bought for hundreds of millions of dollars in the next couple of years, but you need to buckle in and expect it to take the next 7 to 10 years to make an overnight success story.
Depending on how you take them emotionally, there will probably be more tough days than fun ones. You’ll be tackling new challenges every single day. Though, the good days will be so good that it will make it all worth it.
4. You Have To Create Your Own 401k Plan
You’re responsible for figuring out your own retirement plan. Making the money, setting enough aside, and reinvesting it in other things for balance.
5. One Day You’ll Have To Say Goodbye
If things go well, one day you’ll have to sell your company or free it to the public market. It’s going to be harder than you think. Though, with the right advisors, your exit will be a highly profitable one that will set you up well for the next adventure.
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