14 Brilliant Reasons To Become An Entrepreneur (Or Not)
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Should you become an entrepreneur? Do you think you have what it takes to hack it as your own boss?
Everyone dreams of becoming an entrepreneur or working from home. But truthfully, the life of an entrepreneur isn’t for everyone.
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In this post, I’ll share with you 14 reasons why you should or should not become an entrepreneur.
14 Brilliant Reasons To Become An Entrepreneur (Or Not)
Here are 7 good reasons to consider becoming an entrepreneur.
1. Be Your Own Boss
You get the freedom to make your own decisions.
Sure there is more responsibility than a 9 to 5 job but you get the freedom to become the CEO of your own company. You make the decisions yourself without anyone pressuring you.
2. Quality Time
Companies all around the world talk about giving employees time to spend with their families but very little fulfill their promises.
They don’t care if you don’t spend time any time with your friends or family as long as you come to work on time, and do your job.
Until you become retired, this reduces you to an empty husk. The entrepreneurial life is the way out from this. You set your own hours.
3. Financial Freedom
When you are working at a company, you work hard to pay the bills, buy groceries and live your life in between work hours.
But by becoming an entrepreneur you get the financial freedom to live life the way you want.
In the start, the entrepreneurial life can be very hard, you will be reaping a few rewards in exchange for a lot of time but as the years pass you’ll start making more money.
4. Excitement And Sense Of Purpose
When you work the traditional 9 to 5, you complete the same tasks every day. Which makes life boring and monotonous.
But when you are an entrepreneur you face new challenges everyday, learn new skills and take on many different roles. This brings excitement to the life of an entrepreneur.
5. Flexibility To Work From Anywhere
As an entrepreneur who works online, you can be a digital nomad and work from anywhere you want. Your whole team can be virtual and still communicate effectively.
6. It Makes You Creative / Gives You A Creative Outlet
When you live the traditional 9 to 5, you can only do the work for which you have permission to do. But as an entrepreneur, you are free to do what you want because you are your own boss.
You are free to think outside the box and achieve greater success than you can ever dream of as an employee in someone else’s company.
7. Freedom
When you run your own business, there is no limit to how much money you can earn. But the main reason that most people choose the entrepreneurial life is not just for financial freedom. But more for the freedom to live your life the way you want to, without anyone dictating your choices.
7 Reasons To Not Become An Entrepreneur
Entrepreneurship offers many benefits, not just the ones mentioned above. But with it comes certain things that won’t appeal to everyone.
If you wouldn’t like experiencing the following 7 things on a daily basis, then entrepreneurship probably isn’t for you.
However, if these 7 things don’t bother you, you may be a prime candidate for an entrepreneur!
1. Long Working Hours
Working under someone else, you can expect to work a set number of hours and very rarely anymore.
When you become an entrepreneur, you have to work an endless number of hours.
The days stretch on and you may have trouble getting home often if at all. Work will also come home with you, becoming a focus of attention in your home life.
2. Sacrificing Quality Time
As a new entrepreneur, you will find yourself sacrificing time with your family, your friends, your favorite hobbies and past times, and many other aspects of your life.
Your new business will consume you for long periods of time, likely to the point where you go from the red to the black, which could actually take a number of years to recover from.
3. More Hard Work
As an entrepreneur, you will find that the workload never ceases, no matter how many hours are in the day, or how many employees you bring on for assistance.
Growth always leaves room for “more” – so don’t think that success will allow you to kick back.
Furthermore, the more people you bring on board to take over your own responsibilities means the more people management you have to do.
Thus reducing your own productivity. You’ll want to find good, passionate workers who can manage themselves.
Related: How To Get An Apprentice Or Business Coach For Free
4. Uncertainty
Simply put, entrepreneurship is an uncertain endeavor. Even if you go into the process with planning, anything can happen and you cannot be prepared for it all no matter how you try.
The entire entrepreneurial process is about hoping for success, but never really knowing where things will turn.
While there is some level of certainty in business, there is also a large amount of discomfort for hopeful entrepreneurs who do not know where things will lead.
5. No Fixed Income
Startups typically are backed by cash, but there isn’t a never-ending pot of gold on tap just for you and your company.
The fact of the matter is that you and your bank manager will probably become quite well acquainted.
If you have poor skills in dealing with the intricacies of business finance then setting up your own company is probably not such a good idea.
6. Risk Of Failure
The problem with investing your own capital into a new business is that if the business tanks, you will lose all that money.
If you had to take out a bank loan, or a second mortgage, in order to come by the money that you required, then you will have to find a way to pay that money back without having a job or a business to assist you.
Before you set off on your journey as an entrepreneur you should seriously consider whether you are mentally resilient enough to cope with the possibility of failure.
Because truly, failure is a necessary part of the journey to success, and you need to be prepared to fail a few times until you figure out what works.
7. Financially Demanding
Without knowing when your next paycheck will come, and with bills, loan repayment and other expenses looming, becoming an entrepreneur can be financially demanding.
By guest writer Rohmah Azim, a full-time blogger and the founder of MakeAndSaveMoneyOnline.
14 Brilliant Reasons To Become An Entrepreneur (Or Not) – Conclusion
Now that you have had a chance to consider these 14 reasons why or why not to become an entrepreneur, you should have a good sense of whether or not entrepreneurship is right for you.
Honestly, everyone is capable of creating their own success story, you just need to be prepared for the trial and tribulations that come with being your own boss.
If you believe you can make it, and you do the work, guess what? You probably will.
More Resources To Help You Become An Entrepreneur
- 6 Success Habits Of Entrepreneurs To Start Doing Now
- 21 Passive Income Ideas For Creative Entrepreneurs
- 5 Secret Ingredients Of Successful Female Entrepreneurs
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