Lessons from an accomplished entrepreneur
Updated: Apr 6, 2020
Most people think being an entrepreneur means running your work life the way you want to with no one to tell you what to do. To an extent that is true, no boss or manager in control of your financial future. Do you want to take lunch when you want and go home on time? Well, you can make your own schedule, however, your finances are in your complete control so you have to work harder and smarter. In other words you have to work for that money!
If money is your number 1 reason, be prepared to not have some for a bit. It takes an exponential amount of work to reach financial security in a new company. Statistics say 20% of new businesses fail in the 1st year and only about 50% will make it past the 5 year mark. What will you do for money if you are part of that number?
What about freedom? We all want freedom from being told what to do and when to do it, right? I can tell you from experience that you will be your worse boss. You will be torn between wanting a break and having to work to make that money. I've been on many vacations where I will answer any call that comes through, because it may be a potential customer. I've learned that many people will not wait for a company to call them back and just move onto the next.
Family life balance is another great reason entrepreneurs start companies. We all want to get home and spend time with our families, after all that is what life is about. When you are your own boss, you can do that. Some people thrive on schedules and this keeps you on track to fit all aspects of your life in.
So whether you are just starting out or already successfully running a business, you are the boss. That means you have control over your financial life, your schedule, and your success. You can work as hard as you want, but remember your success depends on how well you can juggle all the things that are important in your life. I've learned that sometimes a missed opportunity is worth the small break you had and the memories you made with your family. I just work harder the next day to keep growing. Don't think it will be easy, because it isn't. Being an entrepreneur is not a gravy job, but it can provide so much more.