Whether you are currently an entrepreneur and have been your whole career, are looking to become one, or are just curious about how it works, there’s no doubt that entrepreneurship is completely unlike a traditional 9-5 job. Like with any career, there is a number of pros and cons, ups and downs, that come with this flexible “working from wherever” type of path, that should be considered before you take the leap.
What may seem like an easy choice, entrepreneurship is not for everyone, just like working for a company isn’t for everyone either! The list of challenges that every self-employed individual experiences on a regular basis can be endless, but the list of benefits is not that far behind. The most important thing is to determine is which challenges you can adapt to and which benefits are most valuable.
Let’s bring some focus on the major positives and negatives of both.
Photos by Andrew Neel on Unsplash
Imagine when and how you would work if you weren’t mandated by an employer to work at a certain place for a certain amount of time. It can look like a lot of things! Need a Tuesday off in exchange for a Saturday of work? Enjoy a 7am-4pm workday? Or maybe you’d prefer your days to start at noon? With entrepreneurship, you are able to create your own schedule that works around your needs and lifestyle. And that’s pretty much priceless.
Some may see this as a con, but for most, a pro of entrepreneurship is that no two days are alike. One day you may be answering emails and completing administrative tasks and the next you may be out at meetings and spend the night creating. Not to mention, we can assume that entrepreneurs are pursuing their passions and therefore are generally excited to wake up each day and work towards their dreams!
Salary, client list and hours are all within an entrepreneur’s control. They all also directly correlate with the work that you’re willing to put in! Work hard and you have total say in your time spent and earning potential. Don’t work hard and enjoy that until you can’t anymore! Bad joke, but at least you’re free to opt in and out on your own terms.
You may say this one is for learning junkies, but if you ask your doctor, he’ll tell you that being on a learning curve (especially physically acquiring new skills) activates some important mechanisms in our brain, that help it to build sparkling new neural connections, thus holding Alzheimer disease at a bay. So think twice of potential benefits you’re reaping off while on a learning curve.
Those two words say it all. Work from home, work from your favorite coffee shop, library, Mallorca or Katmandu, as long as you can maintain the vital aspects of your business - do it from anywhere you’d like.
On the other hand of the aforementioned freedom is also… freedom. It becomes increasingly important to become savvy with planning and time management, just as it becomes a necessity to be able to hold yourself accountable. If you come from a more structured background, there are no longer co-workers, bosses, mandatory meetings or times to clock in that used to keep you motivated to show up and work. And that takes a bit of adjustment in the beginning.
Comradery, or the Lack of
As a creative entrepreneur, it is easy to get caught up in routine, only to realize that you’ve been working alone this whole time! Unlike working on a team, there’s a lot of solidarity involved in entrepreneurship. There often isn’t someone working next to you to converse with or bounce ideas off of. Congrats here if you’re an introvert! But even them need a tad of socializing to stay sane. Co-working spaces are a great way to combat this con, as is making friends who are also entrepreneurs!
Wearing a lot of Hats
The opposite side of constant learning is that you instantly become the accountant, marketer, CEO and customer service representative, all at once, and that’s if to put it short. In the reality, depending on the type of business you do, you might need to take on many more different hats. Even if you decide to outsource some of the services, at the end of the day, you are solely responsible for every aspect that comes with owning a business! It can be a lot to manage and can sometimes just be downright overwhelming.
To conclude all of the above, you do need to thoroughly think through the change you might be considering, but if you already got to this point it is very probable something pushed you there! In any case, you had guts to start thinking about being your own boss, congrats! As you may have grasped from the pros and cons there’s pretty much always an opposite side to any advantage and vice versa. The question is are you ready to experience it all, and if yes, then what the heck are you waiting for? Remember, the worst thing to regret is the thing you wanted to do but didn’t do!
Photo by Danielle MacInnes on Unsplash