I don’t know about you but, over the past 15 years, becoming an entrepreneur and running your own business has become so fashionable it’s unbelievable.
But if you are working in the space of entrepreneurship, either as an entrepreneur running your business or providing services for other entrepreneurs, you probably feel the pressure more and more.
So just why do so many people get into entrepreneurship and want to run their own business?
Because it sounds great. It sounds cool when you’re asked “What do you do?” and you can answer “I run my own business”.
Because you can make lots money. We are all caught by that thought that running your own business is the only way to become rich today.
Because we are told we can. Why struggle in a loser-job if you could run your own business? At least you are in charge.
And from where do they get the ideas for running a business?
Random searches online are not always the best solution
A good example is finding a course online while searching Google for “How to start a business?”.
They find a few ‘gurus’ selling a course to teach them how to become successful with whatever the course is about. The aim is to sell as many of those courses as possible. Most people taking part in these courses lack their own ideas and look for an idea and a how-to guide.
How many of those do you think will try to follow the script?
I guess most will give it a go and if lucky one or two percent will actually make any money with it.
The rest will give up frustrated, looking for the next opportunity which surely comes along with the next course. Or does it?
Let’s face it, not everybody needs to run a business. Actually just following a fashion is everything but entrepreneurial.
The question everybody should ask themselves is why they want to run a business in the first place.
Why do you want to run a business?
Is it this dream of being your own boss, running a business your way, doing what you want whenever you want? Is it about making money, becoming rich?
If any of those are on the button for you, I want you to think again!
Running your own business isn’t easy. It’s very hard work and most likely you’ll need to work for more hours in the week than you’ve ever worked before.
Forget your holidays for at least the first five years of starting your business and prepare for having less money than you’ve ever had before. If you make it through the first three years and you enjoyed the journey, prepare yourself to change your job completely from doing the work you know and love to building and managing a team to take over from you. At least if you plan to grow and scale your business.
It’s not all about the money…or is it?
Truthfully there are better and easier ways to make money without all that stress. This is specially true in Europe where employment is highly regulated in most countries and 12 hour days are very rare. In other parts of the world this might be different.
If you are just out for the money, I would advise you to save 50% of everything you make and invest it wisely. This will give you financial independence much faster than most business will ever do.
So the question is: “Is it worth it to become an entrepreneur and run your own business?”
My answer is “Yes”. Yes it is, if you are in it for the right reasons. But reasons like being your own boss, running your own business, doing whatever you want, or making lots of money are not the right reasons.
If that’s what drives you, then get a job in sales or in the financial markets. Where the money is, you make money. And as long as you make money you can pretty much be your own boss and do what you want.
Five reasons to battle it out
What are the right reasons? In my experience they are:
- You’re desperate – you lost everything and you’re willing to do whatever it takes to get out of this hole and you don’t have other opportunities
- You’re obsessed – you’re so passionate about something and you don’t believe anyone else can do this better than you
- Opportunity knocks – something falls right into your lap and its too good not to pursue
- It’s in your DNA – it’s the one thing you feel you were born to do
- You have huge experience – you know everything there is to know about running a business and it’s something you always wanted to do
This is just a short list of the most important ones.
Actually, being an entrepreneur has very little to do with running a business. Instead, it has everything to do with setting and achieving your goals. If you can do that running your own business, great. Go for it. If you can do this by getting the right job in the right place, go for that.
There is no good or bad in either of them.
How about you? What kind of entrepreneur are you?