What is it like working for yourself?
I remember asking myself this question before I pursued entrepreneurship. The answers ripping through my mind were simple. Here are a few that I remember thinking.
- I will be my own boss.
- I will take days off whenever I want.
- I will be making money for myself.
I will be my own boss.
In my last few years, I have found you will never be your own boss. You go from having a single boss that you report to in a corporate company to now having multiple bosses. How do you have a boss if you are the Founder or CEO of a small company you might ask? This is simple.
You are never working for yourself. When you decide to take this leap into entrepreneurship, you will find you now work for your followers, clients, employees, investors and do not forget about your partners.
I will take days off whenever I want.
I found this to be quite the opposite. You will not take days off anymore. If your business is growing, you will be lucky to take hours during a day off. Depending on how passionate you are in regards to your company, you most likely will be thinking about work even during the few hours you take to spend time for yourself or with family.
I will be making money for myself.
This one is also false. Even if you decided to open your business without a budget or marketing plan, you will almost immediately discover something called operating cost. A lot of your operating cost will be to third party companies in return for their services. Website Hosting, products purchase for resale, accountants, lawyers, taxes, advertising, and depending on what your business specializes in this list could easily consume most of your revenue if not managed properly.
I did not write this to detour you from pursuing your idea. (Unless of course you plan to be my competitor.) I just want to share my experience to help you keep one foot ahead. If you are an entrepreneur then you probably do not need to read this. You are more than aware since the day you created your LLC or incorporated your company. What questions do you remember asking and answering in your head right before you took the leap into entrepreneurship?