Sunday, March 15, 2015

The personal side of the entrepreneurship lifestyle

As an entrepreneur, everyone expects that you'll always be the strong one - striving for success, achieving set budgets, having a surplus of profits that contribute to a really great lifestyle.

You get letters from various people who want you to contribute to their causes, customers / clients who believe that you have enough money so they will pay you in the next batch. The governments of the day who burden you with staggering taxes, prohibiting you from properly paying themselves, but contributing to their planned schemes and projects where the money's wasted and nothing seems to be accomplished. They don't see the hustle, the sleepless nights, the inability to afford the basics; the fact that your personal quality of life is nowhere near where they or yourself expected.

When I get to see the inner information pertaining to entrepreneurs, the pictures are not pretty. In many cases, they try to conceal the true situation even from their families and loved ones. So who knows the entrepreneur?  It often comprises of themselves and their banker.

Entrepreneurs often face these situations:

  • No salary / wage
  • No benefits 
  • No vacations 
  • No specialty team of advisors 
  • No group huddle of others in similar relationships to discuss how to deal with the challenges
  • No reserve funds 
  • No proper organizational structure 
Additionally, technical assistance that's available often has a lot of requirements to be fulfilled to qualify for the assistance. Another area requiring lots of information before assistance is grants. 

Will they ever be a system that allows the entrepreneurs to do what they do best - work, while the other activities get completed by professionals in the requisite fields? 

The next time someone offers you the opportunity to be an entrepreneur, think long and hard. The investment of time and resources can be enormous, and not obvious at first neither. 

Despite the drawbacks, there can be benefits such as:
  • Control of your time if you're organized. 
  • Networking opportunities, where you can work with the more desirous of your contacts. 
  • Projects developed can be better controlled by you using the timeframes as you allocate based on your scheduling. 
  • Serving multiple markets reduces and removes the element of boredom as there's always something to learn.
  • On going education, where you learn elements of the business that you would be never exposed to if you worked in a job. 
  • If you get to make money, you get first pick at spending, then the government gets theirs. Way different than when you're an employee. [NB. Employees are taxed heavier than corporations in some jurisdictions
Entrepreneurship is not all that it's cracked up to be, unless it is done well. You have to be prepared to make some investment of time / money / other resources along the way. If you're good at it, the personal side of the entrepreneurship lifestyle may be worth it for you. 

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