Ever had a rough day at the office? Sometimes do you say to yourself that now is the time to start that business and take a chance on that brilliant idea your friends all think is a home-run? Have thoughts swirled around your head about walking into your boss’s office in the morning and saying a few choice words, such as, “I QUIT!”?
Well let me give you some free advice… don’t. Becoming an entrepreneur sounds exciting in theory, but carving your own path, leaving that 9 to 5 job and being your own boss isn’t for everyone. I’d say stay put… and here are my top six reasons why.
1. It takes a long time to start making a profit.
The initial phase of starting your own business is extremely frustrating and demanding. It could take years for you to break even, much less make a profit. The level of uncertainty in creating your own business is extremely high, and it is never set in stone how quickly you will start making money, if ever.
2. You have to invest a lot of time.
Starting your own venture means hours upon hours of work. While a 9 to 5 job sounds stale, at least you know how many hours you will be working. With a new business, you’ll have to invest a lot more time, especially at the beginning. (You hate working 8 hours a day, let alone 14!)
3. Initial financing is difficult to attain.
A substantial investment is often required in opening your own businesses, and for some entrepreneurs this may be difficult to obtain. And since making a profit usually takes a while, it’ll be even harder to pay back your original loan. Don’t even get me started on the practice of how banks decide to whom they lend money.
4. There is a lack of benefits.
No longer working for a “normal” company means losing out on the benefits you receive with your current employer: 401k, health benefits, life insurance, etc. You do have the option of purchasing them, but usually at a higher price.
5. Guess who does everything? You.
Just because you’re the boss doesn’t mean you get to skip out on all the mundane, boring work required. Accounting, HR, Legal, Operations, Sales/Marketing, Customer Support are all areas that you are now responsible for, and while you could hire people to help you, that would bring a whole new paradigm to having a business…employees. Don’t get me started there.
6. Selling yourself is difficult.
Becoming a successful entrepreneur relies on your ability to sell your company, garner buzz and attract attention. If you’re even the least bit introverted, shy or lazy, you’ll find yourself at a big disadvantage when trying to vie for business against a seasoned, confident business owner.