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5 Myths About Becoming An Entrepreneur
Steve Tobak over at The CBS Business Network says not to quit your day job yet.
1. Being your own boss and not having to kowtow to anyone. There’s no shortage of bosses and people you have to kowtow to when you’re an entrepreneur. Depending on your situation, there are investors, customers, partners, and here’s one that nobody ever anticipates, your spouse. That’s right, once the steady paychecks stop, the spouse becomes all-too-engaged.
2. Doing what you want, when you want. Sure, you may get to keep your own hours, more or less, but even that changes soon enough. If you’re successful, you’ve got to keep up with business, and if you’re not, you’ve got to work that much harder to change that. And since it’s your gig, there’s no fallback position. If you don’t do it, who will?
3. Escape from the stress of corporate life. Here’s a little secret: we make our own workplace stress. In other words, we take it with us wherever we go. That’s what surprised me the most about going it alone. Sure, there are always workplace specific stresses and headaches, but you’re just trading the corporate ones for those of an entrepreneur. They’re different, but not necessarily better or worse.
4. A shorter and more personal feedback loop. Actually, it’s just the opposite. At work you’re presumably getting feedback on a pretty regular basis. There are projects, tasks, and all that good stuff. But the gestation time for a startup business is relatively long. You very quickly come to realize that nothing much matters until the dough starts rolling in, and that could be a very long time. Okay, it is personal, but that’s both good and bad. How well do you handle rejection?
5. The unique fulfillment that comes from building something from the ground up. Yes, it’s different, but honestly, the sense of accomplishment is really no better or worse than what you get from doing the same thing at someone else’s company, whether it’s building a team, developing a product, or servicing customers.
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Richard Kurban on October 30th, 2010 7:46 am
I have to definitely disagree with point #5. Naturally, it’s different in every company, but I sure know that I don’t get the acknowledgment I deserve where I currently work. I’m the head of the CRM department, at a web based enterprise. I actually started the department myself after having to convince the CEO that it was quite ridiculous that a company our size didn’t have one. My first initiative (which I appointed to myself) was to properly integrate a streamlined email marketing program for all of our online products. Now, 10 months later, I’ve started to generate revenues upwards of $150K/month through my department. I haven’t gotten any bonus, nor a salary raise. I’d like to know from some of you, do you think that’s fair (or normal)? This is why, I’m actually working towards starting my own company, as I don’t need anyone to give me any acknowledgment, I’d prefer making these sort of revenues for myself!
Small Business Entrepreneur blog on October 31st, 2010 2:58 am
A while ago I wrote an article about the misconceptions about entreprenuership and that first you have to go in the opposite direction: smaller income, less free time, and more than one boss (as every customer is your boss). So there must be something wrong with the entrepreneurs mind! In the pursue of their dreams, the start by doing exactly the opposite and just hope they will make an 180 grades shift later!
Beloved on October 31st, 2010 10:22 pm
Well I ENJOY THE SITE QUITE EDUCATIVE. Thanks
Scott Zlateff on November 1st, 2010 9:05 am
Very interesting perspective. I will continue to read more on your blog. Thanks – Scott Zlateff
melissa on November 2nd, 2010 10:12 pm
I don’t agree with number five either.
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