It’s the start of a new year and hopefully new beginnings. A fresh start calls for resolutions, opportunities, and the like. You might even have your goals already. One underrated constant often makes its way around resolution lists before being filed away under “forgotten ideas.”
Resolution No. 7: Start My Own Business. Brilliant idea or a misguided attempt at a career change? This being the Entechpreneur section of the magazine, you’d think that the automated answering machine response would be, “Yes, please do. I’ll give you a hundred reasons why you should. Please leave your business proposal at the beep.” But if there’s one thing we’ve learned after interviewing a handful of the best startups in the country, it’s that the life of an entrepreneur isn’t the bed of roses it’s advertised to be.
The common deterrent for would-be entrepreneurs is the blood, sweat, and tears required just to break even. But what that fails to illustrate are the pitfalls, losses, and crises from just being on the road to a functional business. This article will not romanticize entrepreneurship even further. Instead, we’ll list down the “whys” of why you shouldn’t go into a startup.
- No salary. Suck it up.
If you’re getting into the entrepreneur’s life looking for fame and fortune, you’re in for a crushing disappointment. Yes, if you make it big, your business will earn you more bucks than you know what to do with. But on the way there, you’re going to have to live with the fact that you are going to spend tens to hundreds of thousands of your personal savings just to keep your venture afloat. And the little money that you make will have to go back into the business to make it grow. You can’t have the big salary if you intend to make your business last even five years. That’s why they call them “angel investors.” Having a financial backer can take the sting off, but that’s just one of your problems.
- What do I do now?
One thing they don’t teach you in school is how to be your own boss. Like it or not, our educational system relies on you following what they tell you to do. A handful of universities offer courses in entrepreneurship, but with a system that teaches you how to follow authorities from preschool on, it’s tough to break away from the mindset. If you’re gunning for your own startup, you’re going to be your own boss. You’re not going to have a figure to look up to, to tell you what to do, or scold you when you’re wrong. But hey, that means you can never get fired, right? Yes! But guess what? That means you can’t get out even if you want to. You’re going to be chained to your startup forever. There are some exceptions, but the only way to get out is to crash your business to the ground. And everyone else working on the business along with it.
- Amp your social skills to 11.
The introverts are despairing, while the extroverts are exhaling a sigh of relief. Socialites, you’re not out of the woods yet. Your PR skills will come in handy while doing business, but doing HR work is a different playing field altogether. You’re going to be responsible for a growing number of employees. They’re going to rely on you for their means of living. Take a second to breathe that in. If your startup goes belly-up, there won’t be food on their tables. Even the act of finding employees, partners, and investors will be grueling. First of all, what do you sell them? You can’t offer them a career path or a means to make it big. You’re selling them your heartfelt hope that the startup will eventually stand out from the muck and make the big bucks. And you have to hope again that your promise is good enough for them to spend their time on you.
Discouraged yet? Don’t be. As much as this tirade breaks down the romance of entrepreneurship in three bite-sized bits, there are a lot of things to consider before turning in the towel. Besides, it’s the start of a new year. We wouldn’t want to start it on the wrong foot now, do we? We’ve given you reasons why you shouldn’t be an entrepreneur. Now, here’s why you still should.
- Time is gold.
Nothing beats the allure of time. You can lose all your money just keeping a business afloat, but one thing you never get back is time. Being your own boss means that you own your time. You have a responsibility to spend at least a modicum of that developing your business, but you can use more of yours to build your other responsibilities. With the time you gain, your loved ones don’t have to take a backseat to your career.
- You make a difference everywhere you go.
Being on the path of entrepreneurship by itself is a change maker in the eyes of society. Entrepreneurs are at the forefront of a paradigm shift that sees the little man upend the traditional career path of the big corporation. Instead of selling your time and services, you own what they create. Your effort to make it big in a cutthroat industry is changing society as we know it.
Social entrepreneurs have it the best. Their humanitarian intentions are felt with every problem they solve. Even if it isn’t felt on a grand scale, entrepreneurs who have people working with them can feel the difference that they bring with every relationship they make. Employees you have are grateful for the opportunity to make a name for themselves. Your customers praise you for the difference your product makes on the community.
Being an entrepreneur is a righteous job. Done correctly, a startup has a chance to change the world for the better. If you’re not up to the task, find an easier shoe to fill. An entrepreneur’s life isn’t pretty. Some would even be hard-pressed to call it rewarding. But if you choose to go into it regardless, get ready for the fight of your life. You might not win, but at the end of the day, you’ll make a difference even if it’s just the hope you gave someone who’s been down in the dumps.
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