It seems like every other day there is some new blog popping up by someone who still lives at home (or is heavily supported from home) about how hate for working for someone else is the reason why they’re self-employed. This is such a fallacy on the subject of entrepreneurship that I felt the need to clear things up.
First of all having a want to remove yourself from the endless routine of making your boss rich, while paying inflated taxes and living check to check is a good thing – so don’t get me wrong. Recognizing that it will take you down a path where you will work 3-5 times harder than your peers, worry more than they do about your future and have an easier chance of winding up on the streets is something that shouldn’t be ignored.
Ask anyone who has never struck out on their own what they think of self-employment and you will get a list of positive things like:
- You get to set your own hours.
- You can wake up as late as you want, drink on the job or whatever!
- The sky’s the limit and you can work as little or as much as you want.
Sounds like dream come true right? Well if you only focused on the positive aspects of having your own thing then it will seem like a dream too. But there are many negatives if not more for people who choose this path for earning money and I am afraid that many young people online claiming the title entrepreneur are being extremely liberal with the term.
According to the Small Business Quarterly Bulletin the number of people who are “self-employed” is rising steadily no doubt from the increase in lay-offs in the Corporate sector. I know that personally it took 3 lay-offs in my career to gain the distrust it takes in the supposedly “safe and secure” job market to start my own thing – so I can understand the people who decided in 2012 to go their own way.
Striking out on your own is a huge deal
You lose out on benefits, the promise of a pay check every other week, an opportunity for a paid vacation, and the promise of a “regular life”. Many start-ups take the owner’s life away due to stress, working extra hours, and going the extra miles it takes to keep the business alive. Small business and self-employment can be a roller coaster in finances so if you have no financial background or smarts in saving for a rainy day it probably will break you.
So it goes without saying that the reason to be self employed must extend beyond the aspect of hating to have a boss. It has to extend to some sort of passion for what you do, passion for making money, and passion for growing your business. Anything less and you would be considered stupid for quitting your day job.
Make sure that if you try your hand at business that you do it for the right reasons. There is much karma in this and if you strike out to become a “baller” or to have the title of “owner” to throw in your employed friend’s faces then you are screwing up. Study, prepare, and stay motivated; this is all you can do – because at the end of the day when you’re hungry YOU may be the boss that you will end up hating to work for.See some words or phrases that you don't understand? Check out The Dragon's Lexicon.