Getting the opportunity to build your own business and live as an entrepreneur is the ultimate win- right?
Not always! And definitely NOT for everybody!
I’ve been an entrepreneur for 6 years and I wouldn’t change it for anything. But that doesn’t mean there aren’t days when I want to pull my hair out!
And I would be lying if I said I NEVER felt the pull of a 9-5 job.
Sometimes I envy the financial security my friends have who work at “regular” jobs. I wonder what my life would look like if I worked more “conventional” hours.
And there have been LOADS of times I’ve questioned myself, my decisions, and my journey in entrepreneurship.
This is totally normal.
Anyone who tells you it’s not is either a) a freak of nature, or b) lying.
So what if you’re on the fence about entrepreneurship?
Should you become an entrepreneur or should you stay at your job? Should you jump into starting a business or would you be happier changing careers and finding a new employer? Is entrepreneurship the “right” path for you?
These are legitimate questions that I think every new business owner needs to think about!
There are pros and cons to being an entrepreneur. Let’s be honest; most people know about the pros. It’s the cons that may come as a shocker!
So let’s look at the major pro and cons of entrepreneurship and figure out if it’s the path for you!
This is a tricky one since most people want to become entrepreneurs to GAIN freedom!
But, that isn’t always the case.
Starting your own business takes a TON of time, dedication and commitment.
In fact, when you first start a business, you may be totally shocked at how much you have to sacrifice to make time for it!
You’re responsible for all the marketing, accounting, administration, AND servicing the clients. If you really wanted to, you could EASILY work 15 hour days and still not get through everything that needs to be done!
When you’re first starting your journey into entrepreneurship, freedom is definitely something you should be prepared to sacrifice!
Owning your own business can be RIDICULOUSLY lonely! I talk about that more in a blog post here.
And I realize that’s totally the opposite of what we see on Instagram and Facebook when entrepreneurs are flashing money, cars, trips and parties!
In reality, when most people start a business, they’re doing it alone.
It’s not like a traditional job where you go into work and have bosses, managers and coworkers to talk to. (And remember, you may not even have clients for a months!)
But apart from the physical day-to-day loneliness, there’s a serious emotional loneliness going on as well.
I remember when I started my journey into entrepreneurship, I felt like I really couldn’t relate to my friends and family as much anymore! None of them were entrepreneurs and not being able to talk them about the business and bounce ideas off them made me feel even more isolated.
Loneliness is a REAL problem that entrepreneurs need to take seriously!
No external motivation
Ok, I learned early on that being an entrepreneur means I can watch Netflix, take naps, and snack every 30 minutes WITHOUT someone telling me to sit at my desk and get some work done.
No. Not at all.
At a 9-5 job, you’re working to meet deadlines for the company. There are other people depending on you to do your job and, as part of a team, you’re expected to pull your weight.
When you own your own business, it can be really easy to make excuses, push deadlines, and break promises to yourself.
Successful entrepreneurs know that they have to MAKE themselves do the things they don’t want to do when they REALLY don’t want to do them!
So you better be damn good at staying on track (or at least figure out a way how to!).
I cringe thinking about how much time I’ve wasted throughout the years! And I still struggle sometimes.
I have to force myself to do the “hard” things for my business (ie. the boring things) first thing in the morning, or else they won’t get done.
Less financial security
Not having a steady paycheck is cool and exhilarating…for about 6 seconds.
I remember quitting my last job and getting my final little cheque with extra vacation pay. I thought, “wow, I’m really doing this! This money will last me until I get my first client next week!”.
And for months, all I heard was crickets.
I started majorly panicking!
All the confidence and excitement turned to terror. I seriously worried about making rent every month and I distinctly remember how it felt going to grocery store and having to put things back because my credit cards were all maxed out.
It’s a really scary, shameful, horrible feeling!
And I’m not saying all entrepreneurs will have the same experience! But it’s really important to be prepared JUST in case things don’t go as smoothly as you plan.
I promise; you’ll miss getting a paycheck every 2 weeks when you don’t have one for months!
The failure is real! So real.
I didn’t realize something really important when I became an entrepreneur: failure is imperative to success. You need to fail in order to find out what doesn’t work (so you can eventually find out what DOES!).
But for an insecure people-pleaser like me, the failure hit me like a ton of bricks!
I wasn’t used to failing so often, and having it be totally my fault.
Everything from crappy social media posts, failed advertising campaigns, and unhappy clients all took a huge hit on my fragile ego.
It took a lot of mental strength to get up after every failure and keep trying.
And if you’re someone who can naturally overcome setbacks and failure, first, let me say: I’m jealous! Second, you’re already leaps and bounds ahead in the business world!
But if you have a difficult time handling criticism and rejection, entrepreneurship will feel like diving into a pool of sharks!
Freedom is by far the BEST part of entrepreneurship!
But wait, wasn’t freedom a con as well?! Yes and no.
At first, you may not feel so “free” in your business. You’ll be super freakin’ busy. But it’s a business you CHOSE.
Everything you’re doing is because you wanted to. Your entire business is a choice you had the opportunity to create!
You get to wake up every day living life on your own terms! You can choose what work you’ll do, your schedule, and which clients you’ll work with.
Whether you’re a stay-at-home mom or you love traveling, you can mold your work day into a reflection of your priorities.
Living life on your own terms is a pretty unbeatable feeling!
No financial cap
Yes, 9-5 jobs bring us financial security, but do you have unlimited earning potential? Can you scale your salary to 6-figures in less than a year? And make small tweaks to double it the following month?
This is a major pro for entrepreneurs!
Depending on which type of business you choose, you can make as much (or as little) as you want!
I chose to pursue multiple income streams (rentals, digital products, affiliate, dropshipping and Amazon) all of which give me income coming in every month. At any time, I can hunker down to grow one of those income streams, or I can diversify even more!
As an entrepreneur, no one is telling you how to make your money and how much you can make every month. It’s totally up to you!
It can’t be overstated how important it is to be happy.
I have friends that love their 9-5 jobs and that’s amazing! As long as they’re happy, that’s what truly matters.
But some people feel like they have a different purpose; a spark inside them telling them to create, build, or explore.
I was one of those miserable souls who found fault with EVERY job. I would literally hunt for flaws in every company I worked for and take pride in pointing them out.
I acted miserable because I WAS miserable.
As soon as I started learning how to create my own life as an entrepreneur, I realized I had complete control of my happiness!
And now, I feel SO lucky that I have the power to design my life in any way I want!
Control freaks: rejoice!
(But not too much, because you really should be delegating!)
Unlike working for a company, creating a company means you have total control over everything!
The branding, mission statement, sales and marketing is all up to you. All the people you work with are chosen by you. You can fill your client roster with amazing, like-minded people, and you can fire clients who create too much negativity.
Having control over your business can bring a ton of calmness and joy to your life!
Every day is new + challenging
If you want an exciting, fast-paced, challenging job, entrepreneurship is it!
Because you’re responsible for EVERY job (finances, marketing, sales, client services, etc.) you’ll have the opportunity to learn EVERY skill!
And it’s actually way more fun than it sounds!
You can learn in whichever way is comfortable for you, and you can do it at your own pace.
I’m a visual learner so I love watching people show me methods and strategies that I can turn around and test in my business.
Not only will you NEVER be bored, but being able to learn and master every aspect of your business is an incredibly rewarding feeling.
Plus, your confidence will skyrocket!
I hope this helps you think about entrepreneurship and whether or not it’s TRULY the path you want to take!
Even though it’s challenging, being your own boss is an incredible feeling!
What are your thoughts?! Let me know in the comments below 🙂