Congratulations on taking the first step towards building your own business – embarking on this journey has the potential to significantly improve your life. However, it’s important you acknowledge that it often involves taking a substantial financial risk and can impact your current lifestyle, including your social life. But despite these challenges, I’m sure you are ready to seize the opportunity you have in front of you right now and take the big leap towards building an empire.
First of all, let’s carefully examine the advantages and disadvantages of venturing into entrepreneurship compared to staying put as an employee…
Should you work for yourself, or somebody else?
It is crucial to recognize and not underestimate the level of hard work and determination required when embarking on the journey of starting, growing and managing your own business – because it’s tough!
Unlike a typical 9 to 5 job where you have a singular role, as an entrepreneur, you will likely need to shoulder multiple responsibilities. This includes tasks such as product development, service provision, marketing your products or services, and even handling mundane administrative duties.
Don’t worry, I’m not trying to dissuade you from pursuing your entrepreneurial aspirations. However, it’s important to understand that the path ahead won’t be an easy one…
As an entrepreneur, you’ll need to embrace all the risks and pressures associated with running a company. The ultimate success or failure of your venture rests solely with you. Fear not, though, for the potential of success is much greater when you choose to chase your own dreams and work more than 80 hours a week on your business, rather than spending 40 hours a week so that someone else (your boss) can achieve theirs.
Considering your options...
1. Working as an employee:
Pros...
- Financial security from a fixed weekly or monthly wage that legally, must be paid.
- Sick or holiday pay when you do not come to work.
- Sense of belonging from working with other employees in the same position as you.
- Investment in your development in training or course to improve your skills.
- Opportunities to build your experience and develop new skills.
Cons...
- Limited earnings depend on your employer's pay policy.
- Your hard work helps to achieve another person’s dreams rather than your own.
- Office politics can be soul-sucking.
- Time and money are spent on the daily commute to work.
- Lack of flexibility in your work hours.
- If you get fired, laid off or made redundant - you have no more money coming in!
2. Working as an entrepreneur:
Pros...
- Unlimited potential earnings! (Ka-ching!)
- 100% control, independence & flexibility to work around your own schedule.
- Ability to choose your hours and place of work.
- Potential for greater job satisfaction - all of your efforts go to achieving your own dreams.
- Make a living doing what you love to do.
- Create a positive impact on the world around you.
- Choose who you will work alongside.
- Constant growth and personal development.
Cons...
- Significant financial risk with less security and irregular income (at first!)
- Possible sense of isolation and feeling of loneliness if you work independently.
- Responsibility for mistakes and failures, as well as successes, rests solely with you.
- Potential strain on your lifestyle.
- No income if you’re unable to work.
- Difficult to switch off at the end of the working day.
Expert Entrepreneur Advice
I strongly urge you to start your business as a side hustle while maintaining your current employment. This way, you can ensure a steady income whilst testing the viability of your idea as a full-time business opportunity.
Once your business starts generating enough profit to cover your essential living expenses, that’s when you can take the leap and embrace the risks wholeheartedly.
Regrettably, I didn’t follow this advice myself. In 2020, I lost my stable marketing job due to the harsh impact of the COVID-19 pandemic. Suddenly, my income plummeted to zero, and I struggled to make ends meet. It wasn’t long before I found myself unable to pay my rent, and I ended up homeless, sleeping in my car for months. It was a challenging and humbling experience that forced me to push harder and strive for success.
I’m not sharing this with you to glorify the struggle, but to spare you from going through the same hardship. So, my sincere recommendation is to secure a job and work on your business on the side until it generates sufficient income to cover your living expenses—not just once, but twice over to be safe.
Before you jump to the next module of this course, let me leave you with a quote from Jeff Bezos that has always resonated with me during the early stages of my own entrepreneurial journey: “I knew that if I failed, I wouldn’t regret it, but I knew that the one thing I might regret was not even trying.” These words have kept me motivated, reminding me of the importance of taking a chance on my dreams.
What exactly is a side hustle?
It’s a startup that you initiate while still working your regular job, dedicating your time and effort outside of your employment hours. This approach allows you to retain the advantages of being employed while simultaneously testing the feasibility of your business idea.
