The pandemic has reshaped how we think about nearly everything. One of the ways this is evident is with “the Great Resignation,” a term used to describe a phenomenon where workers voluntarily resign from their jobs en masse. For example, 4.5 million workers left their jobs in November alone.
With more people exiting their jobs, this means more people are turning to or are considering entrepreneurship as a way to earn income or pursue their passions.
If you have just started or are considering starting your own business, I want you to understand the advantages and disadvantages of starting a business. As a full-time entrepreneur for seven years, I can tell you that entrepreneurship isn’t for everyone, nor is it for the faint of heart.
Therefore, I created a list to help you to decide if starting a business is right for you.
- Create your own schedule that you can build around you and your children’s schedule. This allows you to be more present with them.
- Do work that you are passionate about. Our jobs only use a fraction of our gifts and talents, but as an entrepreneur, you can bring all of you and all of your talents to the work you do.
- A bigger voice. As an entrepreneur you get to set the strategy and direction for your business.
- Work from anywhere. You can do your work anywhere and do not have to worry about going into the office and getting the “face time” in.
- No income cap. Most corporate jobs have salary caps depending on your level. As an entrepreneur, you have no salary cap.
- Set your own guidelines. In this pandemic environment, you operate in your own space, and you don’t have to worry about pandemic protocols you may not agree with or feel comfortable with.
- It’s not as easy as it looks. You have to be willing to deal with fear, uncertainty, and setbacks without giving up or shutting down.
- Irregular income. There can be a lot of highs and lows — especially in the beginning of entrepreneurship — which can destabilize your finances if you aren’t probably prepared and didn’t take the time to create a solid exit strategy before quitting to become a full-time entrepreneur.
- Pressure to succeed. At work we are used to making suggestions and following directions, but we do not make as many decisions. It can be overwhelming to be in total control of your business, knowing that your success/failure (and ability to pay your bills) is all on you.
- Can be very time intensive, and if you don’t create clear boundaries and a work schedule, then the time you get back to spend with your children can be spent building your business.
- It can be lonely. Sometimes people don’t understand why you’re an entrepreneur or support you on your journey. Also, it can be lonely if you don’t have other entrepreneur friends to work with, bounce ideas off of, or share your ups and downs of the journey.
Please let me know how these advantages and disadvantages helped you to think about entrepreneurship.