When it comes to understanding entrepreneurship is to understand the pros and cons. The most important part of being an entrepreneur is to understand exactly what is an entrepreneur?
We all know about all of the great things that you gain from entrepreneurship as so many people inspire to be an entrepreneur. The question is do you have what it takes?
This blog post will highlight the pros and cons of entrepreneurship as well as key factors to consider that will help you to decide if entrepreneurship is really for you.
Do You Have What It Takes?
When it comes to becoming an entrepreneur, there are a lot of responsibilities that you would have as an entrepreneur. It is important to gain a true understanding of what entrepreneurship is and the many hats that most typically wear in the role of an entrepreneur.
An entrepreneur is someone who basically manages a business system and assumes all of the risks.
A business system could be one or more businesses that are managed with multiple components etc.
For example, if you decide to become an entrepreneur on your own then you would be considered to be a solopreneur. Being a solopreneur means that you are the one responsible for doing and working all of the components of your business.
For example, if you have a website, typically you would be the one responsible for running your website including the graphics which by the way you may have to create your graphics too. You will also be responsible with updating content on your website and more unless you hire someone to do those things.
You are also responsible for the billing, the marketing, and working with your customers etc.
Keep in mind, the idea of an entrepreneur or solopreneur is that most may start out wearing all of the hats. Eventually, however, as your business grows, you can look into outsourcing your tasks.
If you want more information on how to hire a virtual assistant to help scale your business, click here.
01
Understand Your Why
As a foundation, it is important to understand your why. Why is it that you are looking to become an entrepreneur?
Understanding your why as the foundation is important as that will help you to stay motivated during tough times.
02
Get Inspired
What is your perception of entrepreneurship?
We live in a society where we see many entrepreneurs who have reached their peak of success living their best life with expensive things and we inspire to have the same lifestyle.
Keep in mind, being inspired by people who have paved the way is a great way to be motivated, however, my question to you is do you know their story & what it took for them to get there?
If not, I encourage you to research others who have paved the way to their peak of success and hear how they got there. Of course, not everyone had to struggle to get to success but many have been through the struggle.
Research successful people you follow and hear what they went through to get to success. Really understand their “why” because their “why” is what kept their faith in God to keep going.
Hearing other people’s struggles to success can be a great tool to use to encourage you to fight for your dreams.
As you listen to other people’s story to success, you will notice most have one thing in common and that is that they woke up to who they truly are, they found their purpose, and they recognized the power within themselves whether they was aware of it consciously or not.
You have the power to do the same thing. You have greatness within you and you have everything you need to do whatever it is that you were called to do.
03
What is your pain?
Understanding your pain in your current situation is key. If you are unhappy and uncomfortable with your current situation and you want to get out of it, you may have the drive to do it based off of the pain you may be currently experiencing.
For example:
- Are you sick & tired of your 9-5?
- Do you hate having a boss?
- Are you tired of not having enough financially?
- Have you always seen yourself creating generational wealth?
- Do you feel confined to schedules?
If these areas are primary pain points for you, that pain may be the fuel that you need to go hard into entrepreneurship.
I wrote about the pain and pleasure principle and how it impacts the many decisions that we make in life.
No matter if we realize it or not, but our life can be similar to the movie The Butterfly Effect. That movie really resonated with me because I understood the principle of the movie which shows how 1 decision can literally change the trajectory of your life and how it can play out in your life and effects everyone around you.
Here are some questions to consider before going into entrepreneurship: (These are examples of worst case scenarios)
- Are you willing to work over potentially 8 hours/day or do you prefer the typical 8 hour work day?
- Are you willing to invest money and time with little to no return your first 1-3 years?
- Are you ready to ditch the hourly pay rate and work and not get paid for hours spent to build your business?
If you have what it takes to become an entrepreneur and build your business, while you are in the building of your business phase, you can do a side hustle to help supplement your income.
Here are some things you can do as side hustles while your building your business to create income during your building business phase.
Top Side Hustles:
- Become an independent call center agent for Fortune 500 companies
- Start An Online Business
- Become A Freelancer
- Become A Virtual Assistant
- Create A Service Based Business
Overall, the idea is to build a business system that is automated where your business will run without your presence which is the end goal or the dream of all entrepreneurs.
Want to work together?
If entrepreneurship is for you or you looking for ways to create a side hustle, schedule a complimentary 15 min discovery session.
