Due to a lack of viable jobs, some of my out-of-job and out-of-luck friends are thinking about getting together and starting a small business together. The ideas range from opening a cupcake shop to a truffles/chocolate store, or a cafe. (Yes, we enjoy food :P) When they asked me about joining them, I've consistently turned them down, not because I don't think it'd be a fun endeavor, but because for me, the risks outweigh the potential benefits.
This got me thinking about what it takes to become an entrepreneur.
Maybe I'm just too risk adverse, due primarily to my law school education. (We learned all about minimizing risks for clients.) But then I think about my dad, who never sought to open his own business despite being an extremely successful corporate guy. He told me once that it was because he didn't think of himself as a visionary or a creative type that could/would come up with crazy business ideas. He was the guy that visionaries went to to turn their dreams into reality, the solidly plodding-along guy who knew how to reign in the crazy ideas.
So maybe I inherited those same traits? Unlike my good girl friend who grew up with small business-owning parents or my good guy friend whose brother became a successful tech start up guy, I never had any family who even attempted to become an entrepreneur. All I can think about in regards to opening up a business is the likelihood of failure and things going down in flames.
Can you see yourself as an entrepreneur? Do you think someone can learn to be one? What do you think it would take?
Comments (10)
its the only way to be in my book. i cant fathom punching a clock for anyone.
You could give it a try, as a side thing. See how much you like it, if you even want to do it. I couldn't fathom taking a risk like that as my only option, but that's only the way I see it... many others see it differently.
I run my own business. I'm not very good at it, I really don't have a clue what I'm doing when it comes to some things, actually. I've lost a lot of money. Sometimes I hate everything about it. But no matter what, I wouldn't have it any other way. I can't stand working for the benefit of others, unless it's someone I really care about.
The biggest benefits of working for someone else are a steady stream cash flow and relatively cheap group insurance. For that security, the trade off is usually reduced income potential and limited flexibility in work hours- not to mention having to take orders from someone else. There is also risk of losing ones job.
Running you own business means you're your own boss and can call the shots as you please. There is no safety net of a fixed paycheck and you will have to work for income with uncertainty of how successful you will be. If business is bad or slow - there will be little or no money coming in - this is was scares most people...the uncertainty factor. On the plus side, there is no upper limit to your income potential. The majority of rich people achieved their wealth by starting their own business.
Starting you own business will also take up more time and effort than working for someone else- but the difference is all the extra work will benefit you directly as opposed to another business owner.
The pioneer spirit is what is required and I have it all over my family tree. So yes, I don't think it is for everyone to start their own business. You have to have a certain kind of courage, a tendency that some would call "lucky" (but I call an eye for opportunity and a willingness to leap), and a strong work ethic.
Yes! I said "work ethic." Contrary to some of the other comments, being self-employed does not mean you are your own boss. Technically, yes - that is true. But truthfully, you work for your vision, for your clients, and hopefully for the love of it. Your business is your boss. You have to have that, that willingness to work, or you will fail just as well as you have failed at every thing else you didn't put the real effort into accomplishing.
it depends. the only thing i'm passionate enough for to want to run my own business is teaching... not exactly something you can do on your own. and working for someone else isn't always a lifeless, clock-punching job. most of my passions in life... food, art, dance, etc... are not ways i want to necessarily earn money. i don't mind having a job i'm less passionate about so that i can enjoy those other things as hobbies.
I can't imagine owning and running a business myself even though I have ideas (I just want someone else to open them, so I can go and eat/drink/shop there). I wouldn't mind doing freelance work though since I'm also not a fan of the typical commute/white button up/office/8-5 job.
It's really the only way to go if things are unsure at the moment and a great way to supplement income. Personally being laid off has forced me to adapt and survive by starting my own home based business. The trick is to be realistic and know your limits. Its intimidating at first and very scary especially tax wise but after you get to know how things operate and know the taste of failure and success you can do pretty well for yourself.
I used to do both in the aspect of working nine to five and doing my small business at night ( basically packing up stuff to mail out in the morning).
My ambition
comes from years of failure and learning from the pitfalls of working
for another person while said person makes millions on my back and pays
me pennies. I want that freedom of making my own profit without the
worry of wondering if tomorrow will be the day I get laid off or fired. I
want that American dream.
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