Often, people frequently ask what is it like to be an entrepreneur. In short, it is the best experience of your life as well as the most difficult experience of your life. One of the reasons running your own business can be a very positive experience is the level of freedom that you will have during your work week. Additionally, you are working for yourself. Every dollar (and hopefully a profit) that comes through your company will have been the result of dedication, thought, hard work, and taking a risk. Also, if you are closely related to your business, you will earn the respect of your peers, colleagues, and your community for continually providing quality products and services to your market. As such, the psychological rewards of entrepreneurship can be just as great as the financial compensation that you receive. However, all of the joys of being an entrepreneur come at a cost.
One of the negatives to being an entrepreneur is the workload. If you are planning to start your own business then you should carefully think about the exorbitant amount of time that will be required of you on a regular basis. It is not uncommon for a new business owner to work eighty to one hundred hours per week when they first launch their business operations. However, in time, things do become easier. This is especially true once the business has become profitable and can produce an income that you can rely on for years to come. One of the other ways, over time, that makes being an entrepreneur better is if you have a trusted staff that can operate the business alongside of you. This is especially important if you intend to take vacations, which are very well needed and deserved from time to time.
One of the things that you will notice as you become an entrepreneur is that your mind will begin to change. You will tend to focus more carefully on details. Also, you may begin to worry about the state of your business on a regular basis. This is one of the most common things that happens to entrepreneurs, especially among start up business owners, due to the fact that there is a lot riding on the success of your venture. In my experience, I have found that after a year of running a business that the anxiety begins to wane. Typically, after your first year of business operation, you will have a very clear understanding of how your organization works on a day to day basis, and you can have a focus on how to make your venture larger. In regards to making your business larger, after you have initially launched your venture, you should focus on creating reasonable goals for yourself. Many entrepreneurs get in the habit of creating unreasonable goals for business expansion, and this only leads to increased worry.
The best entrepreneurs, and usually the most successful ones, think of themselves not as business owners but rather as business professionals. In this sense, they remove their emotions from their day to day decision making process. As such, they view running their business as a science where only rational decisions come into play. In a way, entrepreneurship is considered a profession. I strongly recommend that you take this mindset on if you are thinking of starting your own business.
In conclusion, being an entrepreneur is great if you have the ability to take risks, analyze details carefully, and manage the emotional component that is always existent. By entering this field, you will have more control over your life. Additionally, you will be creating something as well as developing a wealth and income creating vehicle for yourself and for your family.