Some are successful in making the big switch from a 9-5 rat race to starting a business out of their sweat, blood, and tears. They serve as an inspiration for professionals, students and anyone who yearn for their own business someday.
Being a full-time entrepreneur, however, has its pros and cons. It’s not all glamor as some make it out to be, it’s a challenge – a very important aspect that you have to prepare for when you go all out with your online business for instance.
Pro: Freedom and Control
Being your own boss is certainly a dream that entrepreneurs have achieved. It’s the freedom to not to report to anyone or run by every single task to superiors.
Full-time entrepreneurs only have themselves to consult with when deciding matters concerning the business. The lack of other people dictating what can be done and can’t be done makes the whole experience of entrepreneurship liberating.
This freedom also comes with another significant reward: control. You have a say in what happens to your business, from the smallest to the biggest details. Essentially, you run the place.
Con: Limits and Responsibility
The freedom that you get from being a full-time business owner is not absolute. It can limit your time to do other pursuits. For example, selling clothes online can entail being around more than eight hours to respond to customer inquiries and fulfill orders. This “schedule” can be take up what could have been time spent with friends and loved ones.
Working full time also means carrying out tasks that you once deemed of as out of your skill set. Doing the budgeting, accounting for taxes and expenses, tallying inventories, getting in touch with customers, calling suppliers, etc. are just a handful of these tasks. Unless your business can support hiring professionals for such tasks, you only have yourself to be able to do all these.
You ultimately become responsible for the success of the business and be held accountable when something goes wrong.
You’ll be the first person to reap the fruits of your labor. There isn’t anyone else who has a cut on the sales of your products. The profits go straight to you and your business.
The profits can be particularly rewarding if your products created the first demand in the market and proved to be successful. You’ll have the market to yourself and only have to keep up with trends to not lose out to competition or demand fizzling out.
When your start up business does not go well, you’ll also be the first person to feel the drain in your pocket and absorb all the losses.
It’s a risk that comes with being an entrepreneur that has dedicated all one’s energy, money, and time to make the business work.
There’s nothing in this world that is absolutely good or bad. The pros and cons of running your business full time serve to remind you to do well in the path that you have chosen.
Take those not-so-good points as a challenge to become better, to pay attention to your business more, and to indulge in relaxation time to refresh your mind and body.