09 Nov Should you be an Employee or Entrepreneur?
The decision to be an entrepreneur or an employee is not one to be taken lightly. There are pros and cons for both avenues and neither is without risk. Being an entrepreneur may or may not give you more money than being an employee would.
So what do you need to consider before making the choice to leave the working world for the entrepreneurial one?
Are you building someone else’s dream
This is a common statement that working for a company is building someone else’s dream. Perhaps you are. But, you are also building your own experience and skill.
Brad Sugars, the founder of the Action Coach franchise, says “You should work to learn, not work to earn.” The crux of his message is to work in the industry you would open your business in and learn as much about it as possible. Then you carry that knowledge, skill and experience with you giving you a greater chance of success.
One could further argue that if your attitude to being an employee is negative, how would you motivate your staff when you hire for your business?
How much do you know outside of what you know?
Depending on your field, you could be a great professional and at the top of your game. You could be the best technician, marketer, designer or engineer. There is a lot more to running a business than the functions you would undertake.
You would need to have the skill to oversee everything from finance, human resources, marketing, production, purchasing, logistics and customer service to legal matters. Do you have the knowledge and resources to manage these?
Where will your support come from?
The beauty of working in a structured environment is the safety nets that are created. When something goes wrong, good business managers have a plan to keep the business alive. If a member of the team is away from work, if help is needed for a big project, if a customer has complained, there is usually someone to cover for them. If the finances are bad one month, to whom will you turn to, to pay the bills?
Do you have the right attitude to failure?
Gary Vaynerchuck gets asked a question often; “When should I leave my job and start a business?” His answer was simple, “…ONLY when you are willing to deal with the ramifications of losing.”
What can I do as an employee?
Most of the world has built happy lives out of working for someone else. You can build a great life by being an employee with an understanding of having an entrepreneurial mind-set. Take ownership of yourself as a brand and business, and practice techniques that the most successful business gurus would use. Apply those business concepts to yourself.
You will find that your working brand will become desirable, and your earning potential will also grow. Learn as much as you can and one day, if you are ready, you can start your own business.
Until then, practice adding value in everything you do. That counts no matter which path you choose.