Quitting your job and jumping into entrepreneurship is like jumping off a plane and free falling, and wondering if the parachute is going to open and save you or not; that’s just how scary it is for most people when they quit their 9 to 5 job and venture into the world of entrepreneurship. That is the exact reason why very few ever overcome that fear and take the plunge.
The best way to overcome it is to drive on and focus on the result. The dread of the unknown and the unpredictability of different factors often discourages people to take up the prospect of becoming an entrepreneur as each choice has its own pros and cons, it ultimately depends on what your long-term goal is.
Self-awareness is the key of understanding what is best for you, the notion of being your own boss and creating the next startup that turns into something massive is a dream everyone is chasing these days. In today’s immediate results culture, entrepreneurship has galvanized business opportunities that many the young generation are considering.
But like everything it has its drawbacks and benefits, how do you know you are on the right track? Let’s plunge deeper into the good and the bad of both these options.
LACK OF STRUCTURE.
If you lack internal motivation and there is no one telling you that you need to get your job done and meet deadlines it can lead to a massive waste of time and resources. You may think that you have freedom throughout the day but not having discipline will only lead to failure and disappointment.
In a corporate structure there is a constant reminder and evaluation of tasks allotted to an individual, which also means that you have to be constantly present, you don’t have the choice to pick and choose a flexible schedule that works for you.
GETTING PAID FOR WHAT YOU PRODUCE.
This factor can work in your favor and against you, when you own your business you get paid on what you deliver and not on your time. That means if your deliver a lot you get paid a lot, which gives you a potential upside to earn more, on the other hand, if your productivity is low you won’t make any money and you won’t be in business very long.
In a 9-5 job you get a consistent pay, you can effectively know what’s coming in your bank account weekly, bi-weekly or monthly. Which gives you an opportunity to better plan what you can afford to save, invest and spend. But that amount is fixed.
YOU HAVE TO LEARN EVERYTHING YOURSELF
When you are your own boss you must learn everything yourself on day to day basis from what it takes to put your product and services effectively in front of customers to advertising it in the best way possible & how to acquire potential clients.
If you are ready to face failure sometimes and are a self-motivated businessperson, then entrepreneurship is the route for you. The main question you need to answer for yourself is “how well do you understand the trade, talent, industry, competition, product and the consumers?
There is a perceived status that comes with job titles. It has a badging that people are familiar with and there a sense of prestige that comes with it, being able to manage yourself from a performance perspective finding a skilled based business plan and knowing how to monetize is the way to go with entrepreneurship.
Written by:
Girish Rohra Chawla
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