Ask any entrepreneur to tell you about their journey and I’m sure you would find that they are more than happy to sit down and share the entire story from the very beginning, leaving no stone unturned if you’ve got the time to listen.
By the time a successful entrepreneur reaches the end of the road they usually have an autobiography, several interviews and a lasting legacy under their belts already. This is largely due to the fact that the journey amounts to so much more than the end destination itself.
Their success stories will have many twists and turns including good times and bad.
With an economy that seems to present more opportunities than ever before, we’ve taken a look at the pros and cons of being an entrepreneur in 2017.
It is no secret that members of the self employed and entrepreneurial class always seem to have ample time on their hands.
Just the thought of Richard Branson walking around The Virgin Islands in a pair of shorts on a Wednesday afternoon is enough to make anyone want to give business a go.
The truth is that, although you may own your own time, you are essentially on the clock at all times. Owning and managing your own time has its downside. Making a business work is mostly in your hands, and you’ll often find yourself playing every role of the business with no time for anything else.
Writing your own paycheck is the major upside to starting a business for most people, and being your own boss is often the easiest way to get this done. Along your journey you may be tempted to pay yourself whatever you want but you quickly learn that the other side of this involves putting in work equivalent to/work that can justify such amounts at the end of the financial year.
The road to building up all this value is not one easily travelled, hence it has very little traffic on it. You will often find that in building of your business you also have to play a significant role in building up your industry as a whole by adding value for many clients and customers over an extended period of time.
As an entrepreneur you are destined to attend the school of hard knocks at some point.
The constant switching of roles and adapting to deadlines means picking up many new skills. Smaller jobs that would have normally been outsourced now fall on your shoulders. The good news is that you learn to handle them all over time. In a world where technology is so advanced, there are now hundreds of apps and software programs to help entrepreneurs manage all the different areas of their business.
The downside to picking up so many different and varied skills is that they take you away from your main focus.
The more time you spend doing things outside of your speciality the more of an all-rounder you become, rather than an expert.
Easiest way to avoid this is by building up a team of people who excel in different areas, allowing you the free time needed to drive the business forward.
Of all the reasons to build your own business, nothing is more worth it than the simple satisfaction of seeing your own vision come to life, especially if it has been years in the making.
The Journey Matters More Than the Destination.
If you’re thinking of starting business this year, checkout our FREE guide to New Business Insurance here.