If you’ve ever wondered, “Can I become an Entrepreneur?”, this article is for you. Here, you’ll get factors to help you decide if this career path is for you.
This is part two of the “What is an Entrepreneur?” series. I’ve found there are many people interested in entrepreneurship, but many myths surrounding what an Entrepreneur is. I plan to answer these questions:
- What’s the definition of an entrepreneur?
- What’s the meaning of an entrepreneur? Life Purpose, Vision, and Purpose
- Can you become an Entrepreneur?
- What are the Characteristics of an Entrepreneur?
- What’s the Evolution Process to become an Entrepreneur?
I hope this series can clear some myths for you and expand your entrepreneurial creativity. You can read the entire series by going HERE. Please read to the bottom and get all the AMAZING FREE STUFF at the end!
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With the growing technology and changing of the economic climate, many people are questioning whether the corporate model will work for them. According to a recent survey conducted by Right Management, 44% of employees said they were dissatisfied with their jobs and another 21% said they were somewhat satisfied. Only 19% of survey respondents were satisfied with their jobs! With the growing discontentment in the workplace, many people are open to hearing about alternative ways to earn an income and find themselves asking, “Can I become an entrepreneur?”
I’ve been in the workforce for 13 years (since my high school graduation). The first 10 years, I was in corporate America. I worked at McDonald’s for a short period, then joined the military and served nine years.
I understand how it feels to dedicate time in the corporate world.
I’ve also spent the last three years as one of the minorities who makes their livings as a full-time entrepreneur, so I know how that can be also.
I’d like to give you honest things to think about, so you can answer the question, “Can I become an entrepreneur?”, for yourself. If we stick with the definition that an entrepreneur is a person who invents a system that makes money in their absence, then I believe every person is capable of inventing something of that sort; however, not everyone is willing to invest what it takes to create something of that sort.
I believe each person was created with the ability and skills to do many things, however, it’s up to each of us to choose our limits in how we will allow our skills to be exploited. For me, I’ve invested my skills as an employee at times, but I preferred entrepreneurship and I still love it. For you, you have to decide…
The Benefits of Having a Job
- Consistent pay schedules and pay rate
- Clear promotion schedules and requirements
- Pay rate increases with inflation
- Medical benefits
- The feeling of being taken care of
- Mentorship opportunities
- Opportunities to grow
- Acquisition of valuable marketplace skills
I had many good experiences in corporate America and I was able to acquire many spiritual assets that changed the trajectory of my life and positively benefitted my entrepreneurial pursuits. I consider my time in corporate America an investment into my business.
The Limits of a Job
Despite the many opportunities I was given in my jobs, I had a vision for my life. In my previous article, The Meaning of an Entrepreneur, I talk about the underlying life purpose, life plan, individual meaning, and how it influences our personal desires.
If you have a vision for your life, you have to be honest about whether the job is relevant to the vision, and act on your honest instincts. Jobs are created to cohesively propel a business mission forward. The job is not created uniquely for any individual within the entity, therefore, there will be limits.
You cannot have the fluidity in a job to shape the position into the manifestation of your vision, but you can do that as an entrepreneur.
The Limits of Entrepreneurship
Many people exploit the benefits of entrepreneurship and don’t tell all the details. I want you to be able to make a clear and level-headed decision.
Either decision can work out well for you. Depending on the person, either option could be a feasible vehicle to pursue your destiny. Entrepreneurship is not a results-driven system in the same way as a job. Let me compare for you:
- A job says, “You work this many hours, you get this much pay”, but a business says, “You give this much value, build this many people, and you get paid”.
- A job typically has a hierarchy of leadership, but a business lasts the longest when the entrepreneur serves the customers and the employees as an employee serves their boss.
- A job doesn’t typically require upfront capital or sweat equity from the employee, but a business requires upfront investment before cashing out.
- A job may have clear schedules, but many entrepreneurs struggle with work/life balance and making clear schedules. Whether they feel trapped “doing the job” or whether Entrepreneurs are overjoyed about their work, and therefore focus a lot of time on it, there are usually priorities and sacrifices that have to be made to make a business (or a job) work.
- A job requires a stable output of productivity and in many cases, the productivity is not measured aggressively. In a business, a lot of productivity is required in the startup phase and you want to maintain productivity superior to your customer’s demand or your competitor’s tug in order to maintain income positioning.
- In a job, you have to be skilled on a technical level answering the “How we do what we do” questions. In entrepreneurship, you have to be skilled on a strategic level answering the “When do we do what we do”, “Where we do what we do”, and creating the “How we do what we do” prototypes.
These five major limits of entrepreneurship usually help people choose whether starting a business would be a good route for them. The benefits of entrepreneurship are amazing, but it’s necessary to see the pros and the cons to make a decision of this sort.
The Benefits of Entrepreneurship
A business is a blank canvas. You can identify a problem and eradicate it by constructing a system that offers a solution to a population of people. A business is a vehicle for change and the gathering of a community of people who cohesively help another group that needs them. You can draw the job positions, decide what personalities fit in them, help people all over the world, or decide to segment your service to a local group.
In contrast to the limits, there are benefits in Entrepreneurship that I personally value. The benefits make the limits surpassable for me, and you can decide if it’s the case for you. The benefits include:
- Typically more creative ability – As an entrepreneur, you are creating jobs, products, services, benefits, solutions, and so much more. With jobs, there are usually creative confines (sacrifices) in order to focus the organization on the vision. As an entrepreneur, you typically lead the “creative ship”.
- After the system is invented, operational, prototyped, and manned well, a business can have passive components. In the beginning, when the jobs in the business are being prototyped, the business can be like having a newborn baby. It requires alot: emotionally, spiritually, financially, physically, and intellectually; however, once it’s become more mature, it can act independently, and can be very fulfilling to watch. As an independent entity, it can be succeeded or inherited by whomever you choose and can offer many more long-term and legacy benefits.
- The ability to invent a solution for a problem you’re passionate about and change the world with it.
- There’s no clear income ceiling – For as long as you can find people who need your products and services as solutions, your business income can continue to grow. In contrast to most jobs, where the annual income or long term income projections are clearly outlined, a business gives you the capacity to feel as if the “sky is the limit” for your income. It’s very liberating to feel that you can make as much money as you’d like.
- Unlike the familiar job scenario where you can get fired, and be placed in a very scary income position. Once you’ve positioned your business in the market in a low supply and high demand position, there’s alot of income security. You typically don’t have one income source, therefore, when you lose a client, you can have other streams of income.
Final Words answering “Can I Become an Entrepreneur?”
The goal of this article was to help you answer the question, “Can I become an Entrepreneur?” . I hope that by sharing this information and my experiences, you’re able to decide which path is better for you. Despite what many people say, neither path is better or more valuable, they are simply different. I respect employees and entrepreneurs equally. If you have questions or concerns about this, don’t hesistate to leave them in the comments section. I’d love to help you out!
If you’d like to grow your business from idea to enterprise, check out my free e-course here. It’s a business framework to grow your business. Check out the free e-course here.
Now, it’s Your Turn…
Did this article help you decide if entrepreneurship is a good route for you? Do you have any tips to add for someone who may be on the fence trying to decide if entrepreneurship is right for them? Leave your comments, questions, and feedback below.