Why you shouldn't be an entrepreneur
Emma McQueen (GAICD)
Results-focused coach for female business owners ? Double your revenue and get paid what you’re worth ? Director ? Author of Go-getter
Starting your own business can seem like the ultimate dream—being your own boss, setting your own hours, and taking charge of your destiny.
But the reality isn't always as rosy as it might appear.
After seven years of running my own business, I’ve realised that not everyone is cut out to be an entrepreneur. It demands more than just a brilliant idea and the desire to call the shots.
Today, I want to share some of the lessons I’ve learned that might help you decide whether this path is for you.
?1. Budget Constraints
Let’s start with budgets. Oh, how I miss those lavish corporate budgets! When you run your own business, your resources and time are your personal limits. So, you need to get comfortable, especially in the early stages, doing things on a shoestring budget.
When I started my business, I had a personal rule to not spend money until I was making money. It was a rule I lived by, and it kept me grounded in fiscal reality.
?2. Ultimate Accountability
One attractive perk of business ownership is having no boss to report to. You might think, 'Freedom at last!' but beware, this can be both a blessing and a curse.
While no one questions your decisions, it also means no one is there to ensure you're on track. Procrastination can be costly when there’s no one to answer to but yourself.
?3. Unpredictable Hours
Corporate jobs often come with set hours, but running your business means your schedule can be all over the place, especially in the beginning. Expect late nights and weekends until you can prove yourself in this brave new world.
Don’t worry. Balancing your schedule does get easier over time, but it’s definitely not the perfect escape from work-hour drudgery that some people think it is.
?4. Financial Control and Responsibility
When you run your own business, your earnings are directly tied to your efforts. I find joy in steering my financial ship, though organising taxes and handling increased operational costs can be a drag.
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But here's the liberating part – the more proactive you are, the more you can earn.
5. Necessary Business Development
Brace yourself for business development. It's an unavoidable task if you’re steering your own ship, but it can be rewarding and fun. Trust me; it’s not all doom and gloom.
For instance, our thriving women's group is currently engaged in an October challenge to dedicate one hour daily to business development. Find what works for you and make it a part of your routine.
?6. Not Everyone is Suited to Entrepreneurship
Some people thrive in structured, secure jobs with a regular pay cycle. And that's perfectly fine! During my 12 years with World Vision Australia, I loved the work and the impact it had. But leading a business and helping women achieve financial independence resonates with me even more now.
The key is to understand your capacity for the demands of independent business leadership.
Curious about where you stand?
Reach out to me for a clarity call, and we can explore whether you’re truly ready to embark on this exciting journey.
LINKS
For a copy of Emma's book, 'Go-getter: Raise your mojo, shift your mindset and thrive' – https://www.emmamcqueen.com.au/book/
Reinvention Mentor, Speaker, Facilitator. Empowering women to be seen, respected & chosen, in love and business ??
1 周Such valuable insights! It really isn’t for everyone and that’s ok too
First Entrepreneur | Yawuru | Bunuba | Author | Keynote | Advocate | Co-Founder, The Cultural Intelligence Project | Make It Happen HQ - The only First Nation, female founded Innovation Hub & Think Tank in Australia
2 周A platform I developed to help www.peekperformance.com.au
Communications Strategist for Lifestyle Brands | Storytelling & Audience Engagement Expert
2 周I think the importance of having a sound and unwavering emotional and mental support system at home is key. When the negative self-talk kicks in, have people that can help redirect your focus back to your achievements and advances without judgement is a foundation to your staying power.
Executive Coach, Program and Project Governance Practitioner, Corporate Facilitator, Nia Movement and Wellbeing Practitioner.
2 周A great article Emma showing the realities of running your own business.
14 bestselling business books sold in over 65 countries globally, corporate advisor, international speaker and media commentator.
3 周You have to be comfortable with uncertainty!