The Entrepreneur Inside
Posted by jefferson on Jan 25, 2013 in Career Advice | 32 comments
They say that everyone has a great novel inside of them, if they could only figure out how to find it. As someone who loves to both read and write (obviously), I do believe this to be true for myself. But I truly have no idea what form this novel will take if and when it ever does materialize. Perhaps I will have to just settle for writing about my family’s journey out from underneath a mountain of consumer debt while I get that sorted out. :-)
Similarly, I think that many folks also have a dream of owning their own business, and it is easy to see why. Who wouldn’t want to create their own hours and answer only to themselves? Sometimes when you work for large corporate environments, every decision is wrapped in yards of red tape, and new ideas (even if they are good ones) have to work their way through layers of middle management before they can become a reality. When you work for yourself, the success or failure of your business is determined entirely by how much blood, sweat, and tears you are willing to put in.
As for my own thoughts of entrepreneurship, I can’t help but wonder if that ship has already sailed. My education and experience thus far has helped me to acquire a skill set that is currently in demand, and allows for me to make a decent living. Considering that I have five mouths to feed, taking the risk of stepping out on my own would be quite the risky proposition. I realize that some of the most successful people are the ones who aren’t afraid to take these type of risks, but everything changes when you throw kids into the equation. I do enjoy my current job and have been lucky enough to find a position where I am both challenged and empowered to develop creative solutions. I would also freely admit that there is a great deal of security that comes from working for an established company with a strong customer base.
Hypothetically, if I were ever to step out on my own, I realize that it wouldn’t be easy to break into my field of expertise. The competition is fierce, and the battle for customers is quite intense. In addition, there are a lot of challenges that come along with owning your own business, and you have to be ready and willing to work long hours to make sure your business is a success. You also have to consider the tax implications of entrepreneurship, and to protect yourself from lawsuits you will need to obtain swinton public liability insurance quotes. Not to mention the fact that far more businesses end up in failure than success. Perhaps entrepreneurship isn’t all rainbows after all.
There are stories of bloggers who have left their day jobs to pursue their passion for writing full time, but I don’t have any dreams of this for myself. Those that have take this route successfully are either the best of the best, or have additional streams of income outside of the writing itself (web design, etc). I think that I am much better at engineering software solutions than I am at writing, and of course, the income potential is much greater in the information technology realm. Because of this, if there is an entrepreneur inside of me, then he is going to remain in hibernation for the foreseeable future.
Do you have an entrepreneur inside? What is holding you back from stepping out on your own?
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It definitely is risky to venture out into the world of entrepreneurship, but even more so when you have dependents, like yourself. Although I’m pretty young and carefree at the moment, I want a business that would be less intensive, and where I don’t actually have to be part of the everyday duties, I’ve actually been thinking of opening a salon or clothing boutique, so that way all I have to do is manage.
That sure would be nice, wouldn’t it Rynessa? But the truth is, unless you are involved in the day to day operations, you cannot do everything in your power to make sure that the business is a success.
I run my own financial advisory practice, so I am familiar with the good and bad of owning your business. I love it, but it’s definitely not right for everyone. I spent many years working with other financial advisors, helping them grow their businesses. It became very clear to me that while some were phenomenal financial advisors, they didn’t have an entrepreneurial spirit. It sounds like you’re in a good place at work, so you have time to let your entrepreneur hibernate until it’s ready to emerge!
Shannon @ The Heavy Purse recently posted..The Myth of No
Great advice, Shannon! I think that you have to have something special to see it through. You need patience, drive, determination, and free-time. I have all but the last one.
Don’t doubt your entrepreneurial spirit – you guys started a successful blog, right? =)
For now, we funny most of our entrepreneurship into our side endeavors, but we hope someday we’ll be able to do a little bit more on our own… once we have a bit more of a safety net beneath us.
Mrs. Pop @ Planting Our Pennies recently posted..$10 Off Gas… Not As Good A Deal As You Think
This blog may be as entrepreurial as we get, Mrs. Pop
I would love to build that safety net you mention, and we are getting there slowly but surely.
Fear. Fear keeps me from taking chances financialy. Fear keeps me from trying things I might fail at. Fear of failure means that I don’t try.
Jane Savers @ The Money Puzzle recently posted..Spending More Mindfully
Very true, Jane.. Fear is our enemy when it comes to taking chances.. And taking chances are what lead to the greatest success.
I don’t blame you for wanting to stay where you are. I was sort of forced into being a freelancer when I was laid off at 38, with no experience or plan, and I was literally thrown into the fire. Luckily I had a financial cushion (which I stupidly blew), and only myself to take care of, but it’s HARD work. Even if you know what you’re doing it’s not easy, and it’s not a life of leisure like most people think. But there are some good perks like working form home. It’s my favorite one. I think there are ways to prepare while you are still working full time (like living on half your income), and plenty of resources on the internet which can teach people how to do that.
Budget and the Beach recently posted..Link Love/Week in Review 1/25/13
Yeah.. But living on half my income doesn’t sound all that appealing!
I have no doubt that following that path is taking the more difficult road. I know that you have been living it..
I’ve always felt like I have an entrepreneurial spirit, I just haven’t had enough of a financial cushion to be willing to work for myself. Now that my debt is paid off I’ve been thinking more about doing something I love and trying to make money doing it.
KK @ Student Debt Survivor recently posted..My Dog Has More Coats Than I Do
The financial cushion that you need to step out on your own may be a bit hairier than just getting rid of debt. Depending on the business type, you may need capital for supplies, marketing, and staff hiring.. And you may also need money to cover your expenses while you are waiting for the business to grow.
Jefferson, we too thought about starting our own biz in 2010, but the uncertainty of success with 4 kids clamoring for things like food and shelter scared us away too. I think it kind of has to be a decision we all make individually. For Rick, the security of having a steady income and of not being responsible for his company failing or succeeding lead him to choose to stay being an employee. Sure, he often dreams of not having to get up and go work for someone else one day, but we’ll accomplish the financial part of that dream by him excelling with his current employer, Lord willing. I think we’ve all go to do what feels right for our individual situations. Great post – thanks!
Laurie @ The Frugal Farmer recently posted..How to Have a Frugal Superbowl Party
Thank you, Laurie.. And your situation sounds a lot like ours. When you have people counting on you to eat, you just have to make responsible decisions. Even if they are the less glamorous path.
I never wanted my own business until I started blogging. I’m waiting until I retire since it’s only six years away and then I’ll start my own home business.
Kay Lynn recently posted..Weekly Chronicles: Fringe Edition
i dont really have a whole ton of interest in blogging full time.. but all of this writing has motivated more more than ever to try my hand at writing a book.
I have long thought that I was the only one that had no desire to work for myself. I want nothing to do with working 24/7, not being able to leave my work at the office, and having to take all of the financial risk. But, I do recognize that many people have dreams of doing that. I don’t think you have to quit your day job to be an entrepreneur. If you make money from your website, and work online, you are working for yourself at least part of the time.
Daisy@Everything Finance recently posted..Investing for Everyone: Betterment Review
Yeah.. We are making a little bit off the site, but a small fraction of what I make in my day job. The blog would have to rise to amazing new heights for us to even consider trying to make a living with it..
I think that most that have quite their jobs to “blog full time”, have other interests in the game as well (web design, marketing services, etc).
I am currently doing it right now in running the advertising company with my wife. I love it as we get to see direct results from our hard work. That said, it is not for everyone and definitely does require a ton of hard work.
John S @ Frugal Rules recently posted..5 Fun and Frugal Super Bowl Party Ideas
I kinda feel that those that are willing to work hard, and I certainly would put myself into that bucket, should be the ones who can step out. But I just don’t think its an option for me.
Owning and running a business is not for everyone. Many take a crack at it, and realize that they’re better off working for someone else 9-5. Being an entrepreneur is a lifestyle, not another job. Great post btw!
Eddie recently posted..Don’t Ignore Your Readers You Fool!
Thanks Eddie.. Yeah, I don’t think I will ever take a crack at it, honestly.. Maybe when I am an old man
There are parts of being an entrepreneur that are nice, but I miss the security that comes from a solid company that has established themselves. It was nice getting a paycheck every couple of weeks, despite the fact that it was capped and I couldn’t change the outcome much.
Jason @ WSL recently posted..Making Extra Money: Start a Blog or Write for Others?
Yeah, I am able to budget months ahead of time because of the income stability that comes with my day job. That is certainly a sweet side-effect.
I’m still trying to figure out what I want to do for a career let alone thinking about side-propositions of pursuing an entrepreneur position related to a passion. I’m only 22 and its already overwhelming that I need to decide which career path to take. Its understandable that before kids it seems like you can throw caution to the wind and really have the world at your feet, but once you have “mouths to feed” you have to be more realistic and responsible with your job efforts.
Kelly@Financial-Lessons recently posted..Business Marketing Trends for 2013
It can be a tough call, Kelly, to decide when to take the risk. At your age, unless you have a great idea or some really sweet investors lined up, it may be tough to make it work. But then again, at this point you may have the fewest responsibilities..
I feel the same way about my skill set only being useful in a company. I’m also an engineer. I can’t think of a way that I’d be able to go out on my own unless it was trying something new that I’d never done before, but I think I’d still like to try at some point…
Yeah.. Working in this field, I have a nice and varied skill-set.. But is much more valuable in the corporate environment.
wow, I didnt know these information, I have been studying about it for a long time.
Thanks!
Hey, my dad has 3 kids and that never stopped him from taking a chance.
You make a good point about entrepreneurs. Going out on your own is a huge step and is very nerve wracking. For the last few months, I have watched my sister plan and begin to build out her own boutique slated to open in March. I have been crossing my fingers for her through out the entire process. She has the education and background to run her own boutique and she has picked an up-and-coming area that should prove to be profitable, but I am worried about her source of income for the next five or ten years until she begins to see a profit. As of now, she can not even afford to have another worker in the store so it is all up to her. The main thing she has going for her right now is the fact she is single and does not have any children to worry about so it is her best time to at least try if not succeed. I have volunteered to help her out as much as she needs, including handling her social networking, blogs, and working when I can. But the problem is, I live about a 1,000 miles for her.