The Inside Scoop on Becoming an Entrepreneur

In today’s world, there are many alluring aspects associated with becoming an entrepreneur. To the current generation of millennials with their heart set on living the location independent life, it easily appears to be the best option. And sometimes, it is.
Before diving all the way in, it’s usually best to at least understand the general pro’s and con’s of choosing the entrepreneurial route.

Pro’s and Con’s of Becoming an Entrepreneur

The positives and negatives associated with going rogue in the work world are highly based upon the individual. For example, and inconsistent and irregular schedule could be a “con” for some, and a “pro” for others who tend to dread routine. Be sure to consider all of the following as they pertain to you:

Pro’s

• A highly irregular schedule- perfect for those who can literally feel their soul die when they do the same tasks day in and day out.
  
• Freedom- this includes freedom of time, and ideally finances.
  
• Location Independent- this depends on the type of business you decide to launch, but for many predominantly tech-based startups, you can likely work from anywhere with an outlet and wife- a very alluring lifestyle for many.
  

Uncapped Income Potential- While it’s not guaranteed anytime in the first year, or three years, or ever, the potential of uncapped income is quite exciting, and differs dramatically from the typically salaried 9-5 with little room for growth. ​

Cons

• Schedule- Just as it can be super wonderful to have a flexible schedule, it sometimes means that you’re working crazy hours, taking emergency calls during family functions, or having weeks with over 70+ hours, and others where you work a mere 20. This unpredictability usually levels out over time as you build up your business processes, but it can be a huge deterrent and stumbling block in the beginning.
  
• Uncertainty- The excitement of entrepreneurship can sometimes prevent us from admitting that there is a great deal of uncertainty associated with taking the leap. After all, if you’re having an “off week” at your normal 9-5 job, you’re still going to get a paycheck on Friday. As an entrepreneur, if you have a week where you really don’t get enough accomplished, it’s likely going to affect your income and and success in the weeks to follow. There are days and weeks that it’s highly possible to make no money at all, especially in the beginning when you’re typically investing your time into building out the processes and business plan, and not doing as much selling.
  

Burn Out- This can happen for a number of reasons. While flexibility is one of the pro’s of entrepreneurship, this can sometimes get squashed a few months in, when business is booming and you are needing to be forever available to put out fires and answer questions. Often this can lead to feeling burnt out and like you need a serious vacation, but aren't able to take one because you don’t have the cushy corporate PTO, and not one is trained enough to replace you for an entire week. ​

Now that you know some of the general pro’s and con’s to becoming an entrepreneur, it’s also important to understand some of the first steps that you’ll need to take to make it happen, should you decide that entrepreneurship is the route for you. ​

1. Choose the BEST idea

Note that this doesn’t say “choose your favorite” or “choose the easiest”, and for good reason. It’s likely that as the entrepreneurial-prone type, you already have a head full of a few ideas. It’s imperative that you choose one to get started with (instead of falling into the trap of staring on 4 at a time and finishing 0 of them), and that you choose the one with the highest chance for success. Compare and contras all of your ideas, and see how they each rank in categories such as feasibility, passion, scalability, income potential, and time investment. Once you’ve rated each idea accordingly, see which one ranks the highest and prioritize that one. For example, there might be on idea that ranks 10/10 in the passion category, but a 4 in feasibility and profit potential- which basically says that you love the idea, but it’s going to be a ton of work to get it off the ground, and even once you accomplish that, you’ll be unable to make ends meet with the low income potential.

2. Decide what you’re willing to be uncomfortable for

Elizabeth Gilbert outlines this perfectly in her book for creative entrepreneurs “Big Magic,” but essentially, you’re going to be uncomfortable or even downright unhappy with your entrepreneurial journey at times. Even if you’re 100% in love with writing, the life of a writer includes receiving some rejection letters and some difficult feedback at times. But if you love it enough and can see the positive benefits of it enough, you will be able to work through it. You have to ask yourself “am I willing to be uncomfortable and work hard for this big, shiny idea that I have?”. If your answer is yes, go for it.

Make a plan

Once you’ve decided on the best idea, and you’ve resolved to work at it even when things get hard, you’re ready to make a plan that can lead you to success. A great way to create this plan as a budding entrepreneur, is to reverse engineer your end goal. What that looks like is deciding what you want long term, and then planning all of he little steps or micro-goals that you need to accomplish in order to get you closer and closer to the real deal. This can help you as an entrepreneur to remain self-motivated and feeling live you’ve experienced little successes along the way. Be sure to give yourself some general time frames to accomplish each step by, that way you know that you’re staying on track.

There are so many amazing things that you can do and accomplish as an entrepreneur. While it’s not the most certain or the easiest route to take for a career, it is unparalleled in its level of potential, excitement, and freedom. As you consider embarking on the entrepreneurial journey, simply remember to assess and choose the best idea, to be ready to work through the difficulties, and to set yourself up for success with an actionable plan.