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:
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.
Disclaimer: Posts may contain affiliate links. Kopac Consulting is a participant in affiliate advertising programs, designed to provide a means for sites to earn advertising fees by advertising and linking products. This means that if you choose to purchase an item from a link in this post, we earn a small advertising fee to help pay for future projects and posts, so thank you!