Many people are enthusiastic to enter the world of entrepreneurship. If you are eager to make more money but also save wherever you can, if when choosing a credit card, 21 months that are interest free present a huge factor, or if you keep contemplating what business is in demand nowadays, you are probably halfway through deciding to start your own business. Perhaps, you are also considering quitting your day job eventually as well.
However, before you think of quitting your day job, there are many things you need to figure out. This is because your decision today will determine your fate in the future. Make sure that your decision to enter the world of entrepreneurship is based on reality and not on misconceptions.
Today, we will be looking further into some common misconceptions about entrepreneurship and what it entails.
You Own Your Time
It’s been a very common misconception to consider entrepreneurship because you want to own your time. If you are currently working, you probably start work at 8:00 am and finish working around 5:00 pm. You also need to go to work every day from Monday through Friday. With this, you really don’t own your time.
On the other hand, becoming an entrepreneur is not the answer to your need if what you want is to own your time. As a matter of fact, entrepreneurs and CEOs work on 24/7 basis.
Even at home, they are haunted by their own issues and concerns that need to be addressed accordingly, and often they can’t help working during the weekends.
Business Schools Are a Good Preparation for Entrepreneurship
Studying at business schools can help you become an entrepreneur, but it’s not a prerequisite. You don’t have to take business courses, or to earn an MBA degree in order to become an effective CEO.
Nowadays, most successful businesses are founded and run by non-business professionals. There are pharmaceutical companies run by doctors; restaurants run by chefs, and real estate companies run by architects.
In this information age, most tech companies are operated by developers and engineers with no MBA background. This is because being an entrepreneur depends upon your personality.
Fashion designers eventually start their own clothing companies because it’s their passion. Engineers establish their own manufacturing companies because they are knowledgeable about it.
Entrepreneurship Is Stable
In the past, many companies used to offer job security. Nowadays, you can’t be assured of stable jobs even if you work for a big company. Actually, it’s in big companies where attrition rate is very high.
Moreover, big companies today aren’t free from economic crisis. We have witnessed that during the global economic crisis that happened several years ago.
As a result, many people started their own business because they believe that entrepreneurship is stable. This isn’t true because being an entrepreneur makes you more exposed to risk and uncertainty. Yes, there are a lot of opportunities, but every opportunity has a corresponding risk.
You Have No Boss
Some people who quit their day job choose to become an entrepreneur because they don’t want to have a boss. If you operate your own business, you are the boss. On one hand, this is literally true, but on the other hand, your customers or clients are your boss.
There’s nothing wrong in being an entrepreneur. In fact, it offers many opportunities and advantages; however, you should recognize that entrepreneurship is not a perfect paradise as it has pros and cons, too.
You may be thinking of quitting your day job because of its disadvantages, but do not overlook the fact that being an entrepreneur also has its own disadvantages.