The Pros & Cons of Entrepreneurship
by Jeff Herzog, President
“Being an entrepreneur can be learned, and that is exactly what I have done. You don’t have to be born with it or have had the ‘lemonade stand.’ But, you do need to have the passion, devotion, conviction, and sheer will and drive to make it happen.” ~ Julia Hartz, Co-Founder and CEO of Eventbrite
Entrepreneurs come in all different types, from disparate backgrounds, and with diverse sets of skills. As the President of FPC National, I created my own unique path to entrepreneurship and have my own unique story, which is true for all business owners.
I have never been the hoodie-wearing, big-idea, tech-startup-Silicon-Valley kind of entrepreneur. My path to business ownership has been more unintentional, as I built my career steadily and developed a broad portfolio of skills, including sales, marketing, pubic speaking, leadership, and recruiting.
As of today, our company consists of a network of 65 franchise locations across the United States. I have played a key role in coaching and mentoring many professionals into their roles as successful entrepreneurs. And one of the things I’ve learned is that, while most people have the capacity to build and manage a profitable business, entrepreneurship is not for everyone.
Do you have the experience, determination, tenacity, temperament, and passion to be a successful entrepreneur? Take a look at some of the pros an cons to see if this path is right for you.
Your income is not limited to a specific amount of money every week, month, or year. Your earnings, in large part, are directly proportionate to the time, energy, and creativity you put into your business. Those who are self-motivated, willing to work hard, and have the capacity to carry out their visions are able to earn substantially more than they could by working for someone else.
As stated above: Your income is not limited to a specific amount of money every week, month, or year. While this is seen as a positive feature to true entrepreneurs, it can be a very scary proposition for those who are more risk averse. When you own your own business, you do not have the security of a steady predetermined paycheck every week. If this is a deal-breaker, you may be better suited as an employee rather than an entrepreneur.
Can you handle the uncertainty of not knowing the exact amount of your income? People who thrive on the idea that big risks can yield big rewards are able to overcome this first hurdle of entrepreneurship. Many business owners find this uncertainty to be a motivating factor, as they know that their incomes are directly tied to their efforts.
For anyone who has ever dreamed of having a flexible work schedule, then you will enjoy this aspect of the entrepreneurial lifestyle. No longer will you have to get approval for doctor’s appointments, vacation schedules, or long weekends. And, if you so desired, you can make it to every one of your kids’ games, recitals, and other functions. As a business owner, you are in full charge of your own schedule.
The thing most people don’t pick up when they become an entrepreneur is that it never ends. It’s 24/7. ~ Robert Kiyosaki
Yes, your schedule is your own – that is for sure. You are able to take off when you want and adjust your schedule accordingly. But to think that this means you work less hours would be a mistake. Many entrepreneurs don’t know what it means to have a 40-hour workweek. If you take off early to catch your son’s baseball game, you’re going to have to make up that time somewhere. And if you choose to take an extended vacation, you should know that there will likely be a small mountain of work awaiting your return. Also, there is a tendency for many entrepreneurs to be attached to their business email and texts, even while on vacation, so you may never really be completely away from your business.
For many entrepreneurs, however, their job is a labor of passion. They view their companies almost as having another child. They are proud of what they have created and enjoy every second they put into their businesses.
You are able make a positive impact on the lives of others by creating jobs. You can develop a company culture that reflects your beliefs and values. In essence, you have the ability to build a community of people you will regard as a second family.
You are accountable for other people’s livelihoods. A times, there may be pressure on you to meet payroll at the end of the month, especially when your business is just starting. Your employees are counting on you and that is no small responsibility.
Do You Have What It Takes?
From my very first day as an entrepreneur, I’ve felt the only mission worth pursuing in business is to make people’s lives better. ~ Richard Branson
For many people, the greatest attraction to becoming an entrepreneur is the opportunity to make the world a better place to live. As a business owner, you are able to use your experience, abilities, creativity, and resources to improve the lives of others.
At FPC, I, along with the 65 franchise owners in our network, receive tremendous satisfaction by helping people reach their career goals and optimize their earning potential. If you are driven by the desire to help others and believe you have the passion, experience, and tenacity to build a successful business, then you should consider the possibility of becoming an FPC franchisee. For more information, visit our website.
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