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MenuWhat's the best part about being an entrepreneur?
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The opportunity to bring your creativity and insight to your business. Calling your own shots and realizing that it is all up to you. Being an entrepreneur is an opportunity to learn everyday!
There are lots of 'symptoms' that are great about being an entrepreneur, but I think they are all a result of Self-Actualization (and maybe Self-Transcendence) from Maslow's Hierarchy of Needs: http://en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs
For me, this manifests as:
* Creating change for the world outside of personal gain.
* Learning the limits of what I can and can't do. Nothing like jumping in the deep end to learn how to swim.
* Getting fulfillment that I wouldn't get elsewhere. E.g. amazing people, satisfaction in work, creativity, and bringing meaning where there would be none.
There are some commonly cited but wrong answers. It's highly unlikely you "have no boss" as an entrepreneur (fiduciary responsibility to shareholders). You don't get to do whatever you want. You don't get to slack off and take vacations.
There's also the "E-Myth" - if you like baking pies, don't open a pie bakery, because you'll spend barely any time making pies and you might come to hate it.
I believe some people are meant to be entrepreneurs. In other words, just like how you don't choose to be gay, you don't choose to be an entrepreneur. So the best thing about having an entrepreneurial job is that it lets you be who you truly are.
... or as I put in some of my social profiles: "I learn by pushing boundaries until something pushes back. So I landed in one of the few jobs that rewards such silly behavior ;)"
The awesome feeling you get when people tell you it can't be done and you prove them wrong.
There are many benefits, but for me it is the truest expression of myself. I can take the long view and set myself on a path of learning and growth that allows me to accomplish the change I want to see in the world. It allows me to express my personal core values through my business activities. But the best part? I don't have anyone telling me during an annual review that I "could be less ambitious." Good riddance.
Being able to combine your passions with your business!
Feeling excited every morning about the work ahead of you that day!
If I'm choosing something that is unique to entrepreneurship, I'd say the flexible lifestyle. I had my choices of work I love to do without owning a small business, so it's not just loving my work, though I do.
And it's not the unlimited income potential. You can't eat potential, and you can have the same potential if you go into outside sales.
For me, it's going to movies on Tuesday mornings, then working for the rest of the day. It's being able to take vacations in the middle of the week while colleagues are at work, then return just in time to join friends and peers for a Friday night drink.
It's not just knowing I can work from anywhere, but actually Doing it, packing my laptop and three days of clothes and just leaving, with no particular plan.
It took a couple of years of working 18 to 20 hour days to get to this stage, but it's wonderful to have these options.
Related Questions
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If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
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How can I smoothly transition from full time worker to self-employment?
The ways I've done this in the past are 1) Find some customers that are willing to hire you (or your product) but know that you'll only be free nights & weekends to support/work with them. 2) Find a "partner" (co-founder or other) that's got a flexible schedule that can help build the business while you're at work. 3) Block out nights, mornings and weekends to build the business till you have enough orders to cover 50% of your salary. This might mean 7pm-11pm most nights, and 4 hours each day Sat & Sun. Make progress (sales $$$) and momentum. All that being said, it's risk reward. Sounds like you want to avoid taken the risk, and I get that .. but the upside is always smaller. Unless you put yourself in a position to have to succeed (ex: quitting your job) then you may never make the scary decisions that are required to build a company (like cold calling, going in debt, making a presentation, etc). I'm on company #5 with many other side projects started nights & weekends .. so I get it - but don't be afraid to bet on yourself and go all in.DM
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What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.comKM
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
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