The entrepreneur lifestyle has a lot of perks if you're willing to put up with the negatives that come with it. Sure there's more stress than you can imagine, sure you never have free time and you're always tired.... BUT you'll never know what rush hour traffic is and no one can tell you when to go to the bathroom and when not to. Also as a millennial we're going to be pretty damn broke no matter what so we might as well go to the bathroom when the fuck we feel like it... or at least hold it for 12 hours on our own free will.
So yea..obviously being an entrepreneur has a laundry list of challenges but I assure you that you will get used to them. The main thing to keep in mind is that at the beginning things are hard because everything is new so it is normal to be bad at everything. Literally every single task you do is the first time you've done it. Once you do things a few times you naturally get better at them. This is also why your first business will be so expensive - there is no greater cost than the cost of learning....
If anyone took micro economics or knows anything about the difference between micro and macro then you can slot running a business under micro economics...impossible to understand but for some reason it all works... you really just have to let go of trying to understand what being an entrepreneur is and just jump in. This doesn't mean you have to quit you job, it just means that you can make money from other sources than one employer.
If you are stuck on how to get going just say "yes" the next time someone asks if you know anyone that needs a job or wants to make extra money. This includes any kind of work that doesn't conflict with your current job. Getting into the entrepreneurial mindset of "how do I make more money" is the first step. Time becomes a resource that you have to trade for money. To be a successful entrepreneur you have to be open to a wide variety of work to make your bills. As long as it doesn't conflict with your values all work is good work. This includes housework and yard work.
As an entrepreneur there's a certain amount of money I have to make monthly, right now it ranges from 25k - 40k to cover business expenses. This means I'm ALWAYS trying to bring more money in and spend less. Read my post on Budgeting on the Fly (https://steemit.com/entrepreneur/@economistkerri/using-budgeting-to-make-the-tough-decisions-faster) to see tips on how to manage this kind of budget. Was it always easy to reach these expenses? No. Did I work until 6am for months at a time? Absolutely. Do I know this business will survive and flourish forever? No
Why do it? My favourite part of being an entrepreneur is the constantly evolving market. The business scene is competitive but the more responsible you are the easier it is. Responsibility means doing the work no one else wants to do (always the easiest way to get ahead). If you see a crowd of people moving one way, try to move the other. This includes a hopping social life in your 20's. Stay in every Friday night or stay late at work, put that extra money in a crypto portfolio. Measure your success in ten years. Remember long term investing is key. Don't try to make it over night.
Please comment with any questions! I'm always happy to answer :)
Long term investing is the way
It sure is. Wish it wasn't haha. I'd take the quick cash money.
Hi economistkerri, lovely post this. I just joined steemit a couple of days ago and I'm an entrepreneur too! Would love to connect w you. Which business are you in?
Hi there, welcome to Steemit! I have a few businesses going right now I'm largely in the beauty and wellness industry. How about you?
I used to be in the beauty industry drop shipping products from China and now I sell high ticket services. I am also planning to get into the weight loss niche which is quite connected to the wellness industry I suppose
Nice. The weight loss niche is a huge industry. I'm sure you'll do very well!
"Long term investing is the key".. well said
It's a bit of a switch in mindset but important to understand.
Awesome post! It's great that you're letting people know that there are negatives to the lifestyle. I think the average perception of being an entrepreneur is that it's the dream life, and while it can be, you have to take the good with the bad and accept that it's not going to happen overnight!
It's funny that the average perception is a dream life... if that was the case wouldn't everyone do it? I knew it would be hard work getting into being an entrepreneur but I didn't realize the concept of long term growth. I thought maybe a year or two of hard work and then it would all pay off, it's more like a life time of work..and then it pays off!
Sounds like you are addicted to entrepreneurship, and may I say that there are not many things in the world that are healthy addictions, haha. Having ran businesses, and failed many, over the years, I had to admit too that there is this insatiable draw, like a fucking strong magnet, into being enterprising. I tried to switch it off, and it stays switched off for a few days, but then the mind gets itchy, the fingers start to twitch.
At one point, it's not even about the money anymore. That's when you know you're in love with the game. :)
Thanks for your sharing, @economistkerri. Have a great (hustling) weekend!
Addicted to entrepreneurship is probably right... Luckily I'm also addicted to laughter, fun and passion. I try to combine all four to find a balance. I hear you on the magnet to being enterprising I use the hashtag #cantstopwontstop a lot even when it's just my friends and I hanging out.
I try to stay away from the "hustling" lifestyle unless it's only for 8 hours a day. I need time in the evenings to switch off which is a new chapter in my entrepreneurial life- another step to support long term growth.
Thanks for you comment @maverickfoo cheers to another one addicted to the game ;)
Good for you! Being an entrepreneur requires a huge amount of bravery. One day I would like to be an entrepreneur as well, because if we do a good job, the results are spectacular.
May I know what did you do as an entrepreneur? I mean, which type of business?
Cheers!
Thank you for your comment. My most expensive businesses are two small business store fronts. The rent and keeping the operating hours is the most expensive.
Being an entrepreneur is a risk most people say but guess what? Life is a risk anyway because it is actually not giving an idea a try is a limiting factor...Kudos for taking the risk that is fetchy...i followed you please feel free to visit my site anytime
That's true it is a risk but exactly, what's life without a risk or two?
thank you sir, your health has been a good post thank you for your advice post :D @economistkerri
Thanks for this post. I love seeing helpful and specific advise shared like this.
I have enjoyed being an entrepreneur for many years, and started by failing in one business after another. I think of failure as the price of an on the job education. You learn really well that way, so it isn't really failure, just corrective feedback. Now that I've been supported by my businesses for 10 years I can say it was all worth it.
I would never trade being an entrepreneur for the supposed security of a job. The greatest security now comes from knowing that if I need to earn more I can have a new idea, put it into action without anyone's permission, and see if it works. Great fun!
Nice to find you and just followed you to see more of your content. I am new so have few followers yet, but will gladly share your content as my following grows.
Thanks for the follow. I try to post a mix of travel and work stuff since I'm on the move a lot.
That's super cool that your business has supported you for 10 years. GOOD JOB! I hope I'll be able to say that some day.
A friend of mine nicely points is an advocate for entrepreneurship and points out that the security of a job isn't real, just someone else is getting the grind of the business and doesn't tell you about it. Your job could be gone tomorrow just as easily at a firm or corporation as it could be working for yourself.
Cool to see more and more entrepreneurs getting on Steemit. I'll follow you as well and hope to see some interesting stuff on your posts.
"As milleniaks we are going to be pretty damn broke no matter what" looool I dont know if I must laugh or cry with this fact .. I feel you
haha it's true! When I graduated school there were no jobs! All my classmates moved to where their parents had connections or bigger cities to make similar money to if we didn't go to school at all. Gotta love those student loans... so I figured what did I have to lose making it on my own? I made "decent" cash but whats decent compared to a millionaire? Suddenly my 40k aint got nothin. It's not even half of 100k and it's considered a lot.. HOW EFFED UP IS THAT?!
Good to know that you have embarked on the journey.
I have been sailing in the seas of entrepreneurship for 10 years. I have expanded and Now I am doing two businesses. I am hoping to get one more soon. It can be rough and fierce at times but overall it has been fine. Your life has totally changed. You may have a deal that’s financially good for a year or some years OR you may sit idle for a while. Stay positive.
One piece of advice for you, don’t stick so much with so called business analyses, you might have learned from your business education, for all of your decision making. I am not saying those analyses are useless but passion and irrationality are probably two qualities of each entrepreneur. That said, have an exit strategy for yourself. If you cannot sustain your living for some time, cut loose from that.
Good luck !
Thanks for your advice! It's nice to get advice from more senior entrepreneurs. I'm in the sitting idle time right now. Not a lot of "big moves" which is good for me. It was a hard transition from the adrenaline of building to the more stable place of maintaining and tweaking.
The success I've seen in my businesses have come from being able to balance my irrationality, passion and business education. I've always had a hard time with structure and very much run on the irrational path. Adding the business education was what weathered the hard times of crunching numbers to survive. When the bad times come it's nice to count on well tailored books to take part of the blow. That being said I am often appear the more rational one among my entrepreneur friends so I could look at that.
Thanks again for your comment! I enjoyed it.
If possible, define and document each internal process, say, define a service/product blueprint. Why? you may standardize business processes and when your business grows bigger, you'll hire someone and each person hired can do things in a desirable way.
Stick with down-to-earth business theories and techniques only, some of those theories and techniques you have learned are NOT for small businesses.
Capitalize on every online marketing opportunity, if you have a website, try having search engine optimization (some techniques in planning and executing how keywords related to your products/services are scattered in each paragraph, each post and each webpage section across your website), you can do some research about search engine optimization and do it yourself, it is not that hard. With search engine optimization, you may save a lot $ from online marketing because organic searches can probably bump you up onto top of the page. Also, use hashtags to post on IG and FB.
Microsoft Office Accounting Express was free back then, but don't know if it is still now. Full package, very simple but powerful accounting software to keep your books. If this software is not available anymore, find something similar.
Add value to your customers, do a little bit more for them so they can feel what receives from you exceeds face value of money paid.
Have all of your computers and phones backed-up regularly. I paid a steep price before.
These are what I have learned along my adventure (am still learning)
Again, best of luck to you!
Ohhhh thanks for all your great advice! I'm also in small business so understand how the business education MUST be secondary to the traditional business theories.
I'll look more into SEO and increase our hashtag use. We could definitely benefit from this.
I'll also back up my phone today! Our servers are backed up but I saw the little warning on my phone that it wasn't backed up and I've been ignoring it.
We love our clients, we'll keep on spoiling them!
Thanks again for your comment. I've followed you.
Entrepreneur is one of my dream that not yet come true, the biggest attraction of being one is that I could work for myself but not others. All the best to u.
Most entrepreneurs start their first business as a side gig to their paying job. You should try a side project of sorts to get going. Just keep playing with business ideas.
Yep, good to know it.
It's cool being an entrepreneur now but the hard part has yet to come. I say be ready because when the economy is great, life is great. When the economy starts going into the toilet, only the entrepreneurs that are smart and savvy will survive. The entrepreneur life is hard but it's very rewarding. Good luck on your journey.
Thanks for your comment. I agree! You always have to have your eyes open to whats to come.
leave everything aside... that smile...
best smile ever. Love you
👍🏾
Hi how are you? Really interesting post , i love it - i hope you will succeed as an entrepreneur ! I would like to connect with other cool and creative steemians, artists and musicians. I’m posting music tutorials and other things related to music (and bitcoins:p). I’m the founder of the free music school communicasound. I'm really pleased to meet you. So i give you my vote, follow you and i will be happy to read your next posts in the futur. If you want, you can do the same and follow me. It’s important to have a family in Steemit :) Greetings from Paris. Peace.