
I once heard from a friend the question, "What's the purpose of being an entrepreneur?" He went on to say, "The purpose is to get your time back and manage it the way you want."
There is some great truth to that statement but there is also the pain of making that a reality. I also saw a meme picture that said, "I became an entrepreneur to leave my 40hr weekly job so that I can work for myself 24/7." That statement is frighteningly a closer reality to some.
Being an entrepreneur is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. Two things that should stick out to you are generating a profit and taking risks. Without those, you're not really running a business and what you do is just a hobby. I'm talking about a real business from sole proprietorship to incorporation. Having and operating a business that takes risks. When I first started Xceed Media, I was very excited and trusted my faith in God to help me. My wife on the other hand was extremely nervous and couldn't wrap her head around leaving a position with a steady paycheck and taking a leap of faith in a business of sales and not knowing when I would get paid. Yes, it was scary and I don't recommend you try this unless you have some clear direction on how, the time it can take, and all the hard work you will eventually be putting in.
Another clear indication that entrepreneurship is for you is that you're passionate about what you do whatever it may be. My business of sales is sales of services. From video production, photography, tech installations, website design, and live sound production. These are services that help people and companies. We capture memories as well as help promote a brand visually. If you already have a business then my advice is to continue learning how to scale, don't be idle in your work, and be a job for someone, giving others the opportunity to work for your business. If you are interested in making a business then be ready to take risks like failing. Behind every successful person are usually lessons of failure in their lives. It's ok to fail. Failing helps you create changes to help you get better at what you do. What will hurt your business is giving up when you haven't tried. Internships, apprentice programs, and just learning from others are great tools to advance in learning how to successfully run a business.
If you are ready to take risks, then you also must be skilled in making a profit. After all, more than managing your own time, the real purpose is to make money. Like every small business all the way to enterprises, without making a profit, a business will not stand very long. So managing money is very important. Saving money is very important. Having business debt is not bad which can help speed things up but it is bad when you cannot pay it off in a timely manner. Having too much debt can actually slow things down. So having a good balance of debt or no debt, saving money, working a business budget, and always looking ahead to make a profit is essential to a thriving business.
Is being an entrepreneur easy? Not at all! Hard work and long hours are a part of it. Sometimes you have to make some sacrifices and put your pride down. When I first started, I wasn't making much profit so I worked part-time for Amazon, making sure income was still coming in for my family. Even now, when business is slow, I run some Doordash to continue to bring in some income. But as your business grows, you grow as an individual as well. Knowledge and wisdom are a part of it and you tend to find meaning in being who you are as a business owner and take joy in helping others pursue their journeys of entrepreneurship as well. Eventually, the hard work pays off and if successful, you can manage your time better and spend more precious moments with the ones you love. All while creating jobs for others, providing services or products, and building a brand that you can enjoy.
Entrepreneurship is not for everyone and that's ok. You may be comfortable with a 9 to 5 job and a steady paycheck or you may find your career that you've spent many years in school for. Those are ok as well. The corporate workplace can be steady and comfortable for you. It's easy to plan and receive a steady income, which can be easier to live with or work a job you love to do. After all, every business succeeds from employees. As a business owner, my advice is to take care of your employees and they will take care of you. So either way, if you love working a steady job then good for you. But if you are looking for adventure, doing something for yourself, and taking risks, then being an entrepreneur is something you might want to take a look at.
In everything, always be thankful.
-Paul
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