Think You’ll be Rich as an Entrepreneur?
“…even years after beginning the process of starting a business, only one-third of people have a new company with positive cash flow greater than the salary and expenses of the owner for more than three consecutive months.”
This from Guy Kawasaki’s blog and it relates to what I’ve been writing about and thinking about lately. This is a guest post with ten myths of entrepreneurship. Before you think I’m down on entrepreneurs, let me stop right here.
Being an entrepreneur in the stage I’ve been at is hell at times (and I think if it truly was for me I would recognize the challenges but still want to plug on). I’m both the technician and the manager and so is Paul. This is a pretty predictable stage until you can hire out one side and focus on the other.
Here’s another quote:
“The typical profit of an owner-managed business is $39,000 per year. Only the top ten percent of entrepreneurs earn more money than employees. And the typical entrepreneur earns less money than he otherwise would have earned working for someone else.”
But we’re so optimistic that we’ll be the exception. And a lot of us are. But, if you knew that’s about what you’d make - $39k a year, would it be worth it to you? Even if it meant you work far more hours than a typical job with no benefits? I know so many people who’ve done far better than that. It’s just that it it’s usually a very long term investment and sometimes means going without a lot for a long time.
Side note: It’s amazing how long it takes to build blog readership and how quickly it can tank if you slow down and stop blogging. My blog was down for a long time before I even knew about it. An hour on the phone with technical support and now I’m up again, (but things aren’t quite right - starting with having to disable every single plugin). I started this blog for me and it’s still for me, recording a journey.
What I’ve found lately is how difficult it is for me to separate life and work - something I never considered a problem before (but those around me probably did think it was). It’s a good sign in some ways, but a transition nonetheless. It frees me up to take on other passions and expand a bit.
What I’m saying is, when you’re in love with something you will give it everything and the ride is fun, not harrowing. Many times entrepreneurs love what they do. They don’t mind the sacrifices because of the benefits.
What about you: are you enjoying the ride? What stage are you in? What’s next for you? How does the money play into it? What have you learned? (maybe you should read The Entrepreneur Story for inspiration?)
Reliable, Affordable Business Hosting from Bluehost.com.
You Might Also Like:
Leave a Reply
