{"id":20975,"date":"2019-02-04T15:00:36","date_gmt":"2019-02-04T13:00:36","guid":{"rendered":"https:\/\/www.bondora.com\/blog\/?p=20975"},"modified":"2019-02-04T15:00:36","modified_gmt":"2019-02-04T13:00:36","slug":"combating-the-disadvantages-part-2","status":"publish","type":"post","link":"https:\/\/goandgrow.eu\/en\/blog\/combating-the-disadvantages-part-2\/","title":{"rendered":"Entrepreneurship versus employment: combating the disadvantages (part 2)"},"content":{"rendered":"

Last week, we dove further into our comparison of entrepreneurship versus employment<\/a><\/u> by proposing ways in which you can combat some of the disadvantages to employment.<\/a> If you remember correctly, we wrote a comparison that outlined both the advantages and disadvantages of each last month. As stated previously, we don\u2019t hold either choice above the other\u2014it\u2019s up to you to figure out which option would better align to your personality, preferred working style, and career goals.<\/p>\n

\"Entrepreneurship<\/p>\n

In this post, we\u2019ll zone in on the disadvantages of entrepreneurship. We\u2019ll give a brief synopsis of the points from our first post<\/a>, but feel free to refresh your memory by re-reading it before moving on with this post.<\/p>\n

How to combat the disadvantages of entrepreneurship<\/h1>\n

If you recall, we described entrepreneurship as being self-employed and running solo (maybe as a freelancer or contractor) or as meaning you\u2019ve started and\/or are running your own business (with others eventually working for you). It can be a fairly broad category with different characterizations as there are numerous types (and exceptions to anything). \u00a0We stressed the notion that it sometimes can be a bit glorified (i.e. all play and no work) with how it\u2019s portrayed (ahem, looking at you, media) and you should make sure you know all of the nitty gritty details when you\u2019re deciding on a path.<\/p>\n

The advantages of entrepreneurship included: having more freedom and independence, the option for flexible hours, great potential for financial growth, unlimited scope, and great opportunity for both career and personal growth. We\u2019ll re-outline the disadvantages (as they were explained in our previous post) and propose ways to flip them into positive (or better) experiences.<\/p>\n

Combating difficult work-life balance by scheduling everything<\/h2>\n

A.K.A. Stress galore. As an entrepreneur, you have to invest a huge amount of time into starting your own company\u2014for many years; you will find yourself working very long hours. You also don\u2019t have a vacation or paid leave built into a contract from an employer, thus (as the owner of the business) it can be very hard to take time away. This can create an enormous amount of stress\u2014you have to work extremely hard, but need to tread lightly so you don\u2019t burn out.<\/em><\/p>\n

\"Weekly<\/p>\n

When we say schedule everything, we mean everything. <\/em>When you\u2019re an entrepreneur, it\u2019s very easy for the line between work and personal\/family time to get a bit blurry. When you have an extensive, seemingly never-ending to-do list for work, it\u2019s hard not to let that seep into what should be your personal time. Instead of just using your calendar for meetings and appointments, use it for everything. Schedule out your work to dos on a calendar instead of a list, and designate blocks of time for each. On top of that, schedule recurring time blocks for everything else in your personal life\u2014daily exercise, weekly family game night, monthly brunch with friends…you get the idea. This could transform the way you work, and help you to avoid the dreaded entrepreneurial burnout.<\/p>\n

Combating risk and investment by seeking mentors and advisors<\/h2>\n

Starting your own company is very risky, and many entrepreneurs and companies fail. Not only do you face your company failing and the financial risks that go with it, but you also have to deal with the legal risks and liabilities of starting a company. Entrepreneurship generally requires a large investment on your part, without any guarantee that you\u2019ll get any return (i.e., if the business fails). Not only do you (usually) have to invest a lot of your own money, but you have to network and find others who are willing to invest in your company. Coming up with starting capital can be very difficult, as you need to see the big picture and have a strong business plan in place.<\/em><\/p>\n

\"seeking<\/p>\n

We\u2019ve said it before and we\u2019ll say it again, but networking should be your best friend when deciding to head down the entrepreneurial path. Seek out others who are experts in your industry, those who have already done what you\u2019re trying to do (i.e. other entrepreneurs), and potential partners to see if they are willing to let you pick their brains. Many startups have expert advisors, though you typically allow them a small bit of equity in exchange for their help. In the long run, however, it can be a small price to pay for their expert guidance.<\/p>\n

Also attend industry and entrepreneurial events and just talk <\/em>to people\u2014you never know who may be able to give you advice, connect you with investors, or even become a potential partner. Not only that, but even talking to others in the same situation as yourself (i.e. other entrepreneurs just starting out) can make you feel less alone,\u2014this can calm some of the stress that comes with taking risks. Speaking of feeling less alone…<\/p>\n

Combating loneliness with co-working communities<\/h2>\n

Being an entrepreneur can be extremely lonely, especially at first. All decisions are up to you, and you have the burden of all of the stress on your own shoulders. You don\u2019t have colleagues to bounce ideas off of, and the success and future of your company are entirely up to you. On top of that, the long hours can deplete any time you have to socialize or spend time with other people, so it can be a very isolating endeavor.<\/em><\/p>\n

\"Co-working<\/p>\n

Modern co-working spaces are one of the best things to happen to entrepreneurs over the past five to ten years. Not only do they give you a place to work that isn\u2019t sitting on your bed, but they offer something that is one of the most important aspects of work and <\/em>life\u2014community. A co-working space allows you a perfect balance of autonomy with camaraderie, and the best part is that you get to choose how social you want to be. Unlike a traditional employment workplace, a co-working space allows you a community without the politics and competition. Not only that, but it allows you to use rooms for meetings, which can be the crux of entrepreneurship\u2014you need to have more meetings when you\u2019re trying to build something, but you don\u2019t yet have your own office. Co-working places solve that, and allow for a more professional setting than a noisy, packed coffee shop.<\/p>\n

Combat greater responsibility with planning, efficiency tools, and outsourcing<\/h2>\n

While being a \u201cjack of all trades\u201d can be enticing to many; it\u2019s important to note that this doesn\u2019t just mean you get to dabble in cool marketing ideas. You have to take care of all components of your business (at least until you have the finances and resources to hire and delegate). This starts with the legal paperwork required for setting up and registering your business and includes administration duties, accounting, dealing with taxes, and so forth. There is a lot of responsibility and behind the scenes, day-to-day work that goes into being an entrepreneur\u2014it\u2019s not just traveling around giving TED talks<\/a>.<\/em><\/p>\n

\"Combat<\/p>\n

It\u2019s very <\/em>easy to get overwhelmed once you realize there are so many components and hats you have to wear as an entrepreneur. There are a few ways to avoid feeling like you\u2019re going to be crushed by the weight of it all. First of all, planning is key\u2014scalable planning is even better. When you\u2019re first starting out, sit and think about how you\u2019d like your business to grow, scale, and progress\u2014what roles would you like to take on, what responsibilities would you like to continue with, and what tasks would you like to hand off to someone else? For example, if your biggest strengths lie in marketing and business development, but a huge chunk of your time is taken up with back-office demands (accounting, administrative, etc.), you might consider that as one of the first things you\u2019d want to take off your plate. You can consider hiring someone\/outsourcing the work, or you could invest in software\/tools that take care of this for you. That way, you can get back to what you\u2019re good at and focus on growing your business.<\/p>\n

Combat financial instability with a sound financial plan<\/h2>\n

Being an entrepreneur means you don\u2019t have the stability or security of a regular paycheck. In fact, for the first few years, most money goes right back into growing the business, and you won\u2019t see a healthy paycheck. Your finances are entirely dependent on the success and growth of the company\u2014even if the company grows, it could have a slow period which can negatively affect your income.<\/em><\/p>\n

\"Financial<\/p>\n

If the world of finance isn\u2019t your forte, then we hope you\u2019ve already heeded our point about seeking mentors and advisors. Putting a financial plan in place\u2014not just for your business, but for your personal life\u2014is a crucial first step down the road of entrepreneurship. Sure, things can be in flux and change, but if you have some semblance of a plan you won\u2019t be so caught off guard if things go south. It\u2019s very important to have a budget for your personal life when you\u2019re an entrepreneur (again, lines can blur\u2014avoid this), and we\u2019ll again say the words we\u2019ve said before\u2014pay yourself first! We don\u2019t necessarily mean you need to pay yourself a salary right away (many entrepreneurs don\u2019t), but it wouldn\u2019t hurt to save even a small amount for a rainy-day fund, be it for yourself or for your business.<\/p>\n

Entrepreneurship can be a glorious thing, and we have seen so many amazing advancements in Fintech<\/a> alone within the last few years due to new entrepreneurs. Entrepreneurship can has been glorified a bit due to puff pieces on all its attractive aspects, while the day-to-day hard work and grind that\u2019s required is often overlooked. We\u2019d love to call on all entrepreneurs to share your stories and share your knowledge\u2014be receptive to people reaching out to you for advice, and don\u2019t shy away from sharing the unsexy bits of entrepreneurship. But as we say, don\u2019t focus on the problem so much as looking to the solution.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, we dove further into our comparison of entrepreneurship versus employment by proposing ways in which you can combat some of the disadvantages to employment. If you remember correctly, we wrote a comparison that outlined both the advantages and disadvantages of each last month. As stated previously, we don\u2019t hold either choice above the […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[119],"tags":[],"class_list":["post-20975","post","type-post","status-publish","format-standard","hentry","category-financial-well-being"],"acf":[],"featured_image":null,"categories_names":["Financial Well-being"],"category_name":"Financial Well-being","_links":{"self":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/posts\/20975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/comments?post=20975"}],"version-history":[{"count":0,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/posts\/20975\/revisions"}],"wp:attachment":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/media?parent=20975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/categories?post=20975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/tags?post=20975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}