Copyright 2006 Pamela Slim
Although I spend most of my time evangelizing about the benefits
of entrepreneurship, I do want to throw a little reality out
there for those who may look at it only through rose-colored
glasses. Here are ten reasons why you may NOT want to start your
own business:
#10: You can't blame your lame boss for your problems. As much
as you might have complained about your boss or "Management" in
your corporate job, you might find yourself missing the person
who takes the heat for big decisions. Whichever success or
failure your company experiences is squarely on your shoulders.
#9: YOU are all the departments in your business. You must take
care of product development, sales, marketing, accounting,
customer service, information technology, legal, procurement and
shipping. Most of us do not have strengths in all these areas,
so you must quickly learn what is necessary to stay within the
law and in business.
#8: No free office supplies. Did you really ever think about how
much a paper clip or manila folder costs? How about a desk,
no-glare monitor or printer toner? All of a sudden you will
become aware of all the "hidden" expenses when you have to do it
all yourself. And no, I don't suggest sneaking out the back door
of your corporate job with a big box of supplies. Bad karma! (I
will sheepishly admit to taking a pad or two of post-it notes in
my time, and I am sure I paid for it somehow)
#7: No safety net of a regular paycheck. Even if you do well in
your business, most orders do not come in an orderly, timely
manner as your paycheck does. Paying bills can be much more of a
juggling act when you first start your business, unless you are
sitting on a huge cash reserve for expenses.
#6: No one gives you goals and objectives. Many new business
owners can get paralyzed trying to figure out what to get done
in which order. Should you develop your product? Start talking
to prospects? Invest in infrastructure? Build a website?
#5: You can't pass off irate customers to Customer Service. The
buck stops with you, and you have to deal with all conflict
related to your business.
#4: No paid sick days. For many businesses, if you don't work,
money doesn't come in. If you wake up with a stuffy nose and a
headache, you can't tap into one of your 20 days of paid sick
leave and sleep in.
#3: Self employment tax. Or just taxes in general. Instead of
delighting at a refund most tax years, as a self-employed person
you have to pay self-employment tax. You also must keep
excellent accounting records to make sure you run a clean
operation and in case that you are audited by the IRS.
#2: Self-funded benefits. You must piece together and pay for a
decent benefit package to ensure you and your family are
protected against risk. You don't have the volume discount
afforded by large corporate programs, so often they are more
expensive.
#1: No zone-out weeks. Although most of us would never admit it,
we have all had weeks (some months!) of "zoning out" where we
act like we are busy and doing important things, but in reality
are shopping online, or planning a wedding or playing fantasy
sports. If you zone out in your own business, nothing gets done
and no money comes in. Simple as that.
If you are still charged up to become an entrepreneur after
reading this list, you may just have what it takes to succeed.
About the author:
Pamela Slim is a seasoned corporate consultant with a new
mission in life: help corporate warriors to become thriving
entrepreneurs! To take a free assessment "Test Your Small
Business Start-up IQ" and get other valuable tools, go to
http://www.ganas.com/freestuff Read Pam's blog at
http://www.escapefromcubiclenation.com
