This is specifically for entrepreneurs.
As aspiring business people, entrepreneurs often see no option of working any other “job” other than focusing on their “business”. I’m one of those people! I would rather spend all my time working on my business, with no income, and feel much more fulfilled than to work anywhere else. Now that is an admirable thing, and says a lot about the passion one has for his/her business goals. Yet, the problem with this route is that most entrepreneurs don’t have enough capital or cash flow to support this; leaving them no option but to look for funding.
I’ll address funding later; but for now, I believe collecting funding to START your business is a very bad idea.
As an entrepreneur, there will be a tremendous amount of pressure coming from all angles; especially when/if money becomes an issue of survival to pay bills, take care of a family etc.
WORKING SMART VS HARD
I’ve been a “full-time” entrepreneur for the last 7 years; which means depending primarily on income from my business to survive. It has been the most exciting times of my life, as well the hardest. But that has shaped me into a much more effective, smart and practical entrepreneur. I’ve gathered EXPERIENCE, which cannot be snatched or bought. My experience has taught me to work much smarter, rather than harder; especially in 2017. But one of the most important lessons I’ve learned as an entrepreneur is to have cash flow; it offsets the pressures that come along with an entrepreneur’s lifestyle which often requires making critical and calculated decisions.
Cash Flow is a consistent and steady flow of income from somewhere; job, affiliate income, dividends etc.
Yes my experience has been more valuable than any job, however, a lot of problems I ran into could have been either avoided or dealt with in a better way if there were a consistent flow of cash to offset the pressures I felt at the time. With less pressure you often make better thought out decisions.
Working SMART means to be more disciplined to think through things and plan for the future! So instead of banking on just straight “hard work” of your hustle, you need to understand that sometimes no matter how HARD you work; it won’t always lead to an inflow of cash to sustain the immediate and mandatory needs you have to stay alive.
YOU CAN DO BOTH
I was never one to believe in working full-time for any job, and yet still focus on my business. Well, that opinion has changed; why?
Over the last 7 yrs I’ve experienced a lot of the common business problems such as not having enough time to get everything done; especially if you’re a “one-man band” – working alone. You can’t possible get all those things done, you are not a jack of all trades! However, in 2017 there are so many resources available via the internet to help automate certain time consuming tasks; such as social media and research.
If you can work SMART enough to automate your systems well enough, then yes you can be both a full-time employee and entrepreneur with a successful business.
I’ve been able to do this with my digital marketing company, because I did the work myself for so many years, I began outsourcing effectively almost every aspect of my company. This has given me more time to focus on other things; which I’ve chosen to use working a “9-5” job that is within the same industry my business is in, I’m passionate about it, get paid a lot more because of my experience, have the same freedoms, and I’m still gathering even more experience on someone else’s dime!
So looking back, despite the tremendous amounts of experience I’ve gathered; the pressures of entrepreneurship are very real and can lead to depression, or even suicide. I had the amazing support of great friends and family who supported me during those dark periods; I’m certain that’s not the case for many entrepreneurs out there, and for that reason I would highly recommend cash flow first!