The life of the Entrepreneur

Everyone in Peru dreams of being entrepreneurs and having our own business. But many who work in the corporate world decide to be entrepreneurs without proper preparation of their business plan or believing in the typical myths that surround the business.

It’s worth going over those myths a bit to decide if you should be a business owner or start a business on your own. Being such an important step, it is worth considering how your life will change.

The following topics represent the most significant ways in which your life changes from an employee or executive to a business owner:

Time

As much as you work as a dependent in a business environment, you will most likely have to work harder and longer as an independent. Twelve or fourteen hours a day or more, seven days a week, few or no holidays, are the rule rather than the exception for the owner of a business. The work does not end on Friday afternoon. The weekends are for work and one sleeps with the problems every night, especially if it is the end of the month and you must pay the return!

Responsibility

By owning your own business, you depend on no one but yourself. The decisions you make in purchases, sales, investments, organization, hiring, layoffs, etc. and its results are your responsibility and nobody else’s. There is no one to blame for mistakes and often there is no one to consult. Many people associate to minimize the risk, but the usual is that the interests of the different partners do not align in each circumstance and that can bring conflicts and disagreements to the business, breaks and complications.

Risk

Being an entrepreneur encompasses all the elements involved in assuming the risks of the business, from the potential economic hardships derived from a failure to the danger of a personal financial disaster. As an entrepreneur, you not only risk what you invest directly in the business, but you can end up compromising the entire family patrimony. The risk can be minimized with a detailed business plan.

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Security

What the dependent world provides: the monthly check that always arrives at the end of the month, the health benefits, the auxiliary staff when you get sick, the rewards, advances, paid vacations, are not the norm when you start as an entrepreneur. When you work independently, you are the business and you must substitute those profits and profits through profits, until the business can pay you the salary you need to live. Your health should be iron and have high levels of energy to cope with the long hours of business. One must be more employable than ever before so that his own business can benefit!

Recognition

In the dependent work world, there is often a system that gives a stimulus: it can be a promotion, an increase, a trip, training, the recognition of the boss or the peers. When you work for yourself, this motivation is no longer part of your work environment. One celebrates alone and seldom has anyone to share concerns or problems with.

Sociability

It is something that tends to be taken for granted in the dependent environment: office events, bachelor parties, weddings, birthdays, institutional anniversaries, etc. In a business of its own, this type of sociability does not exist, at least until the business takes an interesting size and can have employees with whom to share.

Administrative support these are

Other qualities of dependent work. We photocopy the documents, the correspondence is processed, our bins are emptied every night, the computers work and if they do not, we have someone to call (and blame many times!), the telephone bills and the rent are paid by others. Checks are deposited in the bank and collections are made without us thinking about them. If you decide to work on your own, you will most likely have to perform many functions and service tasks that you are not used to.

Identity

This is an additional benefit that is not usually paid attention, but is very important. Work defines us in the world of adults. We usually associate our identity with the organization or business in which we work. The name of the company for which we work becomes our organizational “surname”. The person who says “work at IBM,” for example, saves a series of questions about what he does for a living.

Lifestyle

Most people in the corporate environment are able to balance the demands of their employment with the activities they have established for their private life. When the success of a business depends on you, it is likely that your commitment to work should prevail over all other activities, including your immediate family, sports or your favorite hobbies.

The human spirit is extraordinary. Despite the difficult economic conditions that could settle in our economy, today more than ever people are looking for opportunities in activities undertaken on their own. Among the reasons most commonly used are: self-satisfaction, the desire to become independent, limited employment opportunities, reductions in personnel or threats of layoffs.

The important thing is to undertake in a very rational and well planned, hopefully on issues that we are passionate about and where we have some kind of experience or knowledge. A well-designed business plan, such as the plan of the house we were to build, is vital to start a business with better chances of having the success we seek. Luck!

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