The Realities of Running Your Own Business: Do you have what it takes? (Blog)

[Erin Pavlina]

Use this thread to discuss the following entry from Erin Pavlina's blog:

The Realities of Running Your Own Business: Do you have what it takes?

[elucidate]

Great thread Erin, and a very timely one for me. Some important questions you offered, like the one about the fire in the belly, do I have it at this time?...honestly, no!

Even though my job is dead boring and thoroughly unstimulating, I'm making what most people who work 9-5 5days a week make in only 2.5 days...so that's incentive to stay, at least until I find something better...and until that fire returns

Thanks for throwing those relevant questions out.

The people I've met who run their own business all say that it is literally a 24 hour job. One lady hardly sleeps, never eats much of anything that is good for her and technically should not be functioning as well as she is. She looks like death most times I see her.

It can take a few years for any money to start coming in, and in the meantime, you still have to eat and pay rent and all the other expensives.

Ultimately I'd like to create a business where I can continue to work the hours I'm working and recieve the same pay, and then have my own little operation happening on the side...but one that doesn't require all my time. I still want to have a life.

[Bing Wu]

Yes, a business is likely tougher than a job for the same amount of money. But, I'd say another reason people start their own businesses is because of the additional satisfaction from running your own show, and the potential for creativity and opportunities.

In a job you often trade off a lot of autonomy and ability to be creative in exchange for a relatively well-defined role and a steady paycheck. And by creative, I don't mean creative just in the service you do, but in how you do business, how you market, etc.

I totally agree that you have to be inclined to do the work, the business can take over your life, and of course there's possibility that despite your best efforts you may fail and be in the hole. But, I'd never go back to being a cubicle slave unless that's the only way to put crumbs on the table

[Special72]

The article is great in pointing out just how hard it is to run your own business. A line that stood out to me was, "When you work for someone else, you do what you got hired to do. No more, no less."

In some cases, that's probably the case, but I feel that is overly simplified. I work in a small company of about 15, and we're all expected to go above and beyond what is in our job descriptions. We, as the employees, don't have nearly as much stress as the business owner, but we still see that the harder we work, the better the company does, and then the better we do. The same idea is applied for that if the company goes under, we all lose our jobs.

Another thing that stood out was, "When you work for yourself, you do everything until you make enough money to hire other people to do it for you. You’re the CEO, the VP of Operations, the VP of Sales, the Accounting Dept, the Webmaster, the Receptionist, etc. all the way down to the janitor."

I've been a part of a few start ups that I've exchanged freelance work for cred, and where this not the way to ensure the best quality, it's definitely an option. If you don't know how to be a Webmaster, you could always ask a friend to help you get started, or put an ad for a college student looking to build a portfolio.

I really liked the overall message of the article. Maybe it should be required reading for anyone starting their own business. =)

[Weena]

Erin, this is a most enjoyable article! Told in a very honest way too. I think any self employed person will totally get your article. It's good to be motivated and willing, but let's not be naive, it takes a lot to make it work. That's the reality of it. I'm self employed but it does not pay the bills, it's more like a little "bonus" in the household. Especially at the moment (slowed down heaps to take care of my two children, one being a newborn baby girl). I think down the road my husband also might start his own thing...he had an "opportunity" in a recent past but i had a very bad gut feeling about the person who was offering him a building for rent (feeling confirmed by the way). But yes, in a few years i could see both of us doing well maybe in a joined practice.
I have a friend who started his own buisiness and it took him over a year to double his sales and start making a profit. And it's not lack of talent but it was all the money it took him + getting known locally...

[Lucidism]

Erin, thanks for sharing the truth about running your own business. I've been on both sides of the fence and my view is similar to yours. Whenever I see someone online talk about how easy it is to make a million dollars and saying "it's so stupid to work 9-5", I have to wonder if they've ever actually ran their own business or if they're just repeating what they've heard from their favorite guru.

There are pros and cons to self-employment too. It's not always a bed of roses. Everyone talks about "cubicle slaves" but "self-employed slaves" exist as well.

[Angela]

Interesting counterpoint to Steve's 10 Reasons You Should Never Get a Job.

And along these same lines, Seth Godin has some great questions for entrepreneurs.

[Erin Pavlina]

Yes being a self employed slave can be just as horrible as a cubicle slave. Passion, talent, and a willingness to learn are the key components of successfully running your own business.

@Angela: Yes, I wrote this as a counterpoint to steve's article. Shh, don't tell him.

[Angela]

[Zach M]

Thanks Erin! I'm taking the way of self-employment. Whenever I make a good decision, the Universe challenges it. Your article at this time is a good sign.

[BeyondtheWrap]

Originally Posted by Erin Pavlina

Do you have what it takes?

No. I guess not.

[Anna Conlan]

This was a great post. Very honest.

When I quit my full-time job a couple of years ago, all I could think about was getting away from my boss and the crappy wage I was getting, even after I'd got my degree. So when I started out, I thought 'anything can be better than how things were'. Nothing prepared me for what it was really like. And at the time, I was definitely not skilled enough to take on all the roles that my business demanded - receptionist, decision maker, psychic reader, intuitive healer, writer and blogger, creator of products, speaker, tech person and marketer. If I'd gone for an actual job interview for all those roles together in one job, I'd not have gotten a second interview because I sucked at it, at first. But I got better with practice.

[tru]

Hi Erin

Just finished reading your post on, the realities of running your own business.
I think you nailed it nicely.

In my opinion,

Being your own boss and running a business is light years away from working a nine to five. its a way of life. sure you can take holidays and long lunch breaks but if your not on top of your game your customers/clients can become ex customers/clients very quickly.

Having said that the energy and satisfaction derived from being in control of your own destiny can be far more rewarding than being a wage slave.

setting targets etc is a must but it has to be fun in the process, no point saying to yourself that you will only be happy once you have a certain amount of money in the bank or that you will only begin to live once you've achieved a certain target. Enjoy the buzz. and learn from everything you do.

[Rose of Cairo]

Hey Erin, nice post.

The promise of unlimited income was certainly not the reason I went self-employed. I had many reasons, but income was not one of them.

I agree with you though, it takes a lot to be an entrepreneur. I was completely unprepared for that. I really didn't expect it to be the way it is at all! I especially didn't expect the marketing/business aspect of it to be so important - and difficult.

At times I get really annoyed at all those "unrelated" things I needed (and still need) to learn and do and then do differently. I feel like they are preventing me from doing the actual work that I am here to do.

But when I look at it from a higher perspective, I can see that learning all of these things kicks me out of my comfort zone and makes me change. Being self-employed is a huge growth experience. It uncovers and forces me to heal a lot of fears, disempowering patterns and limiting beliefs. It helps me develop a "can do" attitude, even if sometimes I resist quite fiercely. So, I am thankful for the tough ride and don't intend to quit.

I still totally suck at business, marketing and being an entrepreneur. But I have no doubt that I'll eventually learn what it takes.

[Andrew Gubb]

I told ya you had a feeling of power about you........... well in this post you can totally see that

Great post and quite timely for me too... thanks

[Federer]

Thank you for this post erin.

[LauraJane]

Erin, you are bang on with your article. It is not easy. I thought running my own business from home would be a dream. In many ways it was, but, just like everything else, there is a price to be paid for the freedom. For me, I was always in work-mode. As you say in your post, I was never able to leave work-at-work, especially because my workplace was in my home. It was a big source of stress for me, and it negatively impacted my relationship as well because I could never just relax. But there sure are some fabulous pros, I will admit.