There is just so much buzz here in the USA about starting your own business and being an “Entrepreneur.” Like… it’s the sexy thing to do, right?
It’s pretty much part of living the American Dream.
I love entrepreneurship and am one…but…
At what point should an entrepreneur give up (at least temporarily) and accept a regular job? Is being an entrepreneur the ONLY way to make a lot of money?
If a lot of money is what you want, do you necessarily HAVE to be an entrepreneur to be able to do that?
In this article, I am gonna share with you guys my views on entrepreneurship vs. having a job to make money. I will shed some rather controversial light on the subject by showing you why being an entrepreneur is not always the best way to move forward to get what most people want to achieve from entrepreneurship.
Let’s dive in! :)
Don’t think entrepreneur. Think more money.
Sometimes money-making is just not that sexy. It’s really not!
One of the most common things I notice in people with an entrepreneurial spirit is that they will almost always turn down any opportunity or partnership unless it specifically fits the criteria of what they are looking for.
That’s great and all but these are also the same “entrepreneurial” minded people who are still knee-deep in loans (college, snaptube,car, etc.) and mooching off their parents.
Just don’t put yourself in that situation. Realize that before you can start and grow a business into a success, you first need to cover our own living expenses.
If you don’t have that covered and are in debt, you need to be working to pay off your debt first.
So, if you get offered an amazing job with a flexible schedule, take it! It’s not permanent.
The cash from the job is what you will use to fund your side hustle and cover your own expenses. Don’t be a fool and hold on to your ego and turn down a great offer just because you don’t think its “sexy.”
Oh, and one more thing: You can always negotiate the job into a remote working job.
Check out Tim Ferris’s famous book: The 4-Hour Workweek to learn more about how to negotiate an in-house job into a remote working one.
And check out Sam Ovens’s model for how to find and do telesales jobs while starting your business on the side:
A penny saved is a penny earned: Cut out all the bullshit expenses.
Every time you go out with your friends, you don’t have to eat a full meal at that expensive restaurant.
Every time you go on a vacation, you don’t have to choose the most expensive place just because everyone recommends it.
Don’t need that $3000/month penthouse. Choose the $700/month room until you have figured out how to best budget your money.
Budgeting is sooo important… I just cannot stress this one enough.
And when you think about where your money is going, often times it’s these little things we spend money on that we simply don’t need to.
I realized that most of my hard-earned money was going to restaurants because I am just too lazy and kept buying all my food at restaurants. Then, one day, I decided I needed to stop this impulse-buying.
So, I went to Walmart and bought a lunch box and some easy to cook healthy food like chicken breast, brown and white rice, eggs, fish fillets, apples, carrots, and bananas.
Seriously, I think since then, I have been saving an extra $150 per week on food. That’s $600/month… $7200/year!
Yeah, you BET I am gonna buy a new car this year with that money ;)
Really though, try to cut out all the random little unnecessary expenses such as eating out every meal, going to places where you have to pay for parking every time, living in expensive apartments, buying little things here and there that you don’t need, etc.
All this money you will save, you can put it towards a down payment on a house, buy a car, or just use to take some solid vacations and time off with friends and family.
And this way, you can have free time to not only work less hours, but also have free time to work on your entrepreneurial venture, AND save money that you can put towards growing your business.Try it.
Stop wasting time going to “networking” events unless you have a specific objective and goal to achieve there.
We do this ALL the freaking time! How many of these “business” networking events or meetup groups have you gone to? And how many of those actually helped you make more money?
Don’t waste your time at these events unless you have a specific reason in mind for why you are going there. And don’t leave the meetup event until you have achieved what it is that you went there for.
Just going to these places, talking to people about a whole lot of “business” and “money” doesn’t really help you much. Instead, be intentional when you go to these events have a clear agenda. Meet the right people. Be sure to give them your business card. And then get the hell out of there and get back to work or have fun.
But, please don’t waste time thinking you are “networking” and that’s part of work. It’s really not. Targeted networking is work. It’s back to the 80/20 rule again. Just focus on doing that 20% very well.
Because this shallow networking can be done very easily online and using virtual assistants. Check out my post about how I growth-hacked my own brand using online interactions and networking with the help of virtual assistants.
All I am saying is just plan out your life a little at a time. I personally don’t plan past 1 year ahead as far as my specific plans are concerned. And that’s because I constantly learn new things and try new things, so my plans change all the time.
If you think you wanna become an entrepreneur but can’t afford to right now, then don’t! Just wait.
The right time and opportunity will present itself if you systematically seek it out. And sometimes, it might mean to quit your ventures temporarily and pick up a job you love. Who knows, you might find out the job is the right way to go.
Or, you might find out that your co-workers became your co-founders one day.
In the meantime, try to cut out all unnecessary expenses and focus your energy on just making more money from day 1 to day 2, even if it means switching between employee and entrepreneur.
Make your own luck.