THE MOVERS

September 23rd, 2011

Do You Really Have What it Takes to Run a Business?

business

Few people are suited to be their own bosses. Most people want a regular work routine. Their lives are based on forty-hour work weeks and steady paychecks. When people tell me they want to start their own business, I ask them whether they can really live without regular income.

I tell them to talk to their families and get their honest answers. I ask them whether they could go weeks or months without money coming in and how they would deal with it.

They need to understand they are trading their steady paycheck for an unsteady paycheck.

Many people want their own businesses for the wrong reasons. Like in the Alan Jackson and Jimmy Buffett song, “It’s Five O’clock Somewhere,” people decide they don’t like their jobs and that it would be fun to be self-employed. They don’t realize that self-employment means it is never five o’clock anywhere.

I’ve told many professionals they should not go into business for themselves. They may be good workers with good ideas, but they couldn’t handle the stress of not having a guaranteed income.

Never being off work can be hard on families. A friend of mine tried being an independent financial planner. He worked a lot of hours, and his wife started calling his office in the evenings. She put their children on the phone to tell him how much they missed him.

He went back to a steady paycheck at a big insurance company. He has less independence, but he is still married.

Some people become self-employed because no large organization will hire them. I did not plan to be self-employed, but I could not find a job out of graduate school other than cleaning up at the Kentucky Horse Park in Lexington. After I started my financial business, I realized I needed the independence of being self-employed more than I needed a steady paycheck.

Education and upbringing are important in deciding whether a person can make it as an entrepreneur.

Read the full article here.


About the Author

Socialtik Mag
Socialtik Mag is a progressive platform for young, aspiring professionals to express our views on the issues and ideas in the world around us. It’s the Gen-Y perspective of life in the new decade. In addition to the original content we produce, we post from sites around the internet to keep our peers aware of what’s positive, what’s fresh, and most importantly, what’s progressive.




 
 

 
popquiz1

So You Think You Can Be an Entrepreneur?

There is an enormous difference between wanting to do something and being able to make a living at doing that something. Have you ever watched the American Idol audition shows and witnessed a tone deaf singer’s shocked re...
by Socialtik Mag
192

 
 
alg_apple_ceo_steve-jobs

Steve Jobs’s 7 Rules to Success

Steve Jobs’ impact on your life cannot be overestimated. His innovations have likely touched nearly every aspect — computers, movies, music and mobile. For entrepreneurs, Jobs’ greatest legacy is the set of pr...
by DeAndra Harrison
136

 
 
fundamentals-of-pitching-to-investors

Perfect Pitch for an Investor’s Home Run

Angel investors can provide you not only with the money to take your small business to the next level, but also real-world experience, advice and a cache of industry connections. But are you giving investors the information t...
by DeAndra Harrison
100

 

 
pivot-or-persevere

Be Persistent or Revolve? The Keys to a Successful Startup

Every entrepreneur eventually faces an overriding challenge in developing a successful product: deciding when to pivot and when to persevere. A pivot is structured course correction designed to test a new fundamental hypothesis...
by Socialtik Mag
54

 
 
fashion-design-team

So You Think You Can be a Designer?

Sometimes Fashion Designing sounds like a dream job, right? Unfortunately, it can also be one of the hardest professions to get into. However, with hard work, it can be done. There are many types of Fashion Designers. Some work...
by Socialtik Mag
49

 



264 Comments


 
 

  1. I think this is something that we should get hold of as if allowing us to enter greener pasture.


  2. Thanks for give me information on this topic. you have sharing very nice post.


  3. Clear post, I agree with your opinion, but sometime is hard to define a good project.


  4. Thank you for taking the time to publish this information very useful!


  5. The connections that you make early in your career will take you far. After 20 years it is still true for me. This has been true regarding companies I worked for and those I worked with. All you have written is excellent advice.


  6. I am very happy to be here because this is a very good site that provides lots of information about the topics covered in depth. Im glad to see that people are actually writing about this issue in such a smart way, showing us all different sides to it. Please keep it up. I cant wait to read whats next.


  7. The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.


  8. RAKHI, a famous north Indian festival is celebrated around the world every year in the month of

    august which is the month of festivalsThe festival is celebrated variedly in different parts of the

    regionThe sister then ties a rakhi thread on her brother’s hand for his long, healthy and happy

    life.Rakhi Wishes

    2015


  9. The sister conducts aarti before her brother and put tilak of roli and rice on his forehead, so that he is blessed by God. It is believed that the thread tied by the sister has the power of protecting the brother.Raksha Bandhan Quotes


  10. Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which ihers’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.


  11. Design is the fundamental soul of a man-made creation that ends up expressing itself in successive outer layers of the product or service. The iMac is not just the color or translucence or the shape of the shell. The essence of the iMac is to be the finest possible consumer computer in which each element plays together.


  12. Oh, this is a magical post. It’s life the most majestic post there is on this planet right now. This is really good work from your side. I strongly recommend you keep doing this kind of work.


  13. Very Useful information, this is both good reading for, have quite a few good key points and I learn some new stuff from it too.


  14. i… Thank you for your wonderful information.


 
 



Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Twitter Users
Enter your personal information in the form or sign in with your Twitter account by clicking the button below.


thru 9/26 - Fall Sale. 30% Off select styles. Disc