Business Magazine

This Holiday Season Entrepreneurs Need to Reflect

Posted on the 25 December 2012 by Martin Zwilling @StartupPro

Kathy-IrelandIt’s been a challenging business year, but I hope you are all taking some time off this long holiday weekend, to celebrate with the family. Even those of you who are not Christian and see Christmas as just another day should still enjoy the holiday spirit, take a break from work, and enjoy your loved ones.

Yet there will be some entrepreneurs can’t seem to make the decision to take a break. They forget that they probably became entrepreneurs, according to a recent DNA of an Entrepreneur study, for just this flexibility. More than nine in ten respondents (91%) found benefits from running or working in a small company, like flexible working hours and being in control of your life.

Related benefits cited include the ability to influence the direction of the business (48%), and greater pride in your work (47%). Other studies show that only about 30% list money as a key benefit of running their own firm. This indicates that lifestyle and satisfaction factors are usually more important than financial ones.

As with everything in life, there are advantages and disadvantages to every choice we make. Choosing entrepreneurship is no exception. Beyond the obvious advantages mentioned above, there are some additional advantages that get mentioned often.

  • High level of excitement. Entrepreneurs love the continuous challenges of a startup, and the satisfaction of tackling them. Some are so high on this life, that they hate the fact that they have to "waste" part of their life in sleep!
  • Minimal rules and regulations. Work in a conventional job is often difficult to get done because of all the "red tape" and consistent administration approval needed. With a startup there are no rules, until you make them.
  • Challenge of originality. A good entrepreneur feels the incentive to offer a new service/product that no one else has offered before. That’s the same challenge an artist feels on every new canvas, or every musician feels when composing a new work.
  • Beat the competition. Entrepreneurs are driven to offer a new or better product at the same cost, or an existing product as a lower cost. Competition drives innovation, and innovation drives competition. The cycle never stops.

Of course there are some disadvantages that every entrepreneur knows all too well:

  • No regular paycheck. Starting your own business means that you must be willing to give up the security of a regular paycheck. In fact, most startup founders work for no salary during the first year or two of company operation.
  • Few benefits. There will likely be no medical and dental benefits, and no vacations or other perks during the formative years. Don’t expect a staff to do the accounting, handle correspondence, or even clean the bathrooms.
  • Decision responsibility. All the decisions of the business must be made on your own, better known as “the buck stops here.” This may sound like an advantage, but is actually a major source of stress and loneliness for startup CEOs.
  • Staffing challenges. Hiring and firing decisions are hard, and that’s just the beginning. Often times, you will find yourself working with people who "don't know the ropes" and require extensive coaching and assistance. Then you have to deal with the mistakes.

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Five Things I Loved About My Wedding – Kayleigh

    Five Things Loved About Wedding Kayleigh

    This is the fourth in a series of blog posts with a focus on those little things that make a wedding special. It is called Five Things I Loved About My Wedding. Read more

    The 24 May 2017 by   Wedincentralpark
    LIFESTYLE, WEDDING
  • Democracy and the Politics of Intolerance

    Democracy Politics Intolerance

    A democracy allows government to reflect the will of the people. Or does it? Here I would like to understand a bit better the dynamics through which radical... Read more

    The 24 May 2017 by   Dlittle30
    SOCIETY
  • Cable Girls – 1920s Era Women with a Modern Twist

    Cable Girls 1920s Women with Modern Twist

    Las Chicas del Cable – four women in 1920s Madrid – Cloche hats, colorful flapper frocks and bobbed hair. What’s not to enjoy about the new Netflix produced... Read more

    The 24 May 2017 by   Glamourdaze
    FASHION, LIFESTYLE
  • BADASS Art Journal Page - All of Me....

    BADASS Journal Page Me....

    Embracing all parts of me and surrounded by miracles - Art Journal PageI found a couple of passports photos of myself recently and I was criticizing them becaus... Read more

    The 24 May 2017 by   Realityarts
    CREATIVITY, SELF EXPRESSION
  • Dutch Apple Loaf

    Dutch Apple Loaf

    This Dutch Apple Loaf is my kind of cake, soft and moist,  and filled with juicy chunks of apple and pecan nuts.  For a lovely hint of sweetness I have... Read more

    The 24 May 2017 by   Shadesofcinnamon
    FOOD & DRINK, RECIPES
  • A Jumbo Passion Project

    The climber, facing away from the wall, gingerly peers over his toes to watch his sky-blue T-shirt flutter to the ground. He takes a deep breath, then turns in... Read more

    The 24 May 2017 by   Thervproject
    OUTDOORS
  • Top 3 Dim Sum Restaurants in Chinatown

    Restaurants Chinatown

    Chicago’s Chinatown is home to some of the best restaurants in the city. Sundays can be especially crowded in this area, usually around brunch, as dim sum, a... Read more

    The 24 May 2017 by   Urbanmatter Chicago
    TRAVEL

Paperblog Hot Topics

Magazines