Updated: Aug 2, 2018
Being an entrepreneur sounds good, but what does it really cost you to be the boss?
It's exciting being an entrepreneur - especially if you're doing well. It takes time, dedication and effort to make things work. Although you reap great rewards, there is a downside to all the blood, sweat and tears that have gone into making your dream come true. Let’s take a look at some of the costs hidden behind the veil of success:
Most entrepreneurs will tell you they've risked everything to make it work. Examples of this are borrowing thousands of dollars from friends and family, sleeping in the car because there was no more money, or taking out numerous loans that you didn’t know how you were going to pay back. When you’re self-employed, there may not be a paycheck waiting for you at the end of the pay cycle, and you have to make ends meet any way you can.
High levels of Stress
This goes without saying. If you’re having money problems, there’s a certain level of stress attached to that. Not knowing whether your company will thrive or fail adds stress. If you have a family, not being able to contribute while working excessively long hours, and having the responsibility of making sure your employees get paid can also add stress. Being an entrepreneur is certainly not for the weak. You have to have confidence in yourself and a mentality that you will make it at all costs. Most entrepreneurs go through high levels of emotional, mental and physical stress.
You’re the boss, so you will be pulled in a number of directions all at the same time. There's no question - you have to make it work. There will never be enough hours in the day, and relaxing is a far-off dream that you aspire to get to one day. As an entrepreneur, until you get to a certain level, the days of 9-to-5 are off limits as you find yourself working on projects or thinking about new ways to enhance the business at all hours of the day and night. It’s just something that comes with the territory.
Your health can suffer due to too much stress, not eating properly or getting enough sleep. When starting out, health insurance and doctor’s visits don’t rank highly on the priority list, so health issues may start to become a factor.
When the business becomes self-sustaining, it’s a wonderful time, but knowing what most entrepreneurs experience is important to adequately balance the positive and negative results of success. Think carefully before you take on this venture. When striving to make it in business, it's a 'do or die' mindset. Are you up for the challenge?