Your answers to my question… what is the worst and best thing about starting a business?
Thank you to everyone who responded on Facebook. If you didn’t get a chance to see the posts, you may have other thoughts. Please share (although when you see this I will be out of town on an adventure and will see them when I return.
Below is a summary of responses on Facebook.
What is Best About Being an Entrepreneur?
- Excitement/Freedom
- Sleepless nights from excitement
- Worth it in the end
- Final Decision maker – freedom to decide
- No bureaucracy
- Flexibility/choice
- Freedom to decide when you want to work (which 100 hours a week!)
- We can be there for our kids/grandkids
- The work
- Unlimited opportunities
- Creative freedom
- A business in an act of creativity
- Opportunity to create
- The People
- Collaborations and Cool people,
- Unexpected supporters
- Mentorship (Mentor magic)
- We speak the same language
- Being the best employee!, Loving your boss (lol)
What is the Worst About Being an Entrepreneur?
- The buck stops here
- No-one else can do it for you (or sometimes even help)
- Huge responsibility
- The work
- The amount of work
- Financial and other Paperwork
- The personal side/confidence:
- People who don’t support you (they may be family!)
- Financial stuff:
- The days you don’t get paid (unpaid sick days)
- Financial Valley of Death
- Cash Flow
- Starting without financial resources
- Financing
- Having the funds
- Taxes
- The Unknown/learning
- Jumping into the unknown/ Uncertainty
- The learning curve
- Stamina
- Having enough energy
- Exhaustion (avoid illness)
- Sleepless nights from worry
- Our choices
- Not asking for help sooner
- It can take over your life without boundaries
- We limit our income potential
- The little voice that tells us to play it safe
What helps?
-
- Staying fit
- Beer (or for me, wine)
- Build up cash reserves before you start
- Tell the little voice (that urges you to play it safe) to take a back seat and watch
- Also good advice for skeptical friends and family
- Don’t tell them – Show your family and friends
Business Mentor at Grow Vantage
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 4,500 coaching and training sessions in Barrie, Ontario. Through Grow Vantage, her entrepreneurial training program, and as a business coach, she works with business owners to design, launch and grow their businesses; teaching strategies in marketing, sales, communications, and finance, and techniques to increase productivity, and manage their businesses. In other words, what entrepreneurs need to learn to grow and run their businesses successfully, grow their networks, and avoid costly mistakes.
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