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Monday, May 21, 2012

Reasons why you are an employee and not an entrepreneur

  1. You are risk adverse.  Some people are natural born risk-takers, myself included.  Some others are not.  When you get tired of being tired, when you demand more from yourself and want a better life, you too will roll the dice to reach personal fulfillment and overall success.  Until then, continue punching the clock and following someone else's vision, mission, and instructions.  I am sure you are making them very rich.
  2. You want a simple life.  I admit, owning a business is hard work.  I have seen my grandfather do it for years.  My grandmother left a well-paid insurance company when I was young and began several profitable, fulfilling projects to lead her into old age.  She is still doing quite well for herself.  When you run a business, whether it's part-time or full-time, you are responsible for payroll, advertising, marketing, customer service, taxes, etc.  That is a lot of work for one person to do.  But there are intelligent ways to do so, which will be explored later.
  1. You do not want to pay business expenses.  As stated in number two, running a business requires you to manage payroll and taxes.  FICA, health insurance, retirement accounts, and taxes are expensive.  Major employers pay a lot of money as the the insurance costs are continuously rising.  If having to pay for every piece of equipment you use like a computer or a stapler scares you, continue to be an employee.
  2. You need structure.  Kids are not the only group of human beings that need structure. You need a set, predetermined schedule with repetitive tasks.  Who cares if you are bored out of your mind?  You show up to work, you do some work, you go home, and you will receive a small reward at the end of every two weeks.  That is why is called the rat race.  You are running in a maze.
  3. You are happy living paycheck to paycheck.  After the rent or mortgage, car note, car insurance, groceries, magazine subscriptions, cable, cellphone bill, gym membership, and student loans (for young professionals), how much disposable income do you have left?  Do you have enough to invest  with?  Do you have enough to save at least 10-20 percent?  How much gas do you have in your tank?  Do you need to buy any new clothes for a special occasion or upcoming career opportunity?  To participate in this society is expensive.  Sometimes it feels like your every moment has to be focused on generating income.  But, if you only work a job, that leaves you highly vulnerable to losing everything, because you possess one income source.  I recommend you look at various ways of building multiple income streams.  Here are a few for your thoughts:  
    • Starting a lawn mowing service that operates only on the weekends
    • Renting carpet cleaning equipment and operating a carpet cleaning service part-time
    • Delivering newspapers
    • Creating music and selling your art on ITunes or Amazon
    • Selling used but dry-cleaned clothing on Ebay
    • Selling books on Amazon and Ebay
    • Starting a part-time catering service to college students in your respective city or town
    • If you are in graduate school, you could sell snacks before class and during breaks (trust me, graduate classes are long and tiresome at night, a good snack is always needed)
    • Creating an e-book or a self-published book and allowing it to sell online 24 hours a day (you can make money while you sleep)
    • Consulting work (do you have an expertise that others could learn from?)
    • Speaking engagements
I am not advocating for everyone to quit their day job, especially if you have large responsibilities and expenses.  However, I am asking you to think differently about your life and your work.  Working for a single company will not bring you wealth.  Perhaps you have a skill that will be an asset to several companies on a part-time basis.  You could leave your full-time job, and generate more money with more free time and flexibility then by working as an employee for a single company.  We are all entrepreneurs, but it takes a special person to act on faith in creative ways in pursuit of reaching financial freedom and career success.

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