Many of my coaching clients consider starting their own business. For the majority, this will be a solopreneur or entrepreneurial venture and will entail leaving an existing corporate or business role. As part of coaching together, we assess their strengths and other factors that assist in determining if starting their own business is the next right step for them.

And so today I am sharing with you some of the positive and less positive aspects of stepping into the entrepreneurial life, to help you also decide if the entrepreneurial life is right for you.

You are your own boss

Being your own boss is definitely a positive aspect of entrepreneurial life, especially if you have been working in an environment where the culture is toxic, or your well-being has been compromised.

Certainly for me, being my own boss was a major drawcard to starting my coaching business. Similarly, many of my clients find this is one of the most appealing features of setting up as a solo operator or entrepreneur.

However, being your own boss can also have a downside. As all decisions are yours and the buck really does stop with you. If something doesn’t work, it’s on you to remedy and resolve.

Things get done, fast

A definite upside is the speed with which things can get done when you are the boss and sole operator.  This is especially attractive for those used to a more bureaucratic environment, where decisions and change require months of discussion and negotiation.

When you decide you want to do something, you can just do it! Without fuss or decisions made by a committee, you are able to run with ideas and make them happen very quickly. This is particularly appealing for those who are more creatively minded or full of ideas and have found their current work environment is not receptive to their ideas and innovation.

Of course, the drawback is risk. It is far easier to take something to market with no checks and balances that might not be up to scratch. However, it’s not all bad – because things move quickly, you can more often than not tweak, pivot or amend and return to the market quickly with an improved offering. 

The freedom to be yourself, and to be paid to be you

So often my clients have a dream/wish to be paid for who they are and the freedom to work doing the things they love. And this is where entrepreneurship or running your own solo business certainly has its upsides.

You can bring the best of your expertise, skills, strengths and all aspects of yourself to your own business. That means you can set your own goals, establish a framework that works for you and your unique life circumstances, operate the way that feels best for you (and aligns with when you feel best) and so on.

You spend your time doing what you love and working in your zone of genius

Another definite positive! As spending more time doing the things you love will boost your work satisfaction and happiness. Again, the flexibility to do work they love and operate in their zone of genius (i.e. doing the things that light them up and engage a sense of flow) is very attractive to most people I work with and certainly makes being an entrepreneur feel desirable.

However, the risk is when you are a solopreneur or entrepreneur, working on your own, doing just the things you love may mean you forget to do other vital work that will keep your business financially viable and sustainable.

You’re working on your own

For many, working on their own is a significant positive. They enjoy the opportunity to work solo without distractions or other people‘s opinions interrupting their day. This is particularly appealing for those who are raising small people at the same time or prefer a quieter work environment.

However, this can be hard for those who prefer to brainstorm, discuss their ideas, or just have a friendly coworker to chat with.

(Joining a Mastermind or Accountability group can be a way around this challenge, to ensure you connect with other solo operators or entrepreneurs who understand, empathise and can act as a sounding board for business-related decisions).

Every day brings an opportunity to learn something new

Every day having the opportunity to learn something new is a huge drawcard for many of my clients! Especially those with a signature strength of the love of learning or curiosity. The time, space and freedom to learn new things, and then put them into action in your own business or solo operation can be thrilling. Plus, there is the added bonus of mastering a new skill and the sense of accomplishment that comes with implementing what you have learnt.

However, this can also be a drawback. The world of entrepreneurship, or solo business, is constantly changing. And when you are a sole operator and responsible for everything end-to-end, trying to keep abreast of the latest changes can feel overwhelming. What may have been fun in a previous corporate style role can very quickly become a chore, and then a burden.

If your strengths tend to lie in other areas rather than love of learning or creativity or any of the other learning-focused strengths, the feeling that you are not keeping up can be very disheartening and demotivating.

It's a challenge

Following on from learning new things every day, entrepreneurship can be, and often is, challenging. And for some, it is the challenge that makes it so appealing. Particularly if you have been in a new role or business where you have felt like you were not challenged or coasting. The excitement of starting something new and the challenge that it presents can be very attractive.

Equally, entrepreneurship can continue to be challenging well after the initial excitement has worn off. As above, there are constantly new things to learn and get your head around, and new platforms to test out. My clients often find the ongoing challenges and pressure are tougher than first thought.

Income is variable

Yes, it’s true, your income is variable when you choose the entrepreneurial path, which can be a challenging downside. Generally, most entrepreneurs don’t have a regular paycheck.

Especially when you’re starting out, income can be sporadic. It can result in a feast or famine situation which can add financial stress when you are already on a steep learning curve.

Of course, variable income can be managed to ensure you still have funds to pay bills, eat and live your life. But it can be a big shift from working for someone else when your paycheck was deposited into your bank account on a regular basis.

There are no off days or paid days off 

There are no off days or paid days off when you choose to be an entrepreneur. Indeed, it’s easy for your solo business to take over your life!  If you’re like me, you may find you are thinking about business at all hours of the day. Because it is YOUR business, ideas will pop to mind at all hours. Which can be great, but also means it’s harder to switch off.

Conversely, if you’ve got a headache or feel a bit flat, you still need to bring your best when working in your business. You need to stay motivated and give your best, each and every time.

Related to this, there are no paid sick days. Sure you can take a day off because you’re sick, but you don’t receive sick pay.

I was recently unwell for nearly two weeks and needed plenty of rest to get well. The flexibility of owning and running my solo business meant I could take the time I needed. But working for myself also meant no one was doing the work whilst I was unwell. If I didn’t respond to the client requests, write the email, post to social media – none of it happened. Plus, the complexity of needing to reschedule client appointments when you feel completely under the weather.

Similarly, like the absence of paid sick leave, there is no annual leave or paid time off when you work for yourself. 

I’m a big proponent of taking regular breaks from your business for your own well-being and planning for these, which one of my clients does beautifully. She has identified that regular short breaks are what she and her family need to maintain focus and momentum throughout the year. So, every 4 to 6 weeks, they take a super long weekend of about 5 days and head off somewhere on an adventure.  My client and her partner both work for themselves and have found a balance to be able to do this. This is definitely an upside of choosing the ‘work for yourself’ entrepreneurial life. 

But the lack of paid leave (for illness or downtime) is certainly a factor you need to consider when determining whether entrepreneurship is right for you.

So there you have it; my view of both the positive and less positive aspects of the entrepreneurial career path. You may not agree with my opinion, and that’s okay. However, I hope reading this has given you some additional information to consider when deciding whether entrepreneurship is right for you.

More Support

Researching, reading articles and asking others for their opinions or views can be a very helpful way to clarify your own thoughts and feelings about a particular subject or area, and entrepreneurship is no different. However, before leaping, it’s best to speak to an expert about whether such a large change is indeed the right choice for you.

As a certified career and life confidence coach, I work with clients who are just like you, to do that. We explore your unique strengths, skills, expertise, and values to determine what work environment, role and preferred work style will bring you the most satisfaction and meaning.  You can learn more about the type of coaching I offer here, or by booking a complimentary chat where together we can discuss if coaching is right for you.