Being an Entrepreneur

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f you want to change your life, why not consider becoming an entrepreneur? According to the Centre for Entrepreneurs, there were 52,000 more companies created in 2016 than there were in 2015 in the UK alone and although statistics dipped slightly in 2017, there is still a marked increase in entrepreneurs over the past 3 years. This not only shows that entrepreneurship is becoming increasingly popular but also shows how successful being an entrepreneur can be. If 52,000 other people can do it, why can't you? You and thousands of other people can take the first step to a better and more fulfilling life.

Change is never easy, and statistics don't show everything, so it would be naive to think that you can just transform your life overnight. Like with every job, there are positives and negatives to being an entrepreneur and you will have to weather both the highs and lows if you want to break out of your current career and make the move into the business world.

The Downsides

Sometimes it can be good to address the negatives first, and there is no doubt that being an entrepreneur does come with its downsides. Often the first challenge can be finding the guts to keep growing your idea, but finding this bravery is often only the first step. Many entrepreneurs face challenges that they would never face in any other arena when trying to develop their ideas. These come in lots of different forms and all vary from individual to individual, but common challenges include problems with drawing the line between home life and work life, financial changes and a fear of failure. As an entrepreneur, it can be really difficult to strike a balance between home and work. Although you may be becoming an entrepreneur to help you get a better balance, this can be really tricky as it can become hard to leave your work or can be hard to get yourself motivated and get on. Another challenge often faced by new entrepreneurs is finances. Entrepreneurship is not a quick money maker and it often takes a while find out if your business is viable, let alone to start making money from it.

This means you may have to make a lot of cutbacks, and this can be challenging to adapt to for many. If you have a fear of failure, entrepreneurship probably isn't the career for you. Statistics suggest that entrepreneurs only have a 50% chance of succeeding when starting up their business, but it depends if you are an optimist or a pessimist whether you let that put you off or not. It is also extremely important to note that changing your career to being an entrepreneur doesn't just affect you. The people in your circle will also be affected, whether it be financially or due to your new schedule, so remember to take this into account too.

The Upsides

As with everything, entrepreneurship has its upsides too. You can gain a sense of freedom that only comes with being your own boss, and there are lots of perks of being an entrepreneur. This includes the fact that you are in complete control of yourself and your business and entrepreneurship can often offer increased flexibility as you set your own hours and goals. Possibly the biggest upside though is that you get to do what you love for a living and work towards your goals and your future.

Is It Worth It?

Entrepreneurs are always asked whether being an entrepreneur is worth it. The answer to this question is as subjective as the individual. Entrepreneurs who've broken into the market are bound to say yes, while those who have been unsuccessful will tend to say no. It all depends on you, your personality and whether you can handle long hours, low pay and lots of stress and make your business a labour of love.
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Sherrie Lacey

Writer, Business Women

Sherrie Fluer De Lacey is a doctoral student, currently studying a PhD in International Business at the University of Zurich, Switzerland. She previously worked in the City of London as an analyst, developing proprietary trading algorithms, helping to raise money and broker deals following this, she embarked on extensive research and with collaboration Sherrie has put together several books to share the findings of this academic research more widely.

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