It's such a cool, fancy looking word right? When you think of an entrepreneur, you generally get the mental picture of some rich person in an expensive suit, or maybe some charismatic startup founder that wears trendy clothes while speaking at a big tech conference. I know you are wondering about the featured picture, it will make sense later in the post.
“Entrepreneur” is a word that is not only unbelievably hard to spell (I've been on the struggle bus since I wrote the title of this post), but it's equally hard to get a good picture of what the word really means.
There is a lot of dirty work that goes in to creating your own business, and a lot of it can be pretty mundane. I'll be honest, there are days where not a whole heck of a lot happens. One of my good friends told me that he used to sit by the phone and wait for calls to come in when he first started his company.
Now he's a millionaire. Go figure.
You also get hit with some curveballs, and your mindset completely changes. If you're thinking of starting your own company or spending a lot more time developing your side-hustle, there are definitely some things you need to know first:
1) Surprise! Uncle Sam is mean.
When I was a teacher, I didn't pay attention to my taxes at all. I filed a 1040 EZ, took the standard deduction and called it good every year. Now, I see taxes as this weird hide and seek game that you play with the IRS. I read tax-related articles with the same excitement that I used to read “Goosebumps” books.
By the way, I saw a bumper sticker yesterday that said: “IRS means I Represent Satan”. Gave me a pretty good laugh. I fully expect my audit to come soon for sharing that.
Every purchase or transaction you make needs to be made with taxes in mind when you're an entrepreneur. Every. Single. One. Also, I now understand why business owners like cash so much.
2) You get to know yourself WAY better.
When you have a boss, there is always some direction for you or some task you need to get started on. There is a lot of structure when you have a traditional job, which is probably why a lot of people don't work for themselves. Working without structure can be uncomfortable.
As an entrepreneur, you have to rely on your own work ethic and drive to make money. If you gravitate to the lazier side, this might suck for you. You WILL get enamored with the “wow, I can do anything I want today” mentality, but it's quickly followed up by “crap, I need to make money”.
Depending on the type of business you start, you may be by yourself a lot during the day at first. I'm actually pretty cool with that because I'm introverted at times, but if you are outgoing it could get really weird.
3) It's a lot of fun…kinda.
Being an entrepreneur isn't like a pleasant, going to a baseball game with friends kind of fun. It's like the riding in the tower of terror with a clown next to you type. Quitting your job is definitely a rush, but there is a healthy amount of fear with you at all times.
I realize that I just made entrepreneurship seem horrific, but it's definitely the thrill of any type of success that keeps you going. The goal is to have more thrill of success moments than scary clown moments, unless you're into that kind of thing.
P.S. – Sorry about the clown picture.
Live differently, your bank accounts will thank me later. -M$M
P.S.S. – I have a really cool post from a couple that is paying their debt off in the craziest way I've seen yet!! It's dropping next week…make sure you come back and check it out. It's legit.