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On today’s Business Beat, Jeff talks about the struggles and satisfaction of entrepreneurship.
Tune in to the Business Beat, below, to learn new report findings about entrepreneurs and whether you have what it takes to be one:
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Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!
Good morning, Paul! Well, for those of you who may be gainfully employed and receiving a regular paycheck, but feeling like you are working too hard and/or putting in too many hours and are thinking of starting a business of your own as an alternative, whoa, you better listen up. Being an entrepreneur and owning your own business is a pressure-packed undertaking in which many of us end up putting in more hours than if we held a job working for someone else. Here’s the sobering data that you must know before taking the leap of pursuing a business of your own. A survey from New York Enterprise Report found that small business owners actually worked twice as much as regular employees in many cases, It also found that 33% of small business owners reported working more than 50 hours per week. And 25% said they worked more than 60 hours a week. A similar Gallup poll found that 39% of owners they surveyed also worked over 60 hours a week. In addition to the extra hours you’ll put in, you should know that you’ll likely also face extra stress and pressure, too. Pressures from taking care of employees, dealing with customer issues and paying the bills, all add to a great deal of stress and pressure to one’s life, to be sure. In fact, 62% of people said the stress of ownership is worse than what they imagined. So, have I talked to you out of becoming an entrepreneur? No way. Let me give you the other side of the story. Despite the long hours, most business owners love owning their own business. I was once told when I chose the entrepreneurial path, that if you love what you do, you’ll never work a day in your life. Owning a business of your own is a matter of personal expression and pride and the winning or losing rests on your shoulders. You are the master of your own destiny. And if you’re fortunate enough to succeed, there’s no greater feeling of validation than that achievement. So, if you’re the type that would rather be whistling, I did it my way, rather than hi-ho hi-ho it’s off to work we go, start a business of your own. I’m Jeff Sloan, founder, and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.