Entrepreneurism - The Good, The Bad and The Ugly

I frequently come across articles that extoll the limitless power and freedom of being an Entrepreneur

. I am a serial Entrepreneur. I would never do anything else. And I love the freedom and control that it affords me. However, for those "would-be Entrepreneurs" out there - don't be lulled into a false sense of the all powerful. The hard work and economic truths of being an Entrepreneur are actually significantly riskier than the glamorous side often portrayed. I am not here to burst anyone's bubble. For anyone considering pursuing an Entrepreneurial path, I say "Congratulations!" From a macro-perspective, I believe that there has never been a better time to get into business for yourself, and the rewards - both monetary and personal - can be extraordinary. The key to remember is that while "Entrepreneurism" and it's "spirit" are often lauded for great innovation, breakthrough product launches in record time, and fanatical loyalism among customers - it is also responsible for the failure of 95% of new businesses. That is because so many Entrepreneurs believe the hype that doing things faster and with vision will set the world on fire. That they can - with all their independence and passion - do what the stodgy, bureaucracies of big companies can not. For those that succeed, we hear urban legends about the hail Mary that turned their vision and charisma into pure gold. But those are the few, not the many. Being an Entrepreneur has many benefits. It affords you the freedom to attend your children's school events, the autonomy to make decisions without sending everything to 5 different committees for discussion, and the ability to move as quickly as your time and resources allow. It is nothing short of exhilarating and amazing - like the mountain you always wanted to climb and the dream you don't want to wake up from. However, it also is a lot of hard work and risk. Worth it - absolutely. But easy and glamorous - no way! So often, we meet Entrepreneurs that describe themselves as visionary. And they take that vision and passion, work themselves into the ground, and never make enough money to have the time to get to those school events or vacations. There are lots of reasons to become an Entrepreneur and start your own business. But if you do it for the "freedom" to just run quickly down the path you are passionate about, you will be disappointed to find that all the vision in the world won't solve your cash management, inventory and other day to day operational issues. Does that mean you shouldn't pursue your dream? Not at all! It means do so responsibly - with good plans, finances and a solid strategic framework, not just a vision and energy. In the end, knowing how to manage your business profitably will enable all your Entrepreneurial dreams to come true.

Entrepreneurism - The Good, The Bad and The Ugly

By: Michelle Tree

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