Entrepreneurship is one big fad – fad because a lot of people enter into it for completely wrong reasons. Presenting Part 1 of N series attempting to demystify a few myths surrounding entrepreneurship.
Myth # 1: I will be my Boss
If going to office at a whatever-time-of-the-day is what makes you believe that you are your own boss, read on.
The most amazing part of entrepreneurship is the fact that you lose identity when you start up. You were the director at a MNC with a few vendors running for your time – and once you ditch all the cushion and start on your own – you will find yourself chasing the same vendors and running for their time (of course, relationship building counts here).
Infact, one of the most difficult part about entrepreneurship is not having a boss.
The lack of a higher authority to give you your next todo item is the single most-important factor that makes entrepreneurship so hard. In school, you have a clearly defined schedule and you have teachers who give you homework which provides something concrete to do everyday. Then they have exams, a definite end point of the whole yearly effort.
Nobody would care if you are slacking a bit, nobody would care if you failed to meet your targets, no body would care if your performance is falling month after month. Being self-motivated over a period of years non-stop is hard.
To those who want to believe in flexi timing part of entrepreneurship, let me tell you that you will have no time for activities beyond your startup – leave along flexi work timings. 25 hours (yes, 25!) a day, you will be worried about making things happen for your startup unlike a job where it’s just a matter of 8-9 hours. The breather here is that you can plan for flexi-fun activity at your will (if you are lucky).
» Forum Discussion: Work-Life Balance for Entrepreneurs – Oxymoron?
No doubt that starting up gives you the freedom to choose/decide (and live the consequence), but being one’s own boss is highly overrated. Once you startup, you will realize that you have too many bosses to report to – including investors whose money is at stake, including family who will keep poking with ‘Is all well with your company?”
In short, you are more answerable to the world when you are an entrepreneur vs. when you are an employee.
So stop thinking entrepreneurship as an escape from the boss!
Next Article (Myth): Entrepreneurship is for the courageous ones.
Great mythbuster article. “Being your own boss” can also be slightly different here. As an entrepreneur, you are “free” to experiment and take decisions, which “the boss” at a job doesn’t allow you to do. But, with every decision comes a consequence and you alone have to bear it.
Great article. I completely agree that you are more answerable to the world when you are an entrepreneur. Apart from family and investors the obvious stakeholder is the customer. You are answerable to them all the time.
Being an entrepreneur is often romanticized. In fact most of the time it’s miserable but the experience is still worth it.
Interesting read and I agree with the most-part. I think being your own boss is a statement we can still use to advertise being an entrepreneur, we just have to make people aware that being your own boss maybe not be all its cracked up to be. Many employees think bosses have an easy time, and get paid more, when really they get paid more because they have to work for it.
If someone is going into entrepreneurship then they need to crack their naive shell and make sure they know what kind of work they have to do.
There is always a boss … but comes in different forms for everyone. Here is a cycle starting with employee and ending with employee… :-)
employee : Immediate Manager
Manager: CXOs
CXOs : YOY growth
YOY growth: Customer
Customer : Home/budget
Budget : Employee (bread winner).
…..
Actually I started thinking about my startup as my 3rd baby which helped me dispel with all such myths…:-)
It’s a 100% job
i fully agree….. those who are not aware of these myths shouldn’t jump into entrepreneurship or else they’ll have a serious heartbreak……
and not having a boss actually makes time management a bit difficult….. and you always question yourself …..could i have done more…am i becoming lazy……
Being chased to chasing – is a major shift in which the mindset has to think. If you do not have passion for your ideas as the fuel, its difficult for your venture to run miles. It will stop after a certain point.
That is so true. Being your own boss is one of the most frustrating and enjoyable experience of your own. To start a venture because no body around you is going to nag you is a great motivator. You feel liberated and do work at your own pace. Not having a boss sometimes may make your life difficult. However when if you were in job and knew things better than your boss, entrepreneurship is for you.
Ashvini Saxena
aks-blog.com, thoughts on entrepreneurship, leadership and motivation
very much agreed!
Flexible hrs never happens if you wish to startup! you have to be on your toes all the time and sleepless nights are awaiting you:)
Very good article.. right said!
“Being your own boss”,is the first thing that clicks our mind as we start thinking about entrepreneurship not only in the sense of flexible hours of working but in the sense of profit or loss too.As a employee there is no loss only gain as a salary in hand,while having your own business means you are going on the board where your life & family will be dependent upon your business totally & some times you will become totally dependent on the surrounding;if you want to make life & business at the peek you will apply Do-or Die strategy & vise-versa.
So I accepting it that it would be hard time for those who just jump into it without thinking that having your own boss does not mean only in the aspect of flexible hours but also in the aspect of being the boss of bearing of profit/loss too.
But yes it is true that totally different experience we get if we start our own work;we get chance to experiment with the work;that is totally impossible if you are a employee.
Very much agree with your content, but its always good to start something that you have dreaming for long…rather than postponing fearing failute, your first move will actully give you ways and means to shine bright in years to come and you will be proud of your decision.
Good article and interesting interpretation
Very insightful article.
A very difficult choice for many people.
Both have it’s pros and cons
Hi there,
I must congratulate Sinha for raising very sensitive and interesting topics.
I thought I will be own boss when I decided launch my own business. As all know I am sure, I am actually my own slave… not only that I have become slave of many more people and systems.
I am answerable to my investors, my clients, my vendors, my family and my friends. With whatever difficulty I have, I have to see that things are moving. Unlike my employment when I am not in mood to work I could simply take an off… But here that is just not possible.
Although there is nobody to tell me if I can take an off… having no one to say so itself is a problem. Simply speaking there is no choice of staying away. You are working 24 hours a day while eating, while smoking, while walking, which with my kids or while i am in the toilet.
The only pleasure my own business gives me is confidence… that is a real kick.
I think, business needs extreme commitment and nothing short of it. Thats the beginning and thats the end.
I wish all the new entrepreneurs good luck, and just work hard and smart.
Imtiaz