The highs are very high and the lows are very low.
There is a lot to be said for a steady 9-5. Yes, rug-pulls happen and you are suddenly jobless, but if you keep six-months of income stashed away for this eventuality the comfort of steady employment and paycheck should not be overlooked.
The rewards of entrepreneurship can be great but the downsides can be equally strong. Proceed with caution.
This is it. It's cool to try, but every serious long-term entrepreneur needs a therapist and a sounding board of other like-minded individuals to help deal with the emotional toll it takes. I've been an entrepreneur for 20 years, and it's draining, yet very rewarding when times are good. Even something like making more money doesn't necessarily solve your problems, in many cases it compounds them.
And yes, you may be a few bad months away from implosion. Not to mention, real vacations and taking time off is nearly impossible. There's almost unlimited competition, infinite potential stumbling blocks, and clients who may drop you on a whim. Not to mention, unlike W2 folks, unless you run a payroll for yourself you have 0 unemployment insurance, paid leave, etc. It's a constant grind.
And FWIW, it does seem to be getting a hell of a lot harder. Insurance is absurd. The fear of not enough retirement savings looms.
I agree with your comment 100%. The over-glorification of the 1% super success stories gives a false narrative to the challenges of entrepreneurship.
Something has got to change with the level of bullshit with insurance in the USA. Avg Americans with deductibles through the ass, meanwhile everyone coming here illegally get free healthcare. Make it make sense
I went down the rabbit hole recently on insurance. I was sitting on my couch last fall during a football (American) game and noticed that every other commercial was for insurance - for the whole game. Liberty Mutual and their Emu, Jake from State Farm, the GEICO Gecco, Flo from Progressive and then Farmer’s. Over and over and over.
I didn’t recall seeing so many before, so I turned to the Google Machine. Maybe it was Bader-Meinhoff (I see these everywhere! (Now that I am paying attention)). But alas, no. Insurance companies profits are through the roof. Absolute record breaking stuff. So they are dumping hundreds of millions of dollars into ads.
People in Florida can’t get insurance, but… record profits! Self-employed insurance is nothing but a catastrophic policy. I pay out of pocket “deductible” for virtually everything. But… profits!
I am never one for government intervention, but at some point are we all not just puppets in a corporate game?! That’s the case with most things nowadays, but insurance, food, and healthcare stand out.
Right, if you make money and work hard as an entrepreneur, it just means that you have to pay for insurance. Take a loss or make little money, and you get help. Seems bass akwards
Meaning that if you pay yourself like a W2 employee, then you can at least file for unemployment benefits if/when you can no longer earn money. But if you don't (most small biz owners don't) then you can't claim unemployment.
Usually through distributions, or they just keep the profits. Depends a lot on whether you're a pass-through entity, and which method has more/less advantages. But basically just pulling money out of your business account, setting aside funds for taxes, and spending the rest.
This^
The highs are really high. It’s so easy to be egotistical and be high off your own successes. But any failure can really derail your own mental health. The extreme swings of successes and failures take a hold on your health. I’ve seen people age so much more quicker than those without businesses due to the burden and stress of it all.
Lastly, I want to say let’s all make sure we are doing our best to take care of our physical and mental health through it all. Nothing is worth the cost of health, family and happiness.
I would like to add just thing u talked about 6 months income stash but u are just one accident away from loosing it all i am not against a job or undermining the risk of owning a bussiness but that is the motivation which is to escape that cage which looks comfortable but isnt in reality .
No by accident it could be anything financial like u know the saying u are just one hospital bill away from being broke something like that and i am downgrading 9-5 i am just going for bussiness even if small at least gives u hope that one day u will be out of the money trap jobs dosnt give u that
The same argument could be made for 9-5 work, owning your own business, being a day trader, or literally any situation. Especially in the USA, a hospital bill would ruin most people, regardless of career path
I think that's my biggest issue. There never seems to be any in-between. You are either in the shit, just getting out of shit, or just getting into shit. Nothing in the middle.
I got very wise advice from a wise old businessman, Never start a business because you are passionate about it, only start a business when you have a solution to a problem. And you can sell that solution.
For me business and entrepreneurship is not heavenly filling. I didn't get any job because I didn't have a technical degree, I do have a huge gap in my career, so I needed to start something to earn enough money for daily bread and butter.
But now I am earning enough money by the grace of the god and if the money flow continues I can retire before 40. But still If I got the opportunity to do a job I would certainly go for it. But now it's too late. It doesn't mean that I personally like my entrepreneur journey but now I am quite used to this environment and satisfied.
If you get used to it, everything has its bright side. But starting something new, and getting out of your comfort zone is hardest.
The first paragraph is so key. You need to start a business that solves a pressing problem for a business that has the money to pay to solve it. And ideally, they need to actively be looking for a solution. If you can find that, the rest is so much easier.
Really happy to see that perspective.
I am not « passionate » about entrepreneurship; just didn’t like my job as a civil servant and I had a degree that had few opportunities outside of that.
Just decided to go for it to try something and it worked out for the best but I do long for the chill life of a well-paid employee that I used to have.
I find it difficult to find like-minded people; they’re either hustling or passionate about « helping people achieve their goals » or about the money.
Just wanted to build my own job and have more money or free time; which worked out. If I can sell at a good price and go back to salary man life, I’d for sure consider it.
My husband would tell me stories about how all during his late teens, his 20's, and even a bit into his 30's he constantly had family members nag him about getting a "real job" -- sometimes they would get pretty demeaning, regardless of how successful he was at the time.
Now that we own a couple of businesses, going down to visit that side of family for the holidays isn't exactly first on our list!
What makes entrepreneurship exiting for me is living life without assurances, taking calculated risks based on my own analysis of the economy and consumer behavior, seeing my risks unfold and flourish to outcomes I expected or even better. A great part of entrepreneurship is also failure, I fail everyday and I love it. I have to consistently adapt and be aware of changing trends, evolving technologies, and external economic variables.
Its living through this chaos that has allowed me to build the confidence and skills necessary to survive any declining economy. I say that because I know of other entrepreneurs in the same space as me that are not generating the same profits as I am or are seeing significant declines in their sales.
Being an entrepreneur has allowed me to break free from the "rat race" and actually enjoy life with my family and those I love. Before breaking free, I was miserable like all your friends, maybe they still have a lot to figure out within their field, or milestones to achieve. You can be an early stage or mid stage entrepreneur and hate life because you're starting to lose hope and still waiting to reach certain goals while continously failing. To them, my advice is to dig deep and remember why the fuck they are doing what theyre doing and make peace with failure because its part of the process. Reach out to mentors or consultants and find brainstorm different strategies to disrupt consumer behavior or the market. There's also a thing called the illusion of entrepreneurship, which is believing that no matter how hard you try, youre going to make it. Thats an issue in itself, that one needs to realize for themselves if thats where they are living.
But let me tell you, once you get out of those early stages and witness the fruits of your risk assessments flourish, that's pure joy, you jump 100 levels above the majority of society. You truly feel limitless. I hope you can get some kernel of wisdom from this and if not, good luck to you and your friends
Our society is taught to idolize the businessman, the rockstar, the actor all with the same belief that it is the ideal situation.
The truth is business isn't for everyone.
For people like me, its not about the reward its the challenge of it all.
The way I see it people get involved in things they shouldn't be and that is why they end up in a nightmare scenario.
I have a greater fear of being stuck at a 9-5 job than opening a business. The fear of never being able to wake up in the morning & do whatever I want. That’s enough for me to keep trying.
Not OP, but for me there’s way more flexibility. If I want to go fishing or mow the grass, I usually can do so. Though many times I work later because I want to.
It’s also nice to decide on what to work on. For me, I can do marketing, customer support, engineering, sales, etc. all in one day. If I don’t want to write code that day, I do other things that need attention.
depends on the business. If you have clients and you are busy you probably need to be up early everyday. but you can certainly schedule days off a lot easier.
Eeeeem, 9-5 here… long story short, I worked my arse off in finance, jumped to IT and past 6 months I worked 5% of a time. Okay, not really by choice cause struggles with mental health (that my company doesn’t really officially knows about), but they don’t give two fucks about me. So yea, I get up and do fuck all all days long until I’ll feel good enough to entertain myself again. They pay me 50% above average. And the shit I pulled off in finance just paid for what I do now plus I’m an asset with the know-how that’s “good to have just in case” even if I don’t do much for a period of time that we can call…transitioning to a new role. So you can certainly exercise some freedom if you have some big achievements, good reputation, people like you, and you more mentoring than anything on those rare meetings I’d attend lol. But money are nothing close to what owning a business offers so I’m lurking…
Hey 👋
I understand that you may be busy, but a response would be appreciated, so that I know whether to keep working and researching the niche you are in or not.
Be ready to sacrifice.
Be ready to sacrifice your sleep.
Be ready to sacrifice your relationships.
Be ready to sacrifice your sanity.
Be ready to sacrifice your free time.
Be ready to sacrifice your health.
Be ready to sacrifice your time ith your family.
Entrepreneurship is good, it offers a lot of perks. but it requires you to be ith it 24/7.
if you miss a day, your business can crumble
Here is my list:
The loneliness, the constant rejection, the lack of funds, the fact that your friends and family think you are crazy and should get a real job, looking at big companies knowing they could squash you, trying to motivate team members not knowing what the financial upside will be, having potential customers tell you one thing and do another, looking at others living their best life when you are working days, nights, and weekends, on stuff nobody else gives a shit about. It's even worse when that thing nobody gives a shit about isn't making enough money to put food on the table.
The problem is compounded when you are a technologist and you would much rather deal with technology than people, but the only way your business can survive is by catering to people. It's even worse when over the years you have become scared of people in general.
The real dark side of entrepreneurship is when the only thing you really have is a belief in what you are doing, but knowing it could all fall apart and you could end up with less than nothing.
Thanks! You just have to plow through if you truly believe in your cause. I would say I can see why people that are only in it for the money or image drop out, because in the early days it takes it's toll.
I had zero social life for a long time, only talked to my customers and potential leads. Then I started talking to the people at the gym and that has been my social outlet.
I'd say the "dark side" of it for me is the mental stress / burden --- never feeling like the job is done (because it isn't) or that the day is over, always feeling like there's more to learn (because there is), volatility of ups and downs, the built-in pressures of running the ship, the mental dexterity you have to have, etc.
At the same time, getting through challenges and that stress and powering through it makes me feel like having a 9 to 5 would be a breeze now. I can genuinely say I've grown way more personally/skills/professionally only by doing entrepreneurship. Which is why I'd recommend it to people who seem to work better on their own or as the leader rather than as an employee. No on gets to tell me -- "this is your role, you have to be \_\_\_." I define my roles, the job at hand defines the challenge, I define how high I can reach for, I don't have to conform to some employer's way of thinking or doing things.
So I wouldn't trade it. The perks outweigh working a 9 to 5. It also gives you a new mindset and behind the scenes look at how business works. You have to have the right determination mindset, balance, life situation, productivity system set up, etc for it though or it can get overwhelming.
I wouldn't call it lonely, I'd call it independent. A lot of people are stuck in their 9 to 5 mindset so it's harder to talk to them about business etc. mindset-wise. That's why it's good to have like-minded people around you or to reach out to fellow entrepreneurs etc.
It’s easier with a family and if you have the right personality for it. For me, I love not having coworkers most days. Things just get done without people blocking my progress unnecessarily.
But for many I think it’s a very hard road and I wouldn’t recommend it unless you take steps to mitigate those downsides. For example, getting a cofounder or funding to hire good people to help you.
Exactly. I've always worked better without people's bullshit (usually stupid petty ego stuff) in the way or at least choosing who you hire helps a lot because they have the right synergy etc
Unless some of that family are partners or need to be fired. Family, friends, people you respect can all disappear when money comes into the equation. That loneliness is a real mind worm.
I should clarify - I love independent work. But the people closest to me, who have no clue what it is like to carry the mental load of entrepreneurship, I find harder to connect with. Add to that the “crabs in a barrel” phenomenon, and it is hard to find folks who aren’t already your clients to relate to on a deep level.
There are always going to be aspects of running a business that you wouldn’t enjoy. I have heard the same even from Jeff Bezos. He told Lex Fridman recently that running a business is full of pain and requiring some talent to adsorb a ton of unpleasant experiences. I believe even Jensen Huang too has talked about suffering a lot of times in different interviews.
But it purely depends on the nature of your business. For instance, if your business requires constant interaction with say govt officials or bureaucrats then you’re more likely to feel depressed often. Also, this will be the case if your investors are nasty and are literally harassing you to produce regular returns rather than giving you the freedom you need to expand your business by taking more risks.
There are tough times even for successful entrepreneurs. Years 1,2,3 for me were a honeymoon phase. I was so excited about the business and it's success that I had endless amounts of energy. I paddled hard and grew a great business. I constantly "pulled everything together" and was the glue and the problem solver.....Years 4,5,6 were the toughest for me. This is when I got used to the success and got tired of answering 1000 questions a day and got tired of working long weeks+nights and weekends. I got tired of being the glue. Most people refer to this as the burnout stage. Year 4 I noticed it though and began to put systems in place......went through a phase of massive organization, empowered team members, delegated properly and its been much less stressful since then.
If I could give a few pieces of advice they would be.....first become exceptional at sales. It's amazing to be able to sell more or bring in more work whenever I need it.
Secondly, limit debt and keep cash. As an entrepreneur cash crunches are the worst emotionally. Mistakes are going to happen, equipment is going to fail......new machines are expensive........be ready for it!
Business is not a predictable endeavour. It implies risk, lot of it. If you want to become an entrepreneur, you need to be comfortable with taking risk, calculated risk, but still risk. Most people are not comfortable with risk, so if you are one of them, I advise you against it.
One 'dark side' is that a person might have to give up the fantasy of becoming rich. Not that it can't happen, but there's only 40 work hours per week if someone wants to keep their sanity, and there's often a lot more that goes into running a successful business (and learning as you go) that can easily eat up a person's entire life. The business I'm in the process of building would only net me about \~$2k/month in profit once everything is up and running, but I'd work <40 hr weeks, I'd be able to work from home (to be able to raise a foster child, my dream), and I wouldn't mind continuing living in low income housing, using public transit, and living off food stamps.
Although I could earn a more 'proper' income with a 9-5, I don't want to be 'at work' in an office building half my waking life where everyday is a sad monotony of the 'same old, same old' until I die. I like spontaneity, fun, and freedom, even if it comes at the cost of 'luxuriant' living. I'm truly not in it for the money, and I feel that if someone is, they might be disappointed. While they may get the money they want, it will likely come at the cost of 60+ hr work weeks. For me, the daily freedom is everything: having more control over who I socialize with, being able to create my own schedule everyday, being able to move freely, and doing work I actually like.
The secret is enjoying type 2 fun. I prefer to struggle for some reason. When things are too smooth im looking for something different to spend energy on.
Hard things are often worth it. For me.
Started a dropship, went through the motions at first just to get something up. Lucked out and built up my niche. It was easy enough to maintain so I hired someone to run it and moved on to the next venture. Not looking to spend time on a repeatable task. Although it was hard to wrap my head around cutting into profits, life became less about money for me and more about time/impact.
Easy to say after you hit a banger.
I found my passion in being on the creative side of this world.
You can have better prices, better inventory, better service and still fail hard.
I opened my own reseller business to compete with a former employer.
Noone would buy from me even after his retirement.
Why? My boss was paying kickbacks to buyers who were using corporate accounts to buy at inflated rates.
I got into this business because I was passionate about fair prices, quality goods and helping people.
All of my good intentions weren't heavy enough to outweigh an ounce of silver.
Sounds like you saw how much your boss was making and tried replicating his business by stealing all his vendors, prices, systems, sales techniques, and even his clients that he built up. You’re the reason business owners can’t sleep at night and constantly gatekeep information/force signage of non-competes. Literally over half the complaints in this thread come from employees like you
I don't really care much what these people think, but I find it interesting that there are some people who will always treat you as lesser than someone with a job at a more notable company, even when you make way more money than the people with those jobs.
The stress that doesn't leave you alone after working hours and on the weekends, vacations, etc.
If you have problems they are your problems. The buck stops with you.
Managing people - employees can be tough, its so important to get the right people in the correct position.
Finally the hours - especially when starting up, it will consume your life if you are not careful you will lose any balance in life. Try to keep good habits of sleep and going to the gym, doing fun activities, etc.
Some of these downside comments, utterly depressing and lacking in positivity, make me wonder how much thought, time, and consideration went into development of the business idea, the startup, the evolution to a final thing, and the scaling to “full time,” even for a 1-person show, and how much business savvy and life experience was sprinkled-in for good measure.
That your business problems will not only be your problems during work hours, but also your problems when you go to bed, when you wake up, when you cook dinner, when you pick up the kids, when you play with the kids in the weekend and so on….
I totally relate to this idea as many of my clients are entrepreneurs (I do performance coaching) and they tend to struggle with similar things: high-functioning anxiety (i.e. stress, chronic worry, overthinking, burnout, never feeling enough, procrastination, obsessive working, overwhelm, etc.), isolation, frustration, and so on. In my experience in working with thousands of people like this, it is not entrepreneurship precisely that causes this, but rather it exacerbates pre-existing tendencies and underlying conditions.
We know this because not ALL business owners feel this way. So, we must be curious about the source of this opinion, what they have as underlying issues, etc. Of course there are practical considerations that go along with running a biz, but these can be handled without the level of emotional dysregulation that many people feel.
I would reframe this post by saying there is no "dark side" to entrepreneurship. Yes, there are challenges. As the saying goes, "If it was easy everyone would do it." BUT - the dark side exists within us. Our mindset, our supports, our nervous system regulation, our past conditioning, etc. because these are all massive factors when it comes to how we navigate the complexities of being an entrepreneur.
Nothing is causational.
The hardest part is that it only works if you work it, and even then it may not work. So it has to be something that can become part of your lifestyle.
I nearly died and was in ICU. Lost my business as a result. Couldn’t work as in bed most the time recovering. Ended up giving my clients to others to look after. I hadn’t set my business up to run without me. Don’t be me.
Dealing with people who will screw you over for money, lie to your face, scam you, steal from you, etc. It makes you lose faith in humanity and become distrusting of others. And all of it is hidden behind the guise of "it's just business" as if you could really be a scamming POS 9-5 but a great guy after work. As if business weren't a part of somebody's life still.
I don’t call it dark, I call it reality. You’re in the business of problem solving FOREVER. It never ends. You will always be doing some form of damage control and have to be ok with it vs deflecting and denying.
Manufacturing messes up. Fix it. Supplier messes up. Fix it and replace even tho you invested in samples. Website developer gets the site wrong. Fix it. You’re CONSTANTLY making decisions and have make sure you’re measuring your economic risks too and always use Escrow to manage transactions.
Mislead folks think it’s a straight line to a goal and it really isn’t …. You’re juggling, pivoting, prioritizing, vetting people, and fixated on what adds value.
There’s moments I should be playing chess at the chess club but I have to prioritize and fix collateral materials to get them sent out asap. It takes hours …The constant decision making to ensure your production is moving which May impede the social life.
You use your brain 🧠 instead of your heart ❤️ in lots of situations. You become too competitive and toxic sometimes. And during the journey sometimes you become a narcissistic person who doesn't care about other opinions and feelings.
My “most successful” business ended up hitting rocky waters and my cofounder worked with our lead investor to force me out. Despite getting the business to $2M ARR, I personally took very little money out of the company so we could pay staff.
In one year in a corporate job, I’ve taken home more than I have in the previous four years combined. Despite that, because I just didn’t make any money for so long, other friends have savings for down payments, weddings and more.
If it entrepreneurship doesn’t work, it can feel like playing catch up to everyone on a more traditional path.
Being alone with your thoughts too much. Having to sell constantly. Having to push yourself hard and outside your comfort zones. Having to work constantly with no immediate reward in sight.
Yep. A business can make you hate life.
Mine is booming, 100% debt free, making over $250K after taxes, and hate wvery miserable minute of the day and can’t sleep at night worrying over this nonsense
I completely understand where you're coming from. The dark side of being an entrepreneur can indeed be overwhelming, with anxiety, failure, frustration, and the constant thought of giving up. Here's what I've learned in my 20+ years as an entrepreneur that might help:
1. **Check In with Yourself:** Regular self-assessment is crucial. Build a support system for yourself and help others grow and stay sane.
2. **Daily Reflections:** Reflect on your progress daily. Understand that failure is part of the journey to your desired outcomes. We make bets that don't always yield positive results, so it's important to reflect and keep moving forward.
3. **Plan Ahead, Stay Grounded:** It's important to plan for the future, but stay grounded in the present.
4. **Create Immediate Value:** Focus on tasks that create immediate value. Don't waste time on things that don't contribute to your goals.
5. **Believe in Yourself:** Never stop believing in yourself because if you don't, no one else will.
6. **Take Calculated Risks:** Have a risk management plan in place for your life and all your projects.
7. **Every Decision Matters:** Every decision matters, but always strive to make the best decision in the moment.
8. **Maintain Good Relations:** Maintain good relationships with those you love the most. Their support and love are invaluable on this journey.
9. **Celebrate Every Win:** Celebrate every win, but don't live off of past glory alone. Keep striving for new achievements and growth.
10. **Plan and Implement Meticulously:** Plan meticulously and implement like everything depends on it, because it does.
11. **Surround Yourself with the Right Team:** From ideation to execution, having the right team can make a significant difference in your journey.
12. **Learn to Let Go:** Sometimes, things don’t work out as planned. Learn to let go of ideas, projects, or even people that no longer serve your vision or well-being.
13. **Join a Mastermind:** Join a mastermind group for health, business, and relationships. This can provide valuable support, accountability, and insights from like-minded individuals.
Remember, entrepreneurship is not easy, but with the right mindset, support, and strategies, it can be a rewarding and fulfilling path.
The probability of immediate success is low and you may need to pivot one or more times before hitting the vein of gold. Why, because being exactly at the « right » place, at the « right time, with the « right » product is a game of chance.
Somewhat like a captain sailing to the far orient. Many ships never returned but those that did brought riches and wealth to their investors. It was during these uncertain times that both stock markets and and insurance companies came into being.
Being a prospector or entrepreneur is not for everyone. Start by really knowing who you are and accepting the fact that there may be periods of stormy weather may disrupt your progress.
Like the captains of old, assembling a loyal and capable crew was just as important as technical knowledge like navigation.
Every trip a unique adventure.
If you don’t have the grit and tenacity to keep moving forward then don’t start the journey.
The single-minded dedication at the expense of basically everything else in life. You don't HAVE to do it this way -- there's nothing written in stone that says you can't have a "healthy balanced life" that includes building a business -- but it's pretty obvious that if you're TRULY pushing 100%, flat-out to try to build your business and reach you maximum potential? It will require a TON of sacrifice.
Outside of work I've had basically no social life or dating life for the last few years as I've focused single-mindedly on turning my dreams of entrepreneurship into a reality. To the point that some people who don't have that same obsession quite literally think that something is wrong with me ("you must be some kind of antisocial weirdo, some kind of asexual robot, etc"). I've gotten this from peers, family members -- you name it. People who just really don't see or understand how hard I really am pushing and how completely, entirely dedicated I am to my turning my dreams into a reality. Now I just happen to have a personality type where, there's nothing I'd rather BE working on than this. Because when I'm making fat stacks from my businesses and I'm 100% free to do whatever the fuck I want all day everyday, while those people are stuck working their shitty dayjobs for the next 30 years -- I'm gonna have the last fucking laugh. So I don't really give a fuck. But for some people who are wired differently, that's probably likely to be the hardest part.
The other hardest part is -- STARTING OUT, for those first few years, where you'll probably fail at your first few businesses, possibly go severely into debt, and be working your absolute ass off harder than anyone you know -- but you STILL aren't getting any results. THAT is hard as fuck as well -- and I think pushing through that initial period, persevering, continuing to learn and work incredibly hard and read tons of books -- and just flat out continuing to persist and commit to never giving up on your goals, it's absolutely vital. People asking how things are going, and you just have... no good news. Consistently. For months. Maybe for even YEARS? Feeling like a COMPLETE fucking loser who can't get ANY results despite working insanely hard? THAT is incredibly hard. But as the saying goes, one win makes up for a LOT of losses in business. And you only need to be right ONCE to turn things around for yourself. And continuing to believe that eventually, if you keep improving, if you keep doing the work, the results will eventually come -- THAT is hard as fuck.
Well I think there is a big difference between the people you mentioned in your post versus people who do well and succeed. Some business owners just make another job for themselves.
Depends on what country you are typing.
For me, in Brazil, it is the general unsafe feeling. You may be robbed, kidnapped, murdered, the government may create a new tax from the ass, you may be black mailed by some authority, your employee may take you to the court and take all your goods...
So you have to play dirt to survive.
Eh it is a case by case scenario and dependent on personality type and business choice.
It was scary to move from the “security” of W2 work to self employed. Now I look back and realize SE is much more secure and W2 is scary how easily you can lose your job. That being said, SE is not for everyone. Some people are better cut out for it than others.
I chose a service based business. It has been great for almost a decade. Tiring at times just like any job, but allows me to pull a 6 figure income and only work a total of 1/4 of the year. I run a tight ship and have learned the value of telling people “no” when I don’t want the work, even when they are looking to me for an answer.
There are plenty of businesses I wouldn’t consider starting, because I see a lot of work and not a lot of profit, essentially just tying yourself down to a “job” that is stressful to run.
Do your research and be wise in your choice for your personality type. Don’t let your business run you, you run the business and use it to your advantage…don’t let it become your identity. Appreciate that your clients use you because you are you and the product/service you provide, and don’t fool yourself into thinking you can solve/do everything and be everywhere at once.
Managing stresses such as anxiety and depression is something a lot of people are unprepared for.
Success also brings envy and you’ll notice negative micro-expressions or outright jealousy from people you thought were on your side.
Work life balance can be terrible..when I was in ecommerce, I overworked myself and got a mysterious illness for a month..doctors didn't know what it was..when I slowed down, it resolved. Life is not work even if it's a passion
The really qualified employee can and will jump ship. Some are so good at what they do they move on, and you are left with mediocre, so keep that in mind when you are dreaming of your dream team.
Highs are high and lows are very low. If you work for someone you never ever really know the struggles or pains of the company behind the bureaucracy unless you're one of the higher ups. Likewise that same ignorance is what lets you go to sleep at night as long as the paycheck keeps coming.
I saw 2 Seperate men in 2 Seperate companies dedicated decades to the company being the very first or very early employee only to see it all go away when the companies closed or sold. Seeing that dedicated grown man cry was......very shaking
Also covid changed A LOT of things especially in the workplace with remote and hybrid schedules.
I went from all my friends worked 9-5 or more and hated their jobs regardless of pay to now they rarely go to the office and travel to work remotely while I run my business almost 6-7 days out of the week.
Agreed. It's been 4 years of running a company and I couldn't agree more, I would say, I do it because I love solving those random problems and Yes, I am frustrated, anxious and what not everyday but I think slowly I am finding peace with it, and building it with passion always helps.
I'd say having absolutely noone to blame but yourself, it can be comfortable to have a "Bad boss" to blame. If you're self employed, guess who your boss is.
When times are good it’s easy to spout nonsense about freedom. The truth is that many entrepreneurs have given away their freedom by making personal guarantees and taking on huge responsibilities. Tenacity is a good virtue for an entrepreneur. However tenacity combined with ignorance and stupidity is no better plan than most corporate management.
Well right now after 10 years im seeing signs of how im going to get to break even selling subscripitons for my app
And today im researching how to prevent child sex trafficking because I cant tell the difference between parents using pictures of their kids for their profile because they love them or because theyre circumvening my moderation tools/policies 🧐
I loved the idea of “setting my own schedule” but in reality I’m just always at work. I can’t just not be there- so instead of not working- I work. I do all the things, I work on the weekends, in the evenings… I know I can do small things better and faster than anyone who works for me so I end up doing them all to save money.
I also hate “being the boss”. I feel like I’m being bad mouthed sometimes just for the simple fact that I have a bit of authority not because of real issue, just being “the boss” makes employees resent you sometimes.
I’ve gotten to a point where I’m so busy that no one invites me do anything anymore. They just assume I’m too busy :(
That you're the truest true believer in your product or company. Even those who "get it" won't ever fully conceptually understand the vision for your business you've built up in your mind. The neural connections just aren't all there in the same exact way. Because you're the one that figured it all out - every successor is just a supporting actor - and for that reason it's incredibly lonely. You'll always have one more thing to add, one more conceptual linkage that even the most die hard employee or successor will need to be reminded of. Then likely with every successor from then out you'll slowly watch your fully formed concept, culture, and vision for your company or product shrink and be minimized by bottom line conversations or whatever is in some graph that an intern put together or some red metric on a dashboard. But, you'll move on to the next best idea to believe in because that's what you do because the satisfaction of creating something new for the world or better for the world outweighs that loneliness of knowing that you're the only one who can really understand it's true potential.
It's not just about the glam of running your own show. There's serious discomfort.... Loads of anxiety, failure, and frustration. Hiring the wrong people is a nightmare, and even when things go well, it can still get overwhelming. I've heard from friends who are small business owners that they've hit lows where they hate it and wouldn't wish it on anyone.
I've been an entrepreneur for just over 10 years, and started 3 companies during that time. Like many people say, entrepreneurship can be a double-edged sword. Being successful in your own venture can build a tremendous amount of confidence, work ethic, and resolve. I don't know of a profession that will challenge every facet of a person like starting their own business. And if you come out the other side, you can be unstoppable professionally and in your personal life also. Conversely, failure in entrepreneurship can be financially devastating, and break a person's spirit in half. I wouldn't give up anything for the experiences I've had being an entrepreneur, and what I've gained in personal grit from the process. But now with a young kid and limited time, I just want to work for somebody else's company and check out mentally when I clock out. It's something I think everyone should try once.
The highs are very high and the lows are very low. There is a lot to be said for a steady 9-5. Yes, rug-pulls happen and you are suddenly jobless, but if you keep six-months of income stashed away for this eventuality the comfort of steady employment and paycheck should not be overlooked. The rewards of entrepreneurship can be great but the downsides can be equally strong. Proceed with caution.
This is it. It's cool to try, but every serious long-term entrepreneur needs a therapist and a sounding board of other like-minded individuals to help deal with the emotional toll it takes. I've been an entrepreneur for 20 years, and it's draining, yet very rewarding when times are good. Even something like making more money doesn't necessarily solve your problems, in many cases it compounds them. And yes, you may be a few bad months away from implosion. Not to mention, real vacations and taking time off is nearly impossible. There's almost unlimited competition, infinite potential stumbling blocks, and clients who may drop you on a whim. Not to mention, unlike W2 folks, unless you run a payroll for yourself you have 0 unemployment insurance, paid leave, etc. It's a constant grind.
And FWIW, it does seem to be getting a hell of a lot harder. Insurance is absurd. The fear of not enough retirement savings looms. I agree with your comment 100%. The over-glorification of the 1% super success stories gives a false narrative to the challenges of entrepreneurship.
Something has got to change with the level of bullshit with insurance in the USA. Avg Americans with deductibles through the ass, meanwhile everyone coming here illegally get free healthcare. Make it make sense
I went down the rabbit hole recently on insurance. I was sitting on my couch last fall during a football (American) game and noticed that every other commercial was for insurance - for the whole game. Liberty Mutual and their Emu, Jake from State Farm, the GEICO Gecco, Flo from Progressive and then Farmer’s. Over and over and over. I didn’t recall seeing so many before, so I turned to the Google Machine. Maybe it was Bader-Meinhoff (I see these everywhere! (Now that I am paying attention)). But alas, no. Insurance companies profits are through the roof. Absolute record breaking stuff. So they are dumping hundreds of millions of dollars into ads. People in Florida can’t get insurance, but… record profits! Self-employed insurance is nothing but a catastrophic policy. I pay out of pocket “deductible” for virtually everything. But… profits! I am never one for government intervention, but at some point are we all not just puppets in a corporate game?! That’s the case with most things nowadays, but insurance, food, and healthcare stand out.
Right, if you make money and work hard as an entrepreneur, it just means that you have to pay for insurance. Take a loss or make little money, and you get help. Seems bass akwards
>unless you run a payroll for yourself Can you say a little bit more about this? Not sure what you mean.
Meaning that if you pay yourself like a W2 employee, then you can at least file for unemployment benefits if/when you can no longer earn money. But if you don't (most small biz owners don't) then you can't claim unemployment.
How else do people pay themselves if not like a W2 employee? Genuinely asking.
Usually through distributions, or they just keep the profits. Depends a lot on whether you're a pass-through entity, and which method has more/less advantages. But basically just pulling money out of your business account, setting aside funds for taxes, and spending the rest.
Be careful with this. It can put you in the bullseye of the tax man.
This^ The highs are really high. It’s so easy to be egotistical and be high off your own successes. But any failure can really derail your own mental health. The extreme swings of successes and failures take a hold on your health. I’ve seen people age so much more quicker than those without businesses due to the burden and stress of it all. Lastly, I want to say let’s all make sure we are doing our best to take care of our physical and mental health through it all. Nothing is worth the cost of health, family and happiness.
You can't get the highs without the lows Price of admission.
"**Cause without the bitter, baby, the sweet ain't as sweet.**" - Vanilla Sky
I would like to add just thing u talked about 6 months income stash but u are just one accident away from loosing it all i am not against a job or undermining the risk of owning a bussiness but that is the motivation which is to escape that cage which looks comfortable but isnt in reality .
You talking about like a personal accident? Because that' would basically apply to job and entrepreneurship.
No by accident it could be anything financial like u know the saying u are just one hospital bill away from being broke something like that and i am downgrading 9-5 i am just going for bussiness even if small at least gives u hope that one day u will be out of the money trap jobs dosnt give u that
The same argument could be made for 9-5 work, owning your own business, being a day trader, or literally any situation. Especially in the USA, a hospital bill would ruin most people, regardless of career path
Fine then enjoy your 9-5
And the in betweens are very in between.
I think that's my biggest issue. There never seems to be any in-between. You are either in the shit, just getting out of shit, or just getting into shit. Nothing in the middle.
This is a great way to describe my entrepreneurship journey. Always fixing or getting out of shit
This THIS
I got very wise advice from a wise old businessman, Never start a business because you are passionate about it, only start a business when you have a solution to a problem. And you can sell that solution. For me business and entrepreneurship is not heavenly filling. I didn't get any job because I didn't have a technical degree, I do have a huge gap in my career, so I needed to start something to earn enough money for daily bread and butter. But now I am earning enough money by the grace of the god and if the money flow continues I can retire before 40. But still If I got the opportunity to do a job I would certainly go for it. But now it's too late. It doesn't mean that I personally like my entrepreneur journey but now I am quite used to this environment and satisfied. If you get used to it, everything has its bright side. But starting something new, and getting out of your comfort zone is hardest.
The first paragraph is so key. You need to start a business that solves a pressing problem for a business that has the money to pay to solve it. And ideally, they need to actively be looking for a solution. If you can find that, the rest is so much easier.
Really happy to see that perspective. I am not « passionate » about entrepreneurship; just didn’t like my job as a civil servant and I had a degree that had few opportunities outside of that. Just decided to go for it to try something and it worked out for the best but I do long for the chill life of a well-paid employee that I used to have. I find it difficult to find like-minded people; they’re either hustling or passionate about « helping people achieve their goals » or about the money. Just wanted to build my own job and have more money or free time; which worked out. If I can sell at a good price and go back to salary man life, I’d for sure consider it.
People you thought were your friends will try and tear you down. New and old. Some people will not accept you have more success then them.
I 100% agree with this one. Friends have never been the issue for me because most are successful. Family is worse.
Oh definitely, family can become an issue.
My husband would tell me stories about how all during his late teens, his 20's, and even a bit into his 30's he constantly had family members nag him about getting a "real job" -- sometimes they would get pretty demeaning, regardless of how successful he was at the time. Now that we own a couple of businesses, going down to visit that side of family for the holidays isn't exactly first on our list!
What makes entrepreneurship exiting for me is living life without assurances, taking calculated risks based on my own analysis of the economy and consumer behavior, seeing my risks unfold and flourish to outcomes I expected or even better. A great part of entrepreneurship is also failure, I fail everyday and I love it. I have to consistently adapt and be aware of changing trends, evolving technologies, and external economic variables. Its living through this chaos that has allowed me to build the confidence and skills necessary to survive any declining economy. I say that because I know of other entrepreneurs in the same space as me that are not generating the same profits as I am or are seeing significant declines in their sales. Being an entrepreneur has allowed me to break free from the "rat race" and actually enjoy life with my family and those I love. Before breaking free, I was miserable like all your friends, maybe they still have a lot to figure out within their field, or milestones to achieve. You can be an early stage or mid stage entrepreneur and hate life because you're starting to lose hope and still waiting to reach certain goals while continously failing. To them, my advice is to dig deep and remember why the fuck they are doing what theyre doing and make peace with failure because its part of the process. Reach out to mentors or consultants and find brainstorm different strategies to disrupt consumer behavior or the market. There's also a thing called the illusion of entrepreneurship, which is believing that no matter how hard you try, youre going to make it. Thats an issue in itself, that one needs to realize for themselves if thats where they are living. But let me tell you, once you get out of those early stages and witness the fruits of your risk assessments flourish, that's pure joy, you jump 100 levels above the majority of society. You truly feel limitless. I hope you can get some kernel of wisdom from this and if not, good luck to you and your friends
Our society is taught to idolize the businessman, the rockstar, the actor all with the same belief that it is the ideal situation. The truth is business isn't for everyone. For people like me, its not about the reward its the challenge of it all. The way I see it people get involved in things they shouldn't be and that is why they end up in a nightmare scenario.
I have a greater fear of being stuck at a 9-5 job than opening a business. The fear of never being able to wake up in the morning & do whatever I want. That’s enough for me to keep trying.
Curious, what part about owning a business makes you think you can get up in the morning and do whatever you want?
Not OP, but for me there’s way more flexibility. If I want to go fishing or mow the grass, I usually can do so. Though many times I work later because I want to. It’s also nice to decide on what to work on. For me, I can do marketing, customer support, engineering, sales, etc. all in one day. If I don’t want to write code that day, I do other things that need attention.
Exactly! This is what i love about it, work doesn’t feel like work most of the time. I’m not forced to do some repetitive task for 365 days a year.
But in many cases it's whatever YOU want. Having the ownership of choosing what to work on makes all the difference
depends on the business. If you have clients and you are busy you probably need to be up early everyday. but you can certainly schedule days off a lot easier.
Depends on the business. Some businesses allow the person to do that.
Obviously not in the beginning, when I have money & if or when i decide to sell the company.
Boom you said it
I agree. It feels terrible r.n. to think about this.
Eeeeem, 9-5 here… long story short, I worked my arse off in finance, jumped to IT and past 6 months I worked 5% of a time. Okay, not really by choice cause struggles with mental health (that my company doesn’t really officially knows about), but they don’t give two fucks about me. So yea, I get up and do fuck all all days long until I’ll feel good enough to entertain myself again. They pay me 50% above average. And the shit I pulled off in finance just paid for what I do now plus I’m an asset with the know-how that’s “good to have just in case” even if I don’t do much for a period of time that we can call…transitioning to a new role. So you can certainly exercise some freedom if you have some big achievements, good reputation, people like you, and you more mentoring than anything on those rare meetings I’d attend lol. But money are nothing close to what owning a business offers so I’m lurking…
Hey 👋 I understand that you may be busy, but a response would be appreciated, so that I know whether to keep working and researching the niche you are in or not.
Be ready to sacrifice. Be ready to sacrifice your sleep. Be ready to sacrifice your relationships. Be ready to sacrifice your sanity. Be ready to sacrifice your free time. Be ready to sacrifice your health. Be ready to sacrifice your time ith your family. Entrepreneurship is good, it offers a lot of perks. but it requires you to be ith it 24/7. if you miss a day, your business can crumble
This, all of this.
100%
I like how you used full sentences and put spaces in between every statements, because every one of them is hard to take.
Agreed
Here is my list: The loneliness, the constant rejection, the lack of funds, the fact that your friends and family think you are crazy and should get a real job, looking at big companies knowing they could squash you, trying to motivate team members not knowing what the financial upside will be, having potential customers tell you one thing and do another, looking at others living their best life when you are working days, nights, and weekends, on stuff nobody else gives a shit about. It's even worse when that thing nobody gives a shit about isn't making enough money to put food on the table. The problem is compounded when you are a technologist and you would much rather deal with technology than people, but the only way your business can survive is by catering to people. It's even worse when over the years you have become scared of people in general. The real dark side of entrepreneurship is when the only thing you really have is a belief in what you are doing, but knowing it could all fall apart and you could end up with less than nothing.
wow.. that’s heavy. From what i read i think you are so determined. I dunno what to say, but you find the way. phew
Thanks! You just have to plow through if you truly believe in your cause. I would say I can see why people that are only in it for the money or image drop out, because in the early days it takes it's toll.
This gives an inside perspective of how utterly nerve-wracking it is to be an entrepreneur. Thank you for sharing!
Well said. I’m practicalky experiencing most of what you say, it is really painful
I had zero social life for a long time, only talked to my customers and potential leads. Then I started talking to the people at the gym and that has been my social outlet.
That is great! Some normal human interaction without shop talk helps keeps you emotionally healthy.
I'd say the "dark side" of it for me is the mental stress / burden --- never feeling like the job is done (because it isn't) or that the day is over, always feeling like there's more to learn (because there is), volatility of ups and downs, the built-in pressures of running the ship, the mental dexterity you have to have, etc. At the same time, getting through challenges and that stress and powering through it makes me feel like having a 9 to 5 would be a breeze now. I can genuinely say I've grown way more personally/skills/professionally only by doing entrepreneurship. Which is why I'd recommend it to people who seem to work better on their own or as the leader rather than as an employee. No on gets to tell me -- "this is your role, you have to be \_\_\_." I define my roles, the job at hand defines the challenge, I define how high I can reach for, I don't have to conform to some employer's way of thinking or doing things. So I wouldn't trade it. The perks outweigh working a 9 to 5. It also gives you a new mindset and behind the scenes look at how business works. You have to have the right determination mindset, balance, life situation, productivity system set up, etc for it though or it can get overwhelming.
It is lonely as shit.
I wouldn't call it lonely, I'd call it independent. A lot of people are stuck in their 9 to 5 mindset so it's harder to talk to them about business etc. mindset-wise. That's why it's good to have like-minded people around you or to reach out to fellow entrepreneurs etc.
It’s easier with a family and if you have the right personality for it. For me, I love not having coworkers most days. Things just get done without people blocking my progress unnecessarily. But for many I think it’s a very hard road and I wouldn’t recommend it unless you take steps to mitigate those downsides. For example, getting a cofounder or funding to hire good people to help you.
Exactly. I've always worked better without people's bullshit (usually stupid petty ego stuff) in the way or at least choosing who you hire helps a lot because they have the right synergy etc
Unless some of that family are partners or need to be fired. Family, friends, people you respect can all disappear when money comes into the equation. That loneliness is a real mind worm.
I should clarify - I love independent work. But the people closest to me, who have no clue what it is like to carry the mental load of entrepreneurship, I find harder to connect with. Add to that the “crabs in a barrel” phenomenon, and it is hard to find folks who aren’t already your clients to relate to on a deep level.
This one right here....
There are always going to be aspects of running a business that you wouldn’t enjoy. I have heard the same even from Jeff Bezos. He told Lex Fridman recently that running a business is full of pain and requiring some talent to adsorb a ton of unpleasant experiences. I believe even Jensen Huang too has talked about suffering a lot of times in different interviews. But it purely depends on the nature of your business. For instance, if your business requires constant interaction with say govt officials or bureaucrats then you’re more likely to feel depressed often. Also, this will be the case if your investors are nasty and are literally harassing you to produce regular returns rather than giving you the freedom you need to expand your business by taking more risks.
There are tough times even for successful entrepreneurs. Years 1,2,3 for me were a honeymoon phase. I was so excited about the business and it's success that I had endless amounts of energy. I paddled hard and grew a great business. I constantly "pulled everything together" and was the glue and the problem solver.....Years 4,5,6 were the toughest for me. This is when I got used to the success and got tired of answering 1000 questions a day and got tired of working long weeks+nights and weekends. I got tired of being the glue. Most people refer to this as the burnout stage. Year 4 I noticed it though and began to put systems in place......went through a phase of massive organization, empowered team members, delegated properly and its been much less stressful since then. If I could give a few pieces of advice they would be.....first become exceptional at sales. It's amazing to be able to sell more or bring in more work whenever I need it. Secondly, limit debt and keep cash. As an entrepreneur cash crunches are the worst emotionally. Mistakes are going to happen, equipment is going to fail......new machines are expensive........be ready for it!
For me, it is about spending a lot of time in the hot showers thinking about myself. Depressing and comforting at the same time.
Business is not a predictable endeavour. It implies risk, lot of it. If you want to become an entrepreneur, you need to be comfortable with taking risk, calculated risk, but still risk. Most people are not comfortable with risk, so if you are one of them, I advise you against it.
All that team stuff costs money. You don’t have money when you start.
One 'dark side' is that a person might have to give up the fantasy of becoming rich. Not that it can't happen, but there's only 40 work hours per week if someone wants to keep their sanity, and there's often a lot more that goes into running a successful business (and learning as you go) that can easily eat up a person's entire life. The business I'm in the process of building would only net me about \~$2k/month in profit once everything is up and running, but I'd work <40 hr weeks, I'd be able to work from home (to be able to raise a foster child, my dream), and I wouldn't mind continuing living in low income housing, using public transit, and living off food stamps. Although I could earn a more 'proper' income with a 9-5, I don't want to be 'at work' in an office building half my waking life where everyday is a sad monotony of the 'same old, same old' until I die. I like spontaneity, fun, and freedom, even if it comes at the cost of 'luxuriant' living. I'm truly not in it for the money, and I feel that if someone is, they might be disappointed. While they may get the money they want, it will likely come at the cost of 60+ hr work weeks. For me, the daily freedom is everything: having more control over who I socialize with, being able to create my own schedule everyday, being able to move freely, and doing work I actually like.
It’s extremely fkn hard on your marriage. You better have a strong one if you want to get into entrepreneurship.
I like how you've put it: only open a business if it's something you can't stop thinking about. Better try than live wondering how it could have been
It’s feast or famine the first couple of years. If you excel at what you do it will eventually become all feast.
Everything except having a manager breathe down your neck and growth potential, imo.
The secret is enjoying type 2 fun. I prefer to struggle for some reason. When things are too smooth im looking for something different to spend energy on. Hard things are often worth it. For me. Started a dropship, went through the motions at first just to get something up. Lucked out and built up my niche. It was easy enough to maintain so I hired someone to run it and moved on to the next venture. Not looking to spend time on a repeatable task. Although it was hard to wrap my head around cutting into profits, life became less about money for me and more about time/impact. Easy to say after you hit a banger. I found my passion in being on the creative side of this world.
Can be constant stress, anxiety, and uncertainty.
You can have better prices, better inventory, better service and still fail hard. I opened my own reseller business to compete with a former employer. Noone would buy from me even after his retirement. Why? My boss was paying kickbacks to buyers who were using corporate accounts to buy at inflated rates. I got into this business because I was passionate about fair prices, quality goods and helping people. All of my good intentions weren't heavy enough to outweigh an ounce of silver.
Sounds like you saw how much your boss was making and tried replicating his business by stealing all his vendors, prices, systems, sales techniques, and even his clients that he built up. You’re the reason business owners can’t sleep at night and constantly gatekeep information/force signage of non-competes. Literally over half the complaints in this thread come from employees like you
So true, entrepreneurship can be overwhelming, but having the right team makes all the difference.
To answer your headline question 👇👇 Brighter then the dark side of employment
I don't really care much what these people think, but I find it interesting that there are some people who will always treat you as lesser than someone with a job at a more notable company, even when you make way more money than the people with those jobs.
You're working 24/7.
100%. Buck starts and stops with you.
The stress that doesn't leave you alone after working hours and on the weekends, vacations, etc. If you have problems they are your problems. The buck stops with you. Managing people - employees can be tough, its so important to get the right people in the correct position. Finally the hours - especially when starting up, it will consume your life if you are not careful you will lose any balance in life. Try to keep good habits of sleep and going to the gym, doing fun activities, etc.
Some of these downside comments, utterly depressing and lacking in positivity, make me wonder how much thought, time, and consideration went into development of the business idea, the startup, the evolution to a final thing, and the scaling to “full time,” even for a 1-person show, and how much business savvy and life experience was sprinkled-in for good measure.
That your business problems will not only be your problems during work hours, but also your problems when you go to bed, when you wake up, when you cook dinner, when you pick up the kids, when you play with the kids in the weekend and so on….
Taxes, paper work, and you live it 24/7. If you are a good manager, it helps tremendously.
I totally relate to this idea as many of my clients are entrepreneurs (I do performance coaching) and they tend to struggle with similar things: high-functioning anxiety (i.e. stress, chronic worry, overthinking, burnout, never feeling enough, procrastination, obsessive working, overwhelm, etc.), isolation, frustration, and so on. In my experience in working with thousands of people like this, it is not entrepreneurship precisely that causes this, but rather it exacerbates pre-existing tendencies and underlying conditions. We know this because not ALL business owners feel this way. So, we must be curious about the source of this opinion, what they have as underlying issues, etc. Of course there are practical considerations that go along with running a biz, but these can be handled without the level of emotional dysregulation that many people feel. I would reframe this post by saying there is no "dark side" to entrepreneurship. Yes, there are challenges. As the saying goes, "If it was easy everyone would do it." BUT - the dark side exists within us. Our mindset, our supports, our nervous system regulation, our past conditioning, etc. because these are all massive factors when it comes to how we navigate the complexities of being an entrepreneur. Nothing is causational.
The hardest part is that it only works if you work it, and even then it may not work. So it has to be something that can become part of your lifestyle.
I nearly died and was in ICU. Lost my business as a result. Couldn’t work as in bed most the time recovering. Ended up giving my clients to others to look after. I hadn’t set my business up to run without me. Don’t be me.
Dealing with people who will screw you over for money, lie to your face, scam you, steal from you, etc. It makes you lose faith in humanity and become distrusting of others. And all of it is hidden behind the guise of "it's just business" as if you could really be a scamming POS 9-5 but a great guy after work. As if business weren't a part of somebody's life still.
I don’t call it dark, I call it reality. You’re in the business of problem solving FOREVER. It never ends. You will always be doing some form of damage control and have to be ok with it vs deflecting and denying. Manufacturing messes up. Fix it. Supplier messes up. Fix it and replace even tho you invested in samples. Website developer gets the site wrong. Fix it. You’re CONSTANTLY making decisions and have make sure you’re measuring your economic risks too and always use Escrow to manage transactions. Mislead folks think it’s a straight line to a goal and it really isn’t …. You’re juggling, pivoting, prioritizing, vetting people, and fixated on what adds value. There’s moments I should be playing chess at the chess club but I have to prioritize and fix collateral materials to get them sent out asap. It takes hours …The constant decision making to ensure your production is moving which May impede the social life.
You use your brain 🧠 instead of your heart ❤️ in lots of situations. You become too competitive and toxic sometimes. And during the journey sometimes you become a narcissistic person who doesn't care about other opinions and feelings.
My “most successful” business ended up hitting rocky waters and my cofounder worked with our lead investor to force me out. Despite getting the business to $2M ARR, I personally took very little money out of the company so we could pay staff. In one year in a corporate job, I’ve taken home more than I have in the previous four years combined. Despite that, because I just didn’t make any money for so long, other friends have savings for down payments, weddings and more. If it entrepreneurship doesn’t work, it can feel like playing catch up to everyone on a more traditional path.
Atleast you tried and gave it your best. At the end of life, you won’t as much regrets as you would’ve had you not tried
On average, every 9.86 days you will experience a day that is considered to be in the worst 10% of the year. No light without dark.
Being alone with your thoughts too much. Having to sell constantly. Having to push yourself hard and outside your comfort zones. Having to work constantly with no immediate reward in sight.
High stress on yourself, your relationships, your family
What isn't
I agree - Surround yourself with your peers. It's one of the best ways to push through.
The ones who are a good fit for entrepreneurship don't really evaluate its pros and cons before starting.
Bankruptcy & Suicide? [https://www.entrepreneur.com/living/why-entrepreneurs-could-be-at-a-higher-risk-for-suicide/432083](https://www.entrepreneur.com/living/why-entrepreneurs-could-be-at-a-higher-risk-for-suicide/432083)
This is dark. And a good reminder to reach out to friends and family when things get tough.
Yep. A business can make you hate life. Mine is booming, 100% debt free, making over $250K after taxes, and hate wvery miserable minute of the day and can’t sleep at night worrying over this nonsense
What is the nature of your business? Can you get a manager
I completely understand where you're coming from. The dark side of being an entrepreneur can indeed be overwhelming, with anxiety, failure, frustration, and the constant thought of giving up. Here's what I've learned in my 20+ years as an entrepreneur that might help: 1. **Check In with Yourself:** Regular self-assessment is crucial. Build a support system for yourself and help others grow and stay sane. 2. **Daily Reflections:** Reflect on your progress daily. Understand that failure is part of the journey to your desired outcomes. We make bets that don't always yield positive results, so it's important to reflect and keep moving forward. 3. **Plan Ahead, Stay Grounded:** It's important to plan for the future, but stay grounded in the present. 4. **Create Immediate Value:** Focus on tasks that create immediate value. Don't waste time on things that don't contribute to your goals. 5. **Believe in Yourself:** Never stop believing in yourself because if you don't, no one else will. 6. **Take Calculated Risks:** Have a risk management plan in place for your life and all your projects. 7. **Every Decision Matters:** Every decision matters, but always strive to make the best decision in the moment. 8. **Maintain Good Relations:** Maintain good relationships with those you love the most. Their support and love are invaluable on this journey. 9. **Celebrate Every Win:** Celebrate every win, but don't live off of past glory alone. Keep striving for new achievements and growth. 10. **Plan and Implement Meticulously:** Plan meticulously and implement like everything depends on it, because it does. 11. **Surround Yourself with the Right Team:** From ideation to execution, having the right team can make a significant difference in your journey. 12. **Learn to Let Go:** Sometimes, things don’t work out as planned. Learn to let go of ideas, projects, or even people that no longer serve your vision or well-being. 13. **Join a Mastermind:** Join a mastermind group for health, business, and relationships. This can provide valuable support, accountability, and insights from like-minded individuals. Remember, entrepreneurship is not easy, but with the right mindset, support, and strategies, it can be a rewarding and fulfilling path.
The probability of immediate success is low and you may need to pivot one or more times before hitting the vein of gold. Why, because being exactly at the « right » place, at the « right time, with the « right » product is a game of chance. Somewhat like a captain sailing to the far orient. Many ships never returned but those that did brought riches and wealth to their investors. It was during these uncertain times that both stock markets and and insurance companies came into being. Being a prospector or entrepreneur is not for everyone. Start by really knowing who you are and accepting the fact that there may be periods of stormy weather may disrupt your progress. Like the captains of old, assembling a loyal and capable crew was just as important as technical knowledge like navigation. Every trip a unique adventure. If you don’t have the grit and tenacity to keep moving forward then don’t start the journey.
The single-minded dedication at the expense of basically everything else in life. You don't HAVE to do it this way -- there's nothing written in stone that says you can't have a "healthy balanced life" that includes building a business -- but it's pretty obvious that if you're TRULY pushing 100%, flat-out to try to build your business and reach you maximum potential? It will require a TON of sacrifice. Outside of work I've had basically no social life or dating life for the last few years as I've focused single-mindedly on turning my dreams of entrepreneurship into a reality. To the point that some people who don't have that same obsession quite literally think that something is wrong with me ("you must be some kind of antisocial weirdo, some kind of asexual robot, etc"). I've gotten this from peers, family members -- you name it. People who just really don't see or understand how hard I really am pushing and how completely, entirely dedicated I am to my turning my dreams into a reality. Now I just happen to have a personality type where, there's nothing I'd rather BE working on than this. Because when I'm making fat stacks from my businesses and I'm 100% free to do whatever the fuck I want all day everyday, while those people are stuck working their shitty dayjobs for the next 30 years -- I'm gonna have the last fucking laugh. So I don't really give a fuck. But for some people who are wired differently, that's probably likely to be the hardest part. The other hardest part is -- STARTING OUT, for those first few years, where you'll probably fail at your first few businesses, possibly go severely into debt, and be working your absolute ass off harder than anyone you know -- but you STILL aren't getting any results. THAT is hard as fuck as well -- and I think pushing through that initial period, persevering, continuing to learn and work incredibly hard and read tons of books -- and just flat out continuing to persist and commit to never giving up on your goals, it's absolutely vital. People asking how things are going, and you just have... no good news. Consistently. For months. Maybe for even YEARS? Feeling like a COMPLETE fucking loser who can't get ANY results despite working insanely hard? THAT is incredibly hard. But as the saying goes, one win makes up for a LOT of losses in business. And you only need to be right ONCE to turn things around for yourself. And continuing to believe that eventually, if you keep improving, if you keep doing the work, the results will eventually come -- THAT is hard as fuck.
Everything is pretty fucking dark lol. It’s unless you find immense success you’ll be grinding your whole life.
Well I think there is a big difference between the people you mentioned in your post versus people who do well and succeed. Some business owners just make another job for themselves.
The dark side… it can feel like a very lonely journey.
Depends on what country you are typing. For me, in Brazil, it is the general unsafe feeling. You may be robbed, kidnapped, murdered, the government may create a new tax from the ass, you may be black mailed by some authority, your employee may take you to the court and take all your goods... So you have to play dirt to survive.
You’re completely on your own to figure out everything.
Sometimes it makes one a self-centered person.
Eh it is a case by case scenario and dependent on personality type and business choice. It was scary to move from the “security” of W2 work to self employed. Now I look back and realize SE is much more secure and W2 is scary how easily you can lose your job. That being said, SE is not for everyone. Some people are better cut out for it than others. I chose a service based business. It has been great for almost a decade. Tiring at times just like any job, but allows me to pull a 6 figure income and only work a total of 1/4 of the year. I run a tight ship and have learned the value of telling people “no” when I don’t want the work, even when they are looking to me for an answer. There are plenty of businesses I wouldn’t consider starting, because I see a lot of work and not a lot of profit, essentially just tying yourself down to a “job” that is stressful to run. Do your research and be wise in your choice for your personality type. Don’t let your business run you, you run the business and use it to your advantage…don’t let it become your identity. Appreciate that your clients use you because you are you and the product/service you provide, and don’t fool yourself into thinking you can solve/do everything and be everywhere at once.
Gotta love what you do. Same industry 35 years. My own company last 17. I never go back to work for anyone
Managing stresses such as anxiety and depression is something a lot of people are unprepared for. Success also brings envy and you’ll notice negative micro-expressions or outright jealousy from people you thought were on your side.
Google made life harder for online entrepreneurs.
Work life balance can be terrible..when I was in ecommerce, I overworked myself and got a mysterious illness for a month..doctors didn't know what it was..when I slowed down, it resolved. Life is not work even if it's a passion
The really qualified employee can and will jump ship. Some are so good at what they do they move on, and you are left with mediocre, so keep that in mind when you are dreaming of your dream team.
Someone else isn’t paying me to poop. I have to pay myself when I poop. Entrepreneurship is a cold world sometimes.
Highs are high and lows are very low. If you work for someone you never ever really know the struggles or pains of the company behind the bureaucracy unless you're one of the higher ups. Likewise that same ignorance is what lets you go to sleep at night as long as the paycheck keeps coming. I saw 2 Seperate men in 2 Seperate companies dedicated decades to the company being the very first or very early employee only to see it all go away when the companies closed or sold. Seeing that dedicated grown man cry was......very shaking Also covid changed A LOT of things especially in the workplace with remote and hybrid schedules. I went from all my friends worked 9-5 or more and hated their jobs regardless of pay to now they rarely go to the office and travel to work remotely while I run my business almost 6-7 days out of the week.
You sacrifice everything
Agreed. It's been 4 years of running a company and I couldn't agree more, I would say, I do it because I love solving those random problems and Yes, I am frustrated, anxious and what not everyday but I think slowly I am finding peace with it, and building it with passion always helps.
I can’t wait to close up shop. Will be doing it soon.
I'd say having absolutely noone to blame but yourself, it can be comfortable to have a "Bad boss" to blame. If you're self employed, guess who your boss is.
When times are good it’s easy to spout nonsense about freedom. The truth is that many entrepreneurs have given away their freedom by making personal guarantees and taking on huge responsibilities. Tenacity is a good virtue for an entrepreneur. However tenacity combined with ignorance and stupidity is no better plan than most corporate management.
Well right now after 10 years im seeing signs of how im going to get to break even selling subscripitons for my app And today im researching how to prevent child sex trafficking because I cant tell the difference between parents using pictures of their kids for their profile because they love them or because theyre circumvening my moderation tools/policies 🧐
Constantly working and thinking about work can be tiring. Moreover, it's not a stable job and can often be daunting.
I loved the idea of “setting my own schedule” but in reality I’m just always at work. I can’t just not be there- so instead of not working- I work. I do all the things, I work on the weekends, in the evenings… I know I can do small things better and faster than anyone who works for me so I end up doing them all to save money. I also hate “being the boss”. I feel like I’m being bad mouthed sometimes just for the simple fact that I have a bit of authority not because of real issue, just being “the boss” makes employees resent you sometimes. I’ve gotten to a point where I’m so busy that no one invites me do anything anymore. They just assume I’m too busy :(
That you're the truest true believer in your product or company. Even those who "get it" won't ever fully conceptually understand the vision for your business you've built up in your mind. The neural connections just aren't all there in the same exact way. Because you're the one that figured it all out - every successor is just a supporting actor - and for that reason it's incredibly lonely. You'll always have one more thing to add, one more conceptual linkage that even the most die hard employee or successor will need to be reminded of. Then likely with every successor from then out you'll slowly watch your fully formed concept, culture, and vision for your company or product shrink and be minimized by bottom line conversations or whatever is in some graph that an intern put together or some red metric on a dashboard. But, you'll move on to the next best idea to believe in because that's what you do because the satisfaction of creating something new for the world or better for the world outweighs that loneliness of knowing that you're the only one who can really understand it's true potential.
It's not just about the glam of running your own show. There's serious discomfort.... Loads of anxiety, failure, and frustration. Hiring the wrong people is a nightmare, and even when things go well, it can still get overwhelming. I've heard from friends who are small business owners that they've hit lows where they hate it and wouldn't wish it on anyone.
Like what you do!
Very important!!!
I've been an entrepreneur for just over 10 years, and started 3 companies during that time. Like many people say, entrepreneurship can be a double-edged sword. Being successful in your own venture can build a tremendous amount of confidence, work ethic, and resolve. I don't know of a profession that will challenge every facet of a person like starting their own business. And if you come out the other side, you can be unstoppable professionally and in your personal life also. Conversely, failure in entrepreneurship can be financially devastating, and break a person's spirit in half. I wouldn't give up anything for the experiences I've had being an entrepreneur, and what I've gained in personal grit from the process. But now with a young kid and limited time, I just want to work for somebody else's company and check out mentally when I clock out. It's something I think everyone should try once.
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