Whether the times are good or bad, there will always be self-appointed experts preaching the charms of entrepreneurship. But unfortunately, not everyone has what it takes to “turn what you know into dough.”
Unless you have startup experience, access to lots of capital, time to work long, odd hours and most importantly, a novel business idea that actually serves a market need, then entrepreneurship is probably a bad idea.
So yes, it’s fun to fantasize about being your own boss and controlling your own financial destiny. But there are plenty of reasons why being the boss sucks and you must seriously consider them all before taking the entrepreneurial plunge. Here are a few, from Gaebler:
- Form 941, I-9s, SS-4s, SS-5s, W3s, Form 1096, WH-381s, Form 1120 – are we having fun yet?
- There’s nobody above you to flirt with you, so you can’t sue anybody for sexual harassment.
- 50% of startup businesses don’t make it. You’re just a coin flip away from failure.
- The fantasy of saying “@#$% you! I quit!!” is no longer relevant.
- If people are nice to you, it’s probably just because they want a raise.
You can read the rest of Gaebler’s top ten reasons why it sucks to be the boss on its website.
And feel free to warn would-be entrepreneurs about the worst aspects of running your own business in the comments section below.
