Hi everyone and welcome to Ratalyst.
In this video we're going to have a look at a quick comparison between the standard
corporate work life and the life of an entrepreneur.
Do you have an entrepreneurial dream?
Are you cut out for the lifestyle?
Let's get into it and take a look.
Starting with corporate life
The work is relatively easy, and it can be a comfortable, easy going time, with little
responsibility.
Now this can be a pro or a con, depending on your personality.
If you want to really stretch your abilities and be pushed out of your comfort zone, then
this may not be the path for you.
You may feel that your talents and abilities are being wasted in your standard 9 to 5 job.
The structure and rigidity of having a steady pay check, and being told what to do and when
to be there, is an element of comfort for many people's personalities.
This isn't a bad thing and it's purely normal, it's just human nature to want security.
For others, the idea of a set time, set pay and no flexibility feels like a noose around
their neck, and are not constraints that they're comfortable with.
This stability is also seen in the corporate linear path to success, where if you put in
the time, you're going to progress and be promoted to better positions.
This is seen as a safe and stable path, with little risk of going backwards.
Another big factor is down time.
In a corporate or standard working role, when you're not at work – you've done your
8 hours for the day – then that is free time.
You can relax, spend time with your family, or engage in your hobbies.
No-one expects anything of you until you're back at work, and this can be a healthy and
stress-free way to live.
You can maintain a brilliant work/life balance, doing the things that truly make you happy
in life.
And you can make good money doing it!
Okay, so let's have a look at being an entrepreneur
in comparison.
Now there are several big drawcards that can make entrepreneurship so attractive to the
right person.
Firstly, is the potential for GREAT reward.
There is no limit or ceiling to your earning potential, and your reward is purely a result
of your hard work.
Of course, that's not to say reward is guaranteed…on the contrary.
Entrepreneurship comes with significant risk, and that risk is that you pour your blood,
sweat and tears into it, and there is no reward and the venture fails.
Start-ups do have an inherently high risk of failure!
If you are not risk adverse, and the possibility of significant reward and profits excites
you despite the inherent risk, then you probably have an entrepreneurial mindset.
Another big drawcard is that you have the freedom to work wherever and whenever you
want, and the power to make all of the decisions.
You are the boss, and the responsibility ends with you.
If you want to take your laptop to a café and work, you can do it.
If you want to get away to particular family events, or spend more time with the kids at
home, it all becomes more possible to control.
You have the flexibility and freedom.
But that's not to say it's all cappuccinos and down time.
Entrepreneurs can work some HUGE hours – often double what they would in the corporate world,
and then add in weekends too!
Many of them report working while they're eating dinner, while they' re at the gym,
and even while they sleep – having dreams about their business!
The work of an entrepreneur never really ends – you're always on the clock.
This can actually have the opposite effect and you end up having to sacrifice a lot of
your personal and social life to follow your passions.
The other key factor in entrepreneurship is that you have the opportunity to do something
that you are truly passionate about.
You will never be bored, and can become completely engaged in your work – which is something
rarely obtained through corporate working life.
You may be able to find the ultimate in work satisfaction through following your dreams
and passions.
Of course, the difficulty is that in many cases, you will need to go without an income
at first, and possibly live off of any savings you might have, while getting into debt to
get your venture off the ground.
You don't get the corporate benefits of super or 401k, medical, or any pension fund.
You are on your own financially, and really in a hole to start with…are you sure you'll
be able to get out?
This can make it hard to start a company with a mortgage and kids to feed, but in many cases
you can start small and scale up to mitigate some of the risk.
And finally, keep in mind that entrepreneurial skills are timeless.
Some entrepreneurs build businesses purely for the purpose of selling them, and they
start all over again.
Unlike a standard corporate job where your skills could be tied to a particular industry,
entrepreneurship will grow your skills in all aspects of the business, which can easily
carry over to other future ventures.
As you can see when looking at corporate life and entrepreneurship, one is not really better
than the other.
It all comes down to your personality, your risk profile, and your drive and passion to
do something different.
If you need to feel safe and have the stability in your life, then the corporate career path
is for you, and that's the majority of people.
But if you can accept the risks, want to double down with the biggest bet of your life, and
live life in the fastlane….then you might just be ready to be an entrepreneur!!
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