Imagine yourself working at the beach, or simply just siting in your car while money goes rolling in. How nice it is right, or so says many advertisement selling the proven method to how to start an online business. Well, truth is, if you are starting out being an online entrepreneurship, you are most likely with your laptop working furiously on your online business. If you are sitting in the car while money rolling in, you must have spent a lot of time and effort (prior to this car trip) so that you can reap the benefits.
In the beginning of the year, I talked about wanting to earn money ONLINE, and I started my online entrepreneurship journey, while working in my corporate job full- time (at home, thanks to the pandemic). It's now November, and I am proud to said that I've tried many, failed in many, still trying hard, and enjoying myself, and still learning.
Recently, I see an avalanche of advertisements about a proven way of setting up an online business. These advertisements claim that we can say goodbye to working for others, and earn loads of money easily, enjoy the flexibility, and earn loads and loads of money easily, as they have the proven method to do so. Then, they showcase their so many success cases.
For those who have lost their job in this pandemic, money rolling in from an online business is a ray of hope.
For those who are stuck in a job they dislike, money rolling in from an business is a ray of hope to escape the job.
For me, money rolling in from an business is a bridge to my goal of becoming REALLY RICH. And, I know this journey to wealth is not a scam. It's legit.
However, believing that setting up an online business is an easy task and you can enjoy all the flexibility in the world by pressing a few buttons whenever you feel like it, is building castles in the air! Setting up an online business, or any business,is A LOT OF WORK. Don't believe what I say, go listen to Gary Vaynerchuk, a highly successful and well- known entrepreneur.
Being an entrepreneur is not all so great, like what's sensationalized in many advertisements. It's just like your job where you need to work in exchange for money.
It's just a lot of hard work, grit and patience.
The social media and advertisements seems to have sensationalized entrepreneurship and demonized employment. This shouldn't be the case. Both have the pros and cons.
Benefits of Corporate Job
For a corporate job, you are paid regularly (once a month in Singapore). The frequency of your income is determined by your employment contract. Also, for most salaried corporate workers, you get a fixed pay each month plus commissions/ bonuses and so on. In general, you have the certainty of when you are paid, and how much it is.
For an entrepreneur, your cash- inflow represents your income. if you are doing well, It could be every second, and if you are just starting out. it could be months before you even get a cent! For entrepreneurs, it's harder to predict exactly your pay for the month, and when it comes it (unless you have signed a contract).
The majority of people are salaried folks because what we want is a stable and regular income, and spend the time after work with our family.
In the corporate job, you are entitled to the benefits your company give you. These could include fitness reimbursement, medical benefits, dental and optics and more! For those working in office, the free coffee and snacks in the pantry are also your benefit.
When you are working for yourself, what you give yourself is your benefit (LOL). But, whatever you receive as benefit comes from your own pocket (LOL).
Structure and Discipline
When you are working corporate, you have managers, superiors, HR folks and so on to make sure you don't skive. Goals and objectives are set for you so that you work towards them. The office hours are also fixed (usually), so even if you are working from home now, you turn up for work at the start time, and end work at the end time (or beyond if you haven't finish your task.
When you are an entrepreneur, no doubt you get to choose when to work, but the discipline is on yourself to perform, and finish the task. You create your own goals and think of how you want to work towards it. There's no one to nag at you or warn you if you skive, but you bear the consequences of not fulfilling your contract or not generating income! There's no one to tell you how to do, you go figure it out yourself. And you are in charge of all aspects of the business (from finance, reporting, marketing, customer service, etc.).
When I worked in an established company, in an established role, there's always a mentor when I just join. The purpose of this mentor is to guide me through the processes in the office, show me how they do things, and so on. The company also have very established training. These training were created as the managers or predecessors have found what worked (and what didn't) and would like newcomers to follow this tried and tested method, to achieve results for the company more quickly. To me, these established processes and trainings that established companies have are invaluable, and I always recommend people to start off in an established company, or at least one that will let you develop and grow your skills while you work for them!
Established companies also have established clients, whom you can work with to get experience. Getting clients is the hardest, and by working for others with existing customers, you simply can hone your skills with their clients. HOW NICE THIS IS!
As an entrepreneur, you don't have access to just mentorship unless you pay for it, or know people who are willing to coach. Since you are starting out, there are no established processes, and you need to be resourceful enough to figure out a way that work.
When you work in a company, you automatically build a network of people in the industry through your contact with colleagues, vendors, suppliers, clients and so on. When your company send you for external meeting, you get to extend this network. When you want to network outside your company, you can make use of your company's reputation to network with others. For example, if you are the assistant of Lady Gaga, fans of lady Gaga, sponsors that want to engage her and so on will automatically try to rub shoulders with you. Now, isn't it nice to be employed?
When you start a company from scratch, and are a newbie in that industry, you got to build that network by yourself. When you are Ms. or Mr. Unkown from Unknown Company, you'll need to work doubly hard before people will want you in their network.
Access To Industry News
I don't know about your company, but the company I'm in send us daily updates on industry news. I don't even need to do the research myself, and someone will collate all these news for me to read (with links included). Monthly, they also send updates on market trends in my industry.
As an entrepreneur, you definitely have access to these news. But no one will collate them for you unless you hire someone, or pay for it!
Benefits of (online) entrepreneurship
I have written a lot and a lot of benefits of being employed above. There must be enough pros such that only a minority actually take the leap of faith to become entrepreneurs. (Hey, have you read of anyone taking a leap of faith to become employed? I haven't).
Being an online entrepreneur is very sexy. I'm not kidding. The benefits of it is so alluring.
Flexibility of Time
Being your own boss, you have a say in everything. When to work, where to work, and so on. If you don't want to do something, you can say NO to that job, or get someone to do it. In fact, there are many moms who transition to become entrepreneur because they simply need this flexibility.
Give a simple example, in my company, people who just joined are not allowed to take leave until they are confirmed. So even if you have something important, it's too bad. You work for the company, so you follow the rules of that company. If you want to set your rules, either become big enough in the company, or start your own.
You Set The Work Culture
If you have a company, you can set the mission, vision and culture, since it's yours. You can choose to hire people and work on projects that fits your mission, vision and culture. In a corporate culture, unless you are the hiring manager, most of the time you can't have full control of this.
Do What You Like
When you are in a job, you have to do what's in your role and responsibilities. Even if you disagree in something, you've got to do it.
When you are an entrepreneur, and you really dislike a customer, you have a say in not working with this person. You just lose the income from this person. Period.
Always want to be a manager, but never get to be one? Then you can call yourself Manager, managing director and what not of your company, and put that on LinkedIn. Want to have certain skills so that you can put it in your LinkedIn profile? Then start doing a project on that, so that you can put that in!
In your corporate job, it's so much harder to get a role that you exactly want. You have to fight for it to get it, then you can start to work in this role.
In your own company, you get the role you want immediately. Then you work hard to show results.
Being Employed vs Entrepreneur Both Have Their Advantages (and disadvantages)
At the end of the day, which path you choose depends on you. One or the other is not superior to another. It just depends on what you want in life!
To be successful in either requires you to take action and WORK HARD & SMART.
There's no such thing as easy money. To get the money rolling in while you are sleeping, you first have to work hard for it and build a system that will generate cash while you sleep and travel.
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