1. Your Income is dependent on your efforts
“You can never be motivated if you know how far you can go” Les Brown. Your major motivation as an entrepreneur is that your reward is proportionate to your efforts. You can, through your direct effort increase what you earn and when you earn it. Unlike when you are in paid employment where your income is relatively predictable. Where you know how much you will get paid and when you will get paid. Whether you put in your best or not you still get to receive your regular salary.
2. You own your time
As a business owner you choose to work when it’s appropriate for you to work. You don’t have a fixed work hour or work day, you are in charge of your time. You can choose to work over dinner or even weekends. Unlike an employee that have fixed work hours and must work within that hour or time even when his or her productivity may be low. The employer controls his time within the work hour and can choose to forget about his work after the work hour even when he can delivers more during that period.
3. You call the shots
You are the boss, you chart your company’s visions, strategies and directions and ensure every of your employee follows suit. Unlike when in paid employment where you are likely to have a boss who also has a boss and you must follow directions as handed over to you whether you have a better idea or not. In paid employment you will need to get really up the ladder to be able to make decisions otherwise you must follow directives as given.
4. You are versatile
You understand every part of your business and no one can deceive you when it comes to your area of business interest. You must have learned a great deal about your business while building it from scratch. Unlike an employee that is a specialist. The employee is given a set of tasks to focus on and he sticks to it. A customer service personnel will not have the opportunity to learn what an accountant does and vice versa.
5. You are financially independent
As an entrepreneur you are financially independent. You live on income from your personal investment, you are not dependent on your pay cheque at the end of the month. You can decide to increase your effort at earning more or reduce your effort and ear less. Unlike a salary earner who’s finances depends on his employer and can only wait for a fixed period of time when he gets promoted to the next level to earn more.
6. You pay your bills before the taxes
An entrepreneur’s expenses is his business expenses, his transaction cost, telephone bills, cost of fueling his car and other cost belongs to his business and this cost are charged before the bottom line profit is declared. Unlike paid employment where taxes are take before salaries are paid and expenses are made.
You should however note that being an entrepreneur is a huge risk, there are no guarantees that your business will succeed. You must be ready to face the challenges that will comes up at every stage of your business. There is also the stress part, you are the only person who worries about all the problems in your business but in the end when success comes you will discover that it is worth the risk, the stress and the troubles.