Becoming an entrepreneur requires thought, planning and persistence.
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A dash of hard work and maybe a little luck can be thrown in for good measure. Choosing the path of an entrepreneur should be done with both eyes wide open. The only way to know when to make the leap to full time is to understand the balance of risks and rewards.
Risks of Entrepreneurs
The guarantee of a paycheck keeps many people returning to a job they hate day after day. Entrepreneurs never have that guarantee. The income of the business will determine how and often when an entrepreneur gets paid.
Entrepreneurs that are just starting out may not have enough business to provide a steady paycheck. The income may fluctuate from month to month and even from day to day.
Entrepreneurs can also face moments when no income arrives. This can be due to a lack of working opportunities or it can also come from others not paying invoices that are due. No money is no money no matter what the reason.
Entrepreneurs need to have a financial plan in place before taking the leap to full time. Six months of expenses (that needs to include personal payment) should be set aside for the business before launching into full time entrepreneurial endeavors.
Everything that an entrepreneur has comes from that business. The only retirement plan or insurance plan is the one that you create and maintain.
Entrepreneurs need to build retirement issues and insurance into the financial plan before turning to the business full time.
Rewards for Entrepreneurs
The risks of becoming a full time entrepreneur can be great, but so can the rewards. Some people make the leap of faith simply on the vision of those potential rewards.
Working because you love to do what you do can be one of the greatest rewards anyone can ever achieve.
Entrepreneurs get to work for the greatest boss they have ever known, themselves.
Beginning the journey as an entrepreneur may take time, but one of the ultimate rewards comes with being in a position to set your own time schedule.
The old adage about "the three most important things in realestate are: Location, Location, Location" holds true when becoming an entrepreneur. Having the ability to choose your own work location (or even have that location be mobile) opens up a door of freedom that few others seldom experience.
Choosing when to step into the position of full time entrepreneur will be unique for each individual. The value of every risk and reward will have to be weighed and measured. Having a plan in place before beginning that debate will help you choose the right time to become a full time entrepreneur.