Author’s Note: This entry is part 1 of the series “Business Myths” if you are curious about starting a business or have some questions to ask about starting one, please leave it in the comments section below.
A lot of people think that leaving his/her day job and jumping into business is the path to more time and freedom. A day job is a dedicated 8am to 5pm – which is easily the majority of your waking hours. The time you put into business is not dedicated and you, as the business owner, actually dictate it. So why is this a myth?
While it is true that your day job eats up the majority of your waking hours, as an employee, you work on those hours and leave behind everything related to work in the office. 5pm to 10pm is your personal time for rest, recreation and family. No one asks you to work these hours unless you personally take the initiative to do so.
When you are starting a business, it’s true that you dictate the time you spend working on the business. You can work only for 6 hours, 3 hours or even less than that. However, the amount of time you put working on your business directly affects its chances of success.
Remember that 9 out of 10 of all businesses fail. So everything you can do to increase your odds of beating the 90% failure rate must be done. That includes out-working, out-thinking, and out-strategizing everyone else – your competitors, your employees, even yourself.
Starting up a business would massively suck your time, freedom, energy and money more than you thought it would.
Here are some of the reasons why you’ll be spending tons of time working in your business – and having little to none for yourself:
One VS. Multiple Hats
Working as an employee in a day job means you have one job – perhaps that may branch out into some other work that is not part of your job description because you’re short of manpower, sure. But that’s it – you don’t need to stress about juggling job descriptions.
When you’re running a newborn business, that means you’re doing all the things necessary for it to survive and thrive – including doing some lawyer work, some accountant work, some HR work, some operations manager work, even some janitorial work! It’s crazy how many hats you wear in one day – but when you love your business, you will do this with energy and perhaps a glimmer of joy.
Team Player Vs MVP
When you’re an employee, you have no problem asking for a break. You have a team and your team can substitute for some of your work as you file for a leave. No worries!
When you’re running a newborn business, you just can’t do this as one day off the job could prove fatal. You are the most valuable player – and chances are, you haven’t hired enough people to substitute for all the hats you wear.
Not even for a day.
Worry-Free Stability VS. Unstable Future
When you’re an employee, your near-future is very stable as you get the same amount of pay in the same amount of time. It is expected. It is certain. You have a worry-free, stable tomorrow.
When you’re a newborn business owner, you just wouldn’t know what will happen – even in the next hour. A client call could change a lot. This keeps you on your toes as your pay doesn’t come in a certain day and the amount you’ll get is also uncertain.
So is Doing Business Means I have More Control of my Time, True?
No. This is a myth because in the first five years to a decade, you will have little to no time left for yourself as you pour out your time and effort into your newborn business and make sure it goes past survival to stability.