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<\/figure>\n\n\n\n#1 Flexibility And Lifestyle<\/h3>\n\n\n\n
Many (wrongly) equate flexibility in work hours with working less, or being able to work whenever you like.<\/p>\n\n\n\n
While it is true that running your own business would free you from the traditional rules of an office, such as needing to be in your seat for a certain number of hours each day, you would still find many \u2018hard\u2019 deadlines that you can\u2019t blow off, even as the boss.<\/p>\n\n\n\n
As an entrepreneur, delivering services and products as promised to your customers is non-negotiable. Showing up to meetings with your clients (and observing decorum) is a must. Missing deadlines for government paperwork or making payments have financial and legal consequences.<\/p>\n\n\n\n
So, even though you can choose how, where and even when to work, you might not be able to control how much you\u2019ll be working. Ultimately, how much you work, especially in the early days, will determine how much you earn and the growth trajectory of the company.<\/p>\n\n\n\n
Read Also: <\/em><\/strong>Planning To Start A Business? Here\u2019s Your Guide To Grants, Tools, And Resources Available<\/em><\/strong><\/a><\/p>\n\n\n\n If money is what you\u2019re after, there are probably lots of better ways to earn a stable living while climbing the corporate ladder. Becoming an entrepreneur may mean taking on risk of unstable \u2013 or non-existent \u2013 income, especially at the start. Moreover, you will incur the opportunity cost of what you could have been making if you stayed in the workforce as a salaried employee.<\/p>\n\n\n\n Our perception of entrepreneurship might be skewed by survivorship bias \u2013 where we only read about the successful startups who are making tonnes of money, or even \u2018failures\u2019 who end up becoming successful. But behind every one of these, are many entrepreneurs whose businesses never quite took off, not for the lack of trying or talent.<\/p>\n\n\n\n Read Also: <\/em><\/strong>Why Cash In Bank (And Not Profit) Is The Number One Priority That Business Owners Need To Care About<\/em><\/strong><\/a><\/em><\/strong><\/p>\n\n\n\n We probably have those days when we felt like throwing our resignation letter and walking out of our salaried job, perhaps due to an unreasonable boss or intolerable co-workers.<\/p>\n\n\n\n You might think that being your own boss means not having to deal with people you don\u2019t like. Unfortunately, unless your business does not involve hiring staff, does not have real customers, or does not require working with vendors or partners, you would still have to interact with and perhaps work closely with individuals, some of whom you might inevitably find challenging to work with.<\/p>\n\n\n\n And if you\u2019re leaving your job so you don\u2019t have to do irritating or mundane tasks given to you, then you might have lots more of them to do as a boss. There is paperwork, teething issues with operations, negotiations and interviews, and a whole set of \u2018chores\u2019 that you might not realise are an unavoidable part of running a business.<\/p>\n\n\n\n Whether you listened to a TED talk, read a Medium article, or spoke to a startup founder at a conference \u2013 you might think that to change the world for the better or to have a positive social impact, running a startup is the best way to do so.<\/p>\n\n\n\n You should know that a budding company is still small, and in its infancy, the reach and impact might still be limited. Contrast this with being in an established organisation or company, where you have resources, networks, and the brand-position to amplify good causes and show a positive example as a good corporate citizen<\/a>.<\/p>\n\n\n\n The point is, you don\u2019t necessarily need to leave the corporate world to do good, and to think this way might even be counter-productive to the positive contributions you wish to make.<\/p>\n\n\n\n Read Also: Unlocking The Potential Of Companies To Do Good, Beyond Financial Performance<\/a><\/em><\/strong><\/p>\n\n\n\n If you\u2019re not discouraged after this article, then great! It’s a welcome sign that you have deeper, more profound reasons for wanting to be an entrepreneur, and have clearly given the matter considerable thought.<\/p>\n\n\n\n Before embarking on any endeavour, codifying the reasons and motivations for doing so is important, so that you can move forward with confidence, and know that you can withstand difficult days, weeks and months.<\/p>\n\n\n\n Even with the right reasons to start your business, new entrepreneurs can (and will) struggle with many decisions throughout your business building journey. Fortunately, you can leverage on OCBC’s business resource hub<\/a> meant to help budding entrepreneurs start, run and grow their business, as well as provide valuable content to new and more established business owners scaling up their businesses. <\/p>\n\n\n\n#2 Make Lots And Lots Of Money<\/h3>\n\n\n\n
#3 You Don\u2019t Like Your Boss, Co-Workers, Or Job<\/h3>\n\n\n\n
#4 Change The World Or Help People<\/h3>\n\n\n\n
What\u2019s Your Why?<\/h3>\n\n\n\n