Episode 214- The Downside of Entrepreneurship

Let’s talk about the downside of entrepreneurship. I’ve been a freelancer slash entrepreneur for the last 15 years and add on a couple of years from way back before my last job, so I’m very familiar with this world and I’m also familiar with how glamorized it’s become by myself as well. Over the last say, five years, this was something that’s entrepreneurial world was not built up this way even 15 years ago when we started back then when you told people you were starting a business or you’re quitting your job to go on your own, only the bravest are the ones who have been through it. We’re excited for you about it. There was a handful of people that got, they understood what the benefits were. They understood the time freedom, unlimited income potential, the tax advantages that they never told you about in school. Nobody talked about that. Very few people talked about them and they certainly weren’t teaching this in school, so the whole thing was scary.

But I really think around 2008 2009 when the economy really started to falter, when the recession happened, a lot of people started seeing, wait, this job thing that I was always told was secure isn’t nearly as secure as I thought it was. And more and more as the internet started to build, people start saying, well, I can build businesses this way on the internet, all these different options and it’s kinda not nearly as dangerous as it used to be. And if you can factor in becoming financially savvy, becoming financially independent now, if you have your money together at the same time and you’ve got the stomach to handle it, especially the beginning part, it starts to almost be a no brainer why you wouldn’t go in that direction as opposed to relying on somebody else. I’ve seen it more and more lately, especially this month. I’ve had a few friends that had been in full time jobs for a long time and they were steady, secure, will never happen to them and then flip of a switch.

They’re out of a job. I say it all the time, build it before you need it because when you need it, it’s too late. But it’s hard to convince somebody of that when they’re not desperate and it’s almost like you have to build that desperation in before you need it. Let me build this at a certain speed so if something does happen, I’m prepared or maybe I can get it to the point where it’s successful enough that I could leave if I wanted to. At least I have options. But now fast forward to 2020 in many circles, entrepreneurship is very sexy. I’m talking to high school kids, college kids, and this is what they want to do. They have no interest in having a job. They want to build a business, they want to control their time, they don’t want limits on income or where they can work from or have an answer to somebody else.

And I can totally relate to that. I wish in some ways I was born in this era because people would have probably got my personality more than they did back when I was growing up. I was a natural born freelancer entrepreneur. I just didn’t know it cause nobody talked about it. So when I got to get into that world, it was like a dream situation for me and I am so ridiculously unemployable that I can’t even explain. If I had to get a job and please don’t ever hire me. If I was even looking, cause I’m going to be a terrible employee. But if I had to get a job, I would be fired by nine Oh three on Monday morning because I want to have input and suggestions on the way things are going or what I think should happen. Maybe like I didn’t hire you for that.

I don’t care about your opinion, do your job. And I would either quit or be fired by, you know, nine Oh three not Oh four so I’ve taken the pill, I’ve drank the Koolaid, I can’t go back. But there are a lot of people that think this is like a dream scenario and there are downfalls to this world. There are pitfalls to it, there are things that are not great and I want to talk about one of them today and I don’t think it’s talked about enough and what that is is loneliness. It is interesting now how many people go guns blazing into this world and they have a lot of success and they have all the things that you’d think you needed when you quit your job to do this. It’s all checked off. I got the money, I got the time, I got the freedom, I turned down the clients that I don’t want.

I only work with the people that I do want. I’ve now built multiple streams of income, different products, different things I can sell. So I have money coming in from different areas. I can shut down the ones I don’t want or optimize them and really go towards the things I do want. And now I want to start this thing or I want to write a book. It all sounds so great and glamorous, but what people don’t see is the loneliness. Often times we’re making the decisions by ourself. For a lot of entrepreneurs, they do not have people that think like they do or get what they’re doing to bounce ideas off of and not just bounce ideas off of, but there are rough times. There are ups and downs and sometimes it’s good to know just that other people are going through it with you and when you don’t have that, it can really start to mess with your brain because you start thinking that I am screwed up.

I’m the only one going through this. I’m the only one dealing with cash flow issues at the moment or the different ideas that are coming up. What decision do I make for this? And when they were employed, as much as they hated their job, they loved the community, they loved having people to talk to their social beings and before they know it, they lost that social aspect of their business or their life. And what’s interesting is I find this a lot in very successful entrepreneurs because when they’re not successful yet, they’re so driven on getting to certain numbers, getting to certain success that they don’t care if they’re locked in a room by themselves. They’re going to get this stuff done. But when you get to the point where you’re like, I’m doing well, I’m making the money, I’ve got all these things, but I feel alone, I’ve got nobody to talk to.

That’s when it really hits. So I’m amazed by the amount of successful entrepreneurs that reach out and talk to me about community and whether to attending an event with like minded entrepreneurs who get what you’re going through or joining some type of a group or a mastermind or community or going to conferences where these people hang out. I can tell you when I felt it, when I felt that quiet and that loneliness going to a conference of people that are thinking like I’m thinking or challenge in the same ways, and being able to have dinner with them and hearing what they’re dealing with, what they’re struggling with, and I’m telling you, you don’t want to see them in any type of misery, but you come away and you go, I’m not alone. I think really hard for the people that were employees that went to the entrepreneurial world because they hated their job when they quit.

But sometimes they start looking back and fondness, like, I miss talking to these people. So if you’re new to this world or you’ve been in it, it’s essential to find community. It’s essential to find people that get what you’re going through. They can talk you through it and you get to help them go through it when you have experience with it. But this is a world that’s kind of untapped right now because entrepreneurs have not had these spaces in the past and it’s starting to happen online in person. We’re all starting to realize that we’re built for community. We’re built to be together. But being in your office by yourself in your pajamas at 10 30 in the morning on a Tuesday when it’s snowing outside is beautiful. When you don’t want to deal with traffic or deal with the crazy boss, but doing that weekend and week out, not getting that outlet of humans that you can talk to and be around, it can wear on you and bring you down. So I’m bringing this to those who are feeling stuck and alone and to those that are about to go into this world. Find community for yourself, whether it’s through a specific niche of what you do. Say you’re an Amazon and you want to be in an Amazon group that gets you, or real estate or entrepreneurs or freelancers, whatever it is, find your tribe, find your community and don’t allow the entrepreneurial world, which is awesome to make you lonely. I’ll talk to you tomorrow.

Leave a Comment