In today's Instagram success & immediate results culture, Entrepreneurship has boomed into a really cool business opportunity that a lot more young people are considering. The notion of working for yourself, being your own boss, & potentially creating the next start up that turns into Facebook seems like a dream everyone's chasing these days. But how do you know that dream isn't just an illusion? How do you know you're actually on the right track? How do you know you're meant to be an Entrepreneur or that Entrepreneurship is in your DNA, as Gary Vee says. Maybe a 9-5 Job would be better for you...maybe not... In today's video we'll talk about several of the benefits of Entrepreneurship. Those include: • The tax benefits to starting your own business (you pay less in taxes - most of the time - as an entrepreneur than you do in a normal salary job) - plus you can write off a lot of important tools for your business • You have more freedom throughout the day & flexibility on when you want to work vs. when you don't. • You get paid based on what you produce & not your time. That means that if you produce a lot, you get paid a lot! That also means there's a lot more potential upside to earn more as an Entrepreneur. • You get to wake up everyday & work on what you love & chase your dreams. Also, if you're working on building a business, that's YOUR Business. So all your effort has double the meaning over the long term. On the other hand, some of the Negatives of Entrepreneurship include: • You have that same freedom throughout the day. Therefore, you have no structure. You have no one telling you what you need to get done & you have no one breathing down your neck to meet deadlines...which can lead to massive time wasting if you're not the type of person who has internal motivation. • Just as getting paid for what you produce was a positive, it's also a negative too. Because if you don't produce, you don't make any money & you won't be in business for very long. Therefore, there certainly is a lot more potential upside to being an Entrepreneur, but that upside comes with a lot more potential downside risk too. • You have to learn EVERYTHING yourself...or hire people that know/can perform that task or service. For instance, if you don't know how to run ads, guess what? You've either got to learn how to run ads effectively or you have to hire/outsource to someone who can. Same thing with almost every aspect of Entrepreneurship & Business. You must learn EVERYTHING about what it takes to run your business on a day to day basis & everything that it takes to put your products & services effectively in front of customers. • You never stop thinking about business. It's a 24/7 job. • Inconsistent sales & pay as an Entrepreneur. • You have to allocate excess $ to pay your taxes when you run a business. For example, if your business brings in $10,000 this month, you don't get to keep $10,000. Some of that has to be allocated to pay taxes (IRS, State, Local). Some of the positives of going the 9-5 Job route are: • You get consistent pay. You can effectively know what's coming into your bank account weekly, bi-weekly, or monthly. You can better plan what you can afford to save, what you can afford to invest, & what you can afford to spend more consistently ("budgeting" ability - for lack of a better word - is a huge advantage). • Another benefit is you get paid based on time & not what you produce. That means if you don't produce as much, you still get paid. • Your taxes get taken out ahead of time, which means what your paycheck says, you made! • You get weekends & nights free where you can do other things besides working. Plus, you can "turn off" so to speak when you're not at work. • You get a 401K match from your Employer as an employee. & b/c I ran out of space, you'll have to watch the vid for the rest...
