Security = Steady Paycheck?
Why This Question Matters
By Paul E. Casey
Many people will not consider self-employment because they live in fear of not having access to a steady paycheck. This is understandable. The prospect of living on a park bench can be daunting.
One of the biggest myths about entrepreneurs is that we are huge risk takers. Most successful entrepreneurs never risk more than they are willing to lose. We know when to walk away from the Blackjack table. We are prudent with our money and are risk adverse. We keep enough money in our savings account to live on for at least a year, in case we need it. If things do not work out, we always have a fallback position.
Successful entrepreneurs develop a solid plan of attack (often referred to as a business plan). We keep their overhead low and grow slowly. We are not just trying out self-employment to see if it works. We have made a commitment to the entrepreneurial lifestyle.
Most entrepreneurs are of the mindset that the security of a paycheck or security in life is an illusion. You can do things to put yourself in a more secure position, but none of us knows exactly what tomorrow will bring.
Bottom Line: I have interviewed thousands of small business owners. We universally believe that owning your business provides more security than working for someone else. Once you find a winning formula and stick with it, you have much more control over your destiny than having someone else decide your worth or value.
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One of the biggest myths about entrepreneurs is that we are huge risk takers.