Being an entrepreneur is equal parts risk/reward, both financially and emotionally, but do the rewards outweigh the risks? A recent study comparing 250 entrepreneurs with 1,600 non-entrepreneurs suggests they do.
The autonomy of working for oneself allows entrepreneurs to organize their own methods and approach to setting/reaching goals, learning, developing and forming meaningful relationships. This autonomy seems to directly correlate with an increased quality of life.
That said, entrepreneurship is pretty emotionally demanding. The inherent uncertainty will lead to increased levels of stress, fear and grief…but the satisfaction of succeeding on one’s own terms is worth it.
It also helps to hedge one’s bets by outsourcing key stress points that are not mission-critical. This allows you to focus on the heart of what sets your business apart and avoid getting bogged down by day-to-day financial business processes.
We’ll get deeper into this concept in future posts.
For more insight into the psychological benefits of being your own boss, click here to read ‘Entrepreneurship Boosts Well-Being By Meeting Key Psychological Needs – Study’ by Dinah Wisenberg Brin for Forbes.
Questions? Thoughts? Email me at iberk[at]premiere-financial.com