Entrepreneurship is risky, isn't it?

Nov 18, 2020. Harry Welby-Cooke

Forever we’ve been lulled into the ‘security’ of a job.

In our post-industrial world this was how most people grew up and how we were indoctrinated into what the world’s view of success and a good life looked like:

• Pay attention in class
• Study hard to get good grades
• Get a tertiary degree at a top university
• Find a great job at a corporate company
• Put your head down and work really hard
• Be promoted up the hierarchy into top management
• Retire and live happily ever after
• … and of course, being in business for yourself is very risky so don’t do it!

Really?! How many of us are still trying to get our kids to believe this BS?

There are so many ifs and buts in those bullet points it is frightening. The good ole days are long gone and in fact have been for a long time. Very, very, very few people ever get that recipe to work out in their favour.  

So, let’s tackle that last point in that ‘being in business for yourself is very risky’. Forever we’ve been lulled into the ‘security’ of a job. We work the full month, for one customer (our employer), and at the end of it, the one customer gives us our salary. Even better, we may be fortunate to be pre-paid in the last few days when our salary hits our bank account on the 25th already. We don’t even have to invoice our one customer and they’re kind enough to give us a payslip instead. This payslip shows, that before we incur any costs associated with our job, we’ve already been taxed in full and the balance paid out as a salary. We exchange our time, expertise, and experience every month in the same way and in exchange our one customer continues to repeat the cycle. 

Unfortunately, that cycle is only repeated as long as our one customer (our employer) is willing, or able, to do so. The minute the circumstances change, with that one customer, you’re out on your ear. Despite the consultation process and the so-called legal protection; you often find that you don’t have much to show for years of dedication and that loyalty seems to have only run one way. After much medication and counseling, you may eventually get over the emotional scarring this event has caused and put your depression aside, before moving on. Still the less risky route?

The reality is that there is no real business on the planet that can survive on only one customer. The more customers, the more the risk is spread and the less dependent we are on the situation of one customer. The more customers, the more we actually control what’s happening and the easier it is to see into the future. The more customers, the more we’re able to mitigate risk, plan for uncertainty and reduce risk whilst increasing revenue.

Other little throwaway benefits of entrepreneurship are:

• we first pay expenses and then tax
• have absolute control of our time
• can build something meaningful for ourselves
• enjoy the freedom to decide our terms
• over time, fully develop ourselves across a range of disciplines
• make our mark and ultimately leave our legacy

 Sadly 100% of people will complain about their job, fantasize about being their own boss, one day making a meaningful impact, controlling their destiny and leaving a legacy. However, most will never take the time to:

• Turn the DREAM into short, medium and long-term GOALS
• Undertake the LEARNING to break-down the goals into a workable PLAN
• Take the necessary ACTION consistently over the long-term

Our business is called ActionCOACH for a reason. Not, ‘When I find the time’ COACH, ‘Once I get the finance’ COACH or ‘Any other excuses I can come up with’ COACH. It’s simply called ActionCOACH!  

You know what to do.

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