Don’t Believe the Hype

Before you quit your job and pursue that dream of entrepreneurship or side-hustle riches, take a moment to self assess. Are you the type of person that can live with uncertainty? Can you manage money well? Are you good at self-motivation?

If you can’t answer these question honestly, ask someone who knows you well and has your best interests at heart to tell you. Being an entrepreneur or a business owner may seem glamorous but it is not, at least not at first. I know people that are smart, hard-working, conscientious and ambitious that are not cut out for entrepreneurship. Some people are best-suited to being an employee. They derive great comfort in knowing there will be another paycheck in 2 weeks. They like that they can just follow instructions and leave for home at 5 o’clock. There is absolutely nothing wrong with this lifestyle. It is a time-honoured way to move forward in life and take care of your needs. 

But if the thought of working for someone else makes you cringe, you may have what it takes. I am not implying that entrepreneurial folks are special in any way. I am just suggesting that they tend to be a certain type of person. They have an inner voice that makes them want to solve the worlds problems and be their own boss. They have to make mistakes to learn and were not always the best students. Following instructions tends to make them feel stifled. 

I have been both an employee and an entrepreneur over the years and I found out a lot about myself in the process. I learned that I am happier working for myself than for others. I tend to work harder at my own endeavours than I do at my job. (Sorry bosses)  I have a very serious mental aversion to being told what to do. I need to try and fail. It makes me happy to know my effort is contributing directly to my and my family’s future. I hate the idea of my effort being measured and rewarded based on someone’s arbitrary opinion of my productivity, within the parameters defined by the corporate salary band guide. It feels like slavery to me. I cannot endure it for long before I start to go a little crazy. But that is just me. 

It took a long time to figure this out about myself. It didn’t happen overnight. I realized this revelation over a long time time as I rose through the ranks of my corporate journey. I made lots of money and had lots of responsibility, but it never felt like I was in control. I always felt like I was at the mercy of some other person’s agenda, and I was just a resource for them to get what THEY wanted. I was just a tool. As much as I was quite good at my career, I grew to hate it and resent the whole game. It was like being in school and whomever was the most subservient got the most attention and rewards. 

Entrepreneurship Is Awesome

I like being in control of my own destiny. What can I say? It feels good. To me, I like knowing that my security and/or success is in my own hands. That makes me feel safe. I trust myself and I know that I can decide how much I succeed or fail. Yes, I realize that I am still subservient to the market and to my customers. My investments are still dependent on the actions of the people who manage the companies I invest in, but I still feel that I am free to make my own decisions. I can move my investments around at my whim. I can fire a terrible customer who wants all of my time and pays very little. I can pivot my strategy as I see the winds of change starting to blow in my field. I love being my own boss.

I know many people who find everything I am discussing terrifying. They would feel constantly stressed out about the uncertainty of not knowing if they are going to receive a paycheck, or what their next assignment is. They like having a schedule and a path laid out for them. They like knowing and executing processes and procedures that produce results. These people are happy being employees and I applaud them for their self-awareness. The world needs employees and entrepreneurs would not be able to get very far without them. There are many types of jobs out there that are suited to all the different personality types. If you can find a job that you like going to everyday and it pays the bills, you are living the dream, my friend. Carry on..

I encourage you to spend the time to self-reflect and figure out which type of person you are. I know people who are entrepreneurs that would be more suited to employment and vice versa. I hate to see people unhappy because they are doing something they aren’t suited for just because they believe it is the “right thing to do” or “I have no choice”. This is not ideal for anyone and I dream of a day when everyone has the opportunity to make a conscious choice about their vocation and not pursue a career just to pay the bills. 

My new book discusses some possible solutions to this problem and how we can, as a society, make changes that will allow everyone to have that choice. It is idealistic, but I believe we at least need to start talking about it. 

So if you are an employee and you feel trapped and hate working for others, I hope you can find the courage to take a chance and pursue your entrepreneurial dream. If you are a business owner and are far too stressed out everyday to keep going, there is absolutely no shame in cashing out and getting a job. If it makes you feel happier then it is the right thing to do. Until we can figure out a better way to live where we don’t have a financial gun to our heads to survive, we must earn money. So start by earning money in a way that fits your personality and stress level.  Peace of mind is the goal after all, not just financial stability.

Invest for your Personality Type

Investing is similar to this notion, as not everyone is suited to investing the way I teach in my books and courses. Some people are far better off to just invest in mutual funds or their company’s matched savings plan. Some people may be better off investing through their financial advisor at the bank, or insurance company. That is OK. My methods are not for everyone. I offer my ideas so that you have the choice as to how you invest. My only aim is to inform you that you HAVE a choice. You are free to make whatever investment decisions you feel comfortable with. But I would hate to see you make those very important decisions without knowing all of your options. That is where my investment strategy comes in. It is just another option. You may learn my strategy and decide that it makes you feel uncomfortable and stick with the tried and true. I am totally OK with that. You need to be able to sleep at night. 

I hope you see the value in choosing a life that makes sense for you as a unique individual. Whether it is your career or your financial plan, you would be doing yourself a disservice to follow the herd. Make these choices from a place of knowledge and self discovery. You owe it to your self.

Happy investing.