Three Myths About Being an Entrepreneur
Myth #1 -- We are rich with endless buckets of cash -- Yes, being an entrepreneur you can definitely make more money than if you work for someone else. The truth is you have more ups and downs. Sometimes you have more work and sometimes less work. The trick, of course, is to budget and prepare for either the up or the down. While I might have a very good month the following month might be much tighter. So, I try to set aside cash to compensate. The best way to manage the fluctuation is to set up a budget and if you do have a great month, give yourself a reward to celebrate and then put the rest away for the next month (just in case). And the risk is all mine. When clients fail to pay their bills, it is not my staff who takes the brunt of non-payment. If a project takes a financial hit, I personally take the hit. The reverse, when a project is profitable I get to enjoy those profits. Myth #2 -- Your staff does all of the work while you sit in your big, black executive chair...