What I Wish I Knew Before I Become an Entrepreneur (Pros and Cons)

 I've been working as a full time self employed YouTuber since 2020. Over the three years its been quite a journey, with its share of highs and lows. Throughout my experience I've learned lessons about the good, the bad, the beautiful and the challenging aspects of running your own business. I thought it would be beneficial to share some of the advantages and disadvantages that I've discovered during my three year journey, as an entrepreneur. These insights are things I wish I had known earlier when starting out.

Being On My Own Schedule

One of the pros that initially surprised me and something I still haven't fully adjusted to is the amount of time I have regained and now have control over. For people we spend our days in school from, around the age of five until college graduation. However in my case I experienced a burnout and mental breakdown which led to me dropping out of college. Throughout those years spent in classrooms all day long there wasn't freedom to do as I pleased. Additionally evenings and weekends were often dedicated to completing assignments and homework. After graduating from college many individuals typically find a job where they work hours during the week and only have evenings and weekends, for relaxation. Being self employed allows me the freedom to manage my schedule without being tied down by someone Timetable or obligations.

Working at my pace and having the freedom to control my schedule has been an experience. Initially it caught me off guard. Left me feeling stunned not knowing how to embrace this newfound flexibility. However I constantly remind myself not to overlook or underestimate this privilege. It wasn't long ago when I was overwhelmed, with stress and had no time, for personal pursuits. Now being self employed grants me the luxury of dedicating my time I see fit. This is an aspect of entrepreneurship that I truly value and appreciate – having the freedom to pursue my passions on my terms.

Income is Unstructured 

So this next point initially seemed like a con. The more I ponder it the more I realize it could be seen as both an advantage and a disadvantage. It's also, like a skill that you acquire over time. The fact is, as an entrepreneur your income and revenue are incredibly unstructured. They rely 100% on you without any employer paying you bi monthly salaries. You don't have fixed work hours that equate to a salary. Instead everything depends on the type of business you run or the kind of entrepreneur you are. Your income is solely determined by how many sales you make, how many clients you onboard and how much content you create and monetize. If you have any brand deals or sponsorships that pay you as a self employed entrepreneur it's entirely up, to your efforts to generate income.

Managing, budgeting and organizing your finances can be quite daunting and anxiety inducing. However over time I've come to see it as a skill that has taught me a lot about being financially responsible and developing money habits. It has also pushed me to diversify my income sources and explore income opportunities allowing me to earn money even while I sleep. On the downside being solely responsible, for your finances can be challenging since you don't have anyone to rely on. Nonetheless as an entrepreneur it's an experience that has provided me with skills that I can carry into my adult life. So, in a way it's both a positive and negative aspect of being an entrepreneur.

Connection With Other

Another aspect that I find as a pro, exciting and enjoyable is the opportunity to connect with like minded individuals, in the industry. Like in any field or market when you work in the food industry for instance as a high end chef or restaurant owner you are surrounded by others who share the same interests and passions. Similarly my experience, as an entrepreneur and content creator has allowed me to meet entrepreneurs and content creators who not only provide valuable learning experiences but also truly understand my world and passions. This sense of community has been a blessing as being self employed can sometimes feel isolating—especially during these past few years of dealing with the pandemic.

Easy To Become Obsessed

Another con that I've personally experienced and have seen others go through well is how easily entrepreneurship can consume you. When you're juggling roles in your business and taking on everything yourself it becomes incredibly easy to become completely obsessed. Let it take over your life. I've had numerous people comment on this phenomenon in my life and others have reached out to me on Facebook sharing their experiences. It's no longer a passion or something they genuinely enjoy; they've become downright obsessed. This is especially true, for entrepreneurs who have goals they're laser focused, on achieving. Sometimes it's all too easy to lose touch with reality and allow that obsession to take over. That's why I've had to work on my mindset and consistently remind myself that yes this is my job. What I do full time. 

However this is a passion of mine that has remained strong, over time. To ensure that it never becomes an obsession or consumes me I have become more conscious and mindful while working. This is especially important in the realm of social media, where many people are fixated on numbers, follower counts, views and likes. It's incredibly easy to get caught up in these things and become obsessed. Personally I never want to go down that path. It's definitely a downside how easily one can become consumed by it all. However as an entrepreneur, with a sense of mindfulness and caution it's something that can be combated effectively.

Bring Part Of Something Bigger

Another pro aspect that is often overlooked is the significant contribution entrepreneurs make to the economy and society in general. Unfortunately there are individuals who criticize entrepreneurs, particularly influencers and content creators, without understanding their industry or profession. These critics may suggest pursuing a " job." However what they fail to grasp is the number of jobs and economic opportunities that have emerged thanks to entrepreneurs and creators.

I've personally witnessed postgraduates finding employment with influencers and entrepreneurs. They often start as assistants, graphic designers, video editors or photographers for these professionals. I find satisfaction in handling my emails participating in business calls or Zoom meetings working on brand deals or sponsorships. It makes me feel like a businesswoman and a boss knowing that my contribution helps support the industry and puts money into someone Pocket.

Its fulfilling to know that I am not only advancing my career but also positively impacting the careers of others while making a difference, in many peoples lives in various ways. This feeling is truly incredible.

How Much You Owe On Taxes

One con that took me by surprise when I started my journey as an entrepreneur was the amount of money I had to allocate for taxes. Being a creator and entrepreneur earning a six figure income definitely comes with its advantages and benefits. However due, to the earnings compared to a job my tax obligations also increased significantly. In the spirit of transparency that I believe in I want to share with you how much I pay in taxes annually. Over the three years my average tax payment has ranged from ten to fifteen thousand dollars. This seems fair and reasonable to me because I support the concept that those who earn more should contribute more through taxes. All these funds are directed towards services like our accessible healthcare system here in Canada. While it can be an amount of money to part, with each year I take pride in knowing that my contributions positively impact our society. Nevertheless this unexpected financial responsibility was something that caught me off guard during my year of paying taxes; I wish I had been better prepared for it on.

How Many New Skills You Learn

Another pro of being an entrepreneur encompasses all the skills I've acquired and developed over the three years, as a full time content creator. During this time I have learned how to use tools like Photoshop and Lightroom honed my video and photo editing skills and gained expertise in areas such as marketing, business management, search engine optimization and video marketing. It's amazing to think that every day in this industry presents an opportunity for me to learn something. Whats was fascinating is that none of these skills was obtained through education or, by earning a degree. Instead they have been self taught and cultivated through my experiences working independently. Even if I were to stop running my company tomorrow or anytime in the future these valuable skills will always stay with me wherever I go.

I truly believe that as an entrepreneur learning should never come to a halt. There is always something to discover. I am constantly eager to acquire fresh skills and broaden my expertise. This quest, for knowledge has not only made me more well informed but also enhanced my abilities in certain areas. Hence it is undoubtedly one of the advantages of being an entrepreneur and self employed individual.

Conclusion

Well folks I believe that much sums up everything I wanted to cover in this blog post. Those are definitely the advantages and disadvantages I've discovered about being an entrepreneur and a content creator. So if you're also an entrepreneur or aspiring to become one I hope this article was informative, inspiring or helpful, in some way.