Why Do So Many People Fear Self-Employment? The Entrepreneur’s Source Reviews this Question
If the road to self-sufficiency was challenge free, we all would take it. Unfortunately, there are some obstacles to overcome in one’s journey to self-sufficiency, and the most difficult hurdle for an individual to overcome tends to be the fears they instill in themselves.
According to the Bureau of Labor Statistics (BLS), one in nine people is self-employed, yet fear of self-employment is one of the larger fears that individuals face when looking to achieve self-sufficiency. Many people are afraid of losing what they are familiar with by jumping into the unknown. These people may know what they need to do, but simply don’t take action because the risk involved with the career transition may seem too great. Today, The Entrepreneur’s Source reviews some of the fears associated with self-employment and what the reality of self-employment may look like for you.
So, Why Do Millions of Americans Fear Self-Employment? Many people fear being the sole decision maker in their career. Nobody wants to be the person who made the wrong call about their business, and when it comes to self-employment there simply is nobody else to blame but yourself. But think about it this way: Wouldn’t you rather be making the decisions in your own life and career rather than having someone make them for you? Fear of making the wrong choice shouldn’t paralyze you from unhappily staying in your old job. In fact, none of us have the ability to always make the right choice; that is called being human. Having someone else make all of your career decisions for you is a complete loss of power in your career.
Other individuals fear that they’ll fail at being self-employed. Many people falsely associate being self-employed or being a business owner with a higher risk in terms of failure, but in reality it depends on how you define failure. Shouldn’t being unhappy in your career or not meeting or exceeding your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals be considered a failure?
Many individuals fear being self-employed because they cannot escape the sense of insecurity that arises from the lack of a perceived corporate safety net, when in reality this corporate safety net may not even exist. Taking the leap toward self-sufficiency leaves you in charge of your career path. It is about getting your head wrapped around the idea that you are no longer going to be compensated for time and effort, but purely on results, regardless of how much time and effort you put in. For some this idea is liberating and admittedly for some it can be unnerving.
The Reality of Self-Employment and Business Ownership Yes, on average individuals who are self-employed tend to work slightly more hours and, on average, are paid slightly less than those who work for someone else, according to Pew Research Center. But just how big is this discrepancy? On average, self-employed people work 42.7 hours per week, compared with 41.7 hours for other employees and make on average $26 dollars per year less than an employee who works for someone else. Although these individuals are putting in slightly more hours for slightly less pay, the overall difference isn’t overwhelmingly significant. In fact, according to Pew Research Center, individuals who are self-employed actually tend to have a higher level of job satisfaction than those who work for others.
So why are people who are self-employed happier if they’re working slightly harder for slightly less? In short, people tend to value autonomy, flexibility and opportunity. When you put those ideals into practice, you’re a much happier professional. If you had the chance to enjoy the freedom, flexibility and work environment that comes with being self-employed, wouldn’t you work harder for that lifestyle?
As humans, we don’t like to leave our comfort zones, but what if there was a way to explore and learn what it takes to become self-sufficient? What if you focused on what you have to gain as opposed to what you have to lose? What if you found out that there was a career option that can lead to a more fulfilling life?
This is where working with an alternative career coach can be of benefit to those questioning their career paths. A coach at The Entrepreneur’s Source can help talk you through the advantages and disadvantages of self-employment and help you discover if it may be the right career choice for you to achieve self-sufficiency. For more information about becoming self-sufficient, contact an alternative career coach at The Entrepreneur’s Source today.