We see the hashtags all the time, #entrepreneurship, #livingthedream,
#nevernotworking, but do you have what it takes to be a black entrepreneur? Despite how carefree social media makes it look, entrepreneurship ain’t easy! There are many factors that must be considered before diving into the life of an entrepreneur.
Fluctuations in Income
Entrepreneurs learn early to assess the seasonality of their income. They understand that the income they receive every week, month, or year may not be consistent. It takes planning and preparation to manage income fluctuations – and not go broke! But as an entrepreneur, you are the business owner. It is your responsibility to predict and forecast when you will be getting paid and when you may be waiting to get paid.
Side Hustler or Full-Time Entrepreneur?
Many entrepreneurs start as side hustlers because everyone is not able to quit their job and dive right into entrepreneurship. Sometimes, it is best to build and establish your business while also working a full-time job. You can also use the income from your full-time job to help finance your dream of entrepreneurship. This is a very smart way of developing your business but it will require patience, determination, grit, and perseverance. This is why everybody isn’t built for the actual work it takes to be a full-time entrepreneur.
Only you will know when it is the right time to ditch the corporate gig and focus on your side hustle alone. But there are many ways to make this transition:
The side hustle becomes more profitable than the full-time job
You have saved and created a cushion, allowing you to take the leap
Your full-time job is no longer an option due to termination or layoff
Whichever path you take to entrepreneurship, just make sure you think strategically about accomplishing your goals, and don’t forget – it all starts and ends with you. If you have what it takes to be an entrepreneur, don’t wait. Stop helping someone else achieve their dreams, and start making your dreams a reality. Entrepreneurship is waiting for you!