Don’t Become an Entrepreneur If You Want Passive Income
Money can often be the shackles to your jail, not the key to your freedom
Since becoming an entrepreneur, I have met a handful of hopefuls looking to do the same. When I ask why, they often respond with some indication that they want to generate a means for passive income and recurring revenue.
The reality is, there is no guarantee that becoming an entrepreneur will grant you this financial security and revenue each month. But it does gives you something else.
If you’re considering joining the entrepreneurial world, make sure you want it.
I have found the lifestyle of an entrepreneur brings three unique gifts, ones that are far more valuable than income.
1. Level of ownership and mandated leadership.
When I walked away from my corporate job, I knew I could get more from life if I was willing to bet on myself. I craved more of a challenge and knew that the results would be completely a result of my efforts as an entrepreneur. This level of ownership can be frightening, but if you view it correctly, it is incredibly empowering. You are responsible for the outcome of your own life, the results of your business’s success, and the wins of your team.
Whether you are a solopreneur with an audience to support or run a business with a team of employees, you are in a leadership position. This position grants you the opportunity to change not only your life but also the lives of others. Their success and growth are on you. While this can be stressful at times, you are placed in a position to make true change that improves the world around you. You simply can’t put a price tag on that.
2. Flexibility to define what freedom means
Society has placed an emphasis on the concept that money can buy you freedom. But, if you have ever read Tim Ferriss’s book The 4 Hour Work Week, which I highly recommend, you will realize that money can often be the shackles to your jail, not the key to your freedom.
By becoming an entrepreneur, you give yourself the flexibility to design your life and optimize each day based on your unique way of being. If you work best late at night, you now have the freedom to do so. If you find that outsourcing small personal tasks opens you up to execute more efficiently, you have the choice to establish this system. While you still may need to hustle, it is completely on your own terms. If you found the stability and structure granted from the traditional lifestyle to be suffocating, this alternative path may be the key to set you free.
3. Endless growth opportunities
You may not receive endless income, but being an entrepreneur does grant you endless growth. To be successful, you must crave constant personal and professional growth. Growing a business, a brand, and a mission means you must be willing to fail, to face your insecurities, and rise up through them.
This lifestyle truly is not for the faint of heart. You may not like the flavor of growth you experience, because it oftentimes comes wrapped up in rejection or failure. But, if you are willing to face setbacks head-on, in time, you will no longer be afraid to face the feeling of failure.
Here is the truth. When you are on the quest to grow yourself, you are better positioned for opportunities to present themselves, people to connect with, and innovative ideas to grow in your mind, all of which may lead to added financial success.
Don’t walk into entrepreneurship with the sole purpose of making money. Walk in with the desire to create freedom, leadership, and growth in your life. Then, the money will follow.
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