Entrepreneurs. They’re more than just a fancy term used in the movies. Being an entrepreneur could be your reality with the right ideas and skills. But first, you need to know what an entrepreneur does.
Entrepreneurs come up with a business idea, develop, design, and produce the product before marketing and selling it to earn a profit. They build one or more businesses and lead new initiatives. Entrepreneurs build startup teams while networking and attending meetings to gain support for projects.
Entrepreneurs are leaders of new businesses, but there is much more to it than just coming up with an initial idea.
What do entrepreneurs do daily?
On a daily basis, entrepreneurs organise, delegate, and coordinate business operations. Entrepreneurs spend a lot of time promoting their business ideas to gain profit from their financial risk.
Some of an entrepreneur’s daily roles include:
- Planning their day ahead of time.
Entrepreneurs value time. One way to efficiently manage this asset is to plan ahead and mentally prepare for work. This planning will cover their individual tasks as well as daily and weekly goals for the company.
- Establishing and nurturing meaningful connections with stakeholders.
Successful entrepreneurs know that success comes from hard work, dedication, and good networking. They will have multiple meetings on any given day dedicated to building more relationships in the industry. This networking helps their business continue to grow.
- Entrepreneurs read a lot daily.
They want to stay ahead of the competition and continue to build on their initial ideas. The best way an entrepreneur can do this is to read daily updates on their industry and move with the times. They read industry-related research and books, listen to podcasts, and attend seminars to continuously learn and improve. All of this helps them become a good business owner and manager for their company.
- Completing goal setting on a daily basis.
When planning their days and weeks, entrepreneurs spend lots of time setting goals for individual workers as well as the company. These goals are re-evaluated multiple times a week and adjusted depending on what is happening for the business.
- Promoting their products and services.
Every day entrepreneurs are looking for ways to promote their products and services. This could be through social media platforms and other marketing campaigns. The networking meetings and social events are other examples. Entrepreneurs have busy schedules because their success comes from their ability to promote their products.
Do entrepreneurs work 60 hours a week?
Most entrepreneurs, especially when first starting, work 60 hours a week, sometimes more. Launching a startup and working hard to ensure it doesn’t fail requires dedication and lots of work time.
When first starting out as an entrepreneur, you will have the most work to do because you haven’t built your team up yet. Experienced entrepreneurs may not work as many hours during the week because they did this work at the beginning. As you build your skills and knowledge, alongside your support teams, the time your work as an entrepreneur can decrease.
But you will also find that even successful entrepreneurs still work close to 60 hours a week. This is because they are determined to continue to grow their businesses and possibly branch out to other areas. While they can work autonomously, entrepreneurs still dedicated hours every day to their businesses and initiatives.
Is entrepreneurship a good career?
Entrepreneurship can be a great career where you get to be your own boss developing ideas that you’ve always dreamt about. Entrepreneurship is a very rewarding career if you are willing to put in the hard work. Seeing your initiatives come to life and be successful is an incredible feeling. Running your own business can give you extra financial independence and job security. You also get to determine your own salary, work hours, and roles within the business.
To build a strong team to support your entrepreneurship, you can make connections with labour hire companies. Working together, you will find the best employees to help launch the startup. These workers can be hired out to you, and you get to be in charge of the running of the whole company.
Entrepreneurship is a career that can help you leave a memorable mark in your industry. You rub shoulders with various leaders and tap into their experience in various seminars and workshops.
What is better: job or entrepreneurship?
Deciding whether a job or entrepreneurship is better will be different for every individual. If you are a fast learner with lots of initiative and strong leadership skills, entrepreneurship could be better than another job for you. Below we’re going to look at the advantages for both entrepreneurs and regular employment.
Advantages of being an entrepreneur
One of the biggest advantages of being an entrepreneur is the fact that you become the boss. You don’t often have to take orders or report to other people. It’s your thoughts, actions, potential, and plans that drive the company.
Being able to work at your own pace is another benefit of entrepreneurship. Employers set deadlines for their employees. As an entrepreneur, you’re the one who sets the deadlines, managing your time and work as you see fit.
A huge advantage of being an entrepreneur is the ability to gain more satisfaction from your work. As an entrepreneur, you’re working towards goals that you’re passionate about. This allows you to invest your time and money into things that truly matter to you. Then you get to see the impact your ideas have on other people. This can bring great personal satisfaction from your work that you wouldn’t always get in regular jobs.
Advantages of regular employment
While being an entrepreneur can sound good, there are also many advantages to regular employment including fixed work hours.
With regular employment, you are contracted to a certain number of hours that you work a week. The days might vary or be fixed, and you will typically work the same time each day, for example, 9 am to 5 pm. This means that when your shift finishes, your work does too. Entrepreneurs often don’t have this luxury as their whole life turns to revolve around launching their projects.
In regular employment, an advantage is your entitlement to leave benefits. You are able to take time off of work with pay. Holiday and other approved leave days allow employees to reset and recover from long working times. They can then come back refreshed and focused. As we mentioned, entrepreneurs rarely get any time away from work because they are responsible for the whole business.
Another advantage to regular employment over entrepreneurship is a guaranteed income. You are sure to get your correct pay each payday for the fixed hours that you work. This gives you a stable annual income and financial status.
As a regular employee, you don’t have as much responsibility on your shoulders as entrepreneurs. There will always be pressure at work. But your job is to complete the tasks assigned to you. This is an advantage of being an employee; you have less stress because of fewer responsibilities.
Both entrepreneurs and other employees have benefits from their work. Not everyone has what it takes to be an entrepreneur, but you can still have a fantastic career through other employment.
If you enjoyed this article, check out our other resources including ‘creating a good challenging work environment.’ To hire general and skilled labourers, contact our Canberra Labour Hire team today!