#106 - Business Principles 102 - Should I Work For Myself?
Sep 26, 2019
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Exploring the decision of transitioning to self-employment, balancing work and personal life, importance of pursuing passion in career choices, navigating uncertainty in work environments, redefining wealth and happiness, and podcast passion in business growth.
Assess tolerance for income uncertainty and financial risk before diving into self-employment.
Consider personal preference and risk tolerance when evaluating self-employment viability.
Reflect on psychological profile and working style to determine suitability for self-employment or alternative career paths.
Deep dives
Tolerance for Uncertainty and Income
Deciding whether to work for oneself involves considering the tolerance for uncertainty, financial risks, and potential fluctuations in income. It requires a mindset that can handle months without earning money, both financially and psychologically.
Personal Preference and Risk Approach
Another crucial aspect is personal preference and approach to risk. Assessing if one can cope with the stress of potential financial instability and the rollercoaster nature of income in self-employment is vital.
Psychological Profile and Structure Needs
Considering the psychological profile is essential as well. Some individuals may thrive in a structured environment with guidance from a boss, while others might struggle without self-direction. Resources like personal assistants or structured routines can help cater to different working styles.
Exploring Alternative Job Environments
Exploring options beyond self-employment, such as transitioning to a different job or working for a startup, can offer a middle ground. Joining a smaller team or company can provide a supportive yet innovative environment that bridges the gap between traditional employment and entrepreneurship.
Personal Fulfillment vs Corporate Career Path
The podcast delves into the theme of personal fulfillment versus following a traditional corporate career path. It highlights individuals' decisions to leave secure jobs in pursuit of more aligned and fulfilling paths, such as pursuing med school or starting their own fitness business. The conversation emphasizes the importance of aligning one's career with personal interests and values, even if it means deviating from conventional career trajectories.
Financial Satisfaction and Entrepreneurship
The discussion touches on the correlation between financial satisfaction and materialism as well as the impact on happiness. It explores how varying levels of materialism influence one's financial aspirations and satisfaction levels. The podcast also discusses the challenges and rewards of entrepreneurship, including the initial slow growth phase and the need to reach a 'freedom number' to ensure financial flexibility and long-term success in business ventures.
Jonny & Yusef from PropaneFitness.com join me for another Business Principles episode.
Today we're talking about one of the questions we're most commonly asked - should you take the plunge into self employment. Being your own boss sounds fantastic, but what's the reality of your income being completely in your own hands?
Expect to learn our favourite mental exercise for working out the true salary of your job, why Jonny & Yusef left high paying graduate jobs to pursue their passions, what sort of personality types are not built for self-employment and whether we believe everyone can find a job they enjoy.
This episode is brought to you by https://pso-rite.com - if you're sitting at a desk all day, this product may be a fantastic addition to your routine to reduce psoas tension.
Extra Stuff:
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