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if you do a great job and
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are on it, that's not a real concern.
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I mean, there are companies that, you know, have something bad happened to them where they lay off people, but no company wants to lose a great working person who's all in and dedicated.
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Hi. Welcome to another episode of Baktari MD. This season we're doing Crash CEO School, where we go over all the skill sets you need to be an effective CEO.
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Today, what I want to talk about is entrepreneurship, which is a characteristic and a quality that of course every CEO certainly in the private industry is going to need and is going to use as his main driving force to move their company forward.
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Unless you're working for a nonprofit or some other charity group or some other public health or public industry, the idea of being an entrepreneur is central to most organizations in the private industry.
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Being an entrepreneur, though, has certain characteristics, certain risks, certain benefits, and I want to go over that compared to people who just have a career where they work for another company.
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And then I also want to talk about some combination of both. But let's talk about, you know, the pros and why people want to be an entrepreneur and what that entails.
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Entrepreneurship is a state of mind where you are prepared to run your own show, be your own boss, and basically live out your vision of what you want to do.
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Being an entrepreneur often means that there's really no barriers or limits to what you can tackle or take on depending on your finances, your time, your wherewithal, your skillsets. But really, no one is dictating. Unlike a job where if you get a job, the job description will dictate what you're going to be doing on a daily basis and what's expected of you. With being an entrepreneur,
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you get to write that script yourself. You get to decide what you want to do, how long you want to do it. And so there's some benefits. The number one benefit is you control your time. Now, that sometimes works against you because you put in a lot of time but still is under your control. You choose how much effort and time to put in, and it's not blocked out 9 to 5 necessarily.
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And in an ideal world, you put in as much time as needed, depending on where you are in your journey. The other thing is to control the direction, you know, where what you want to do, where you want your company or your endeavor to go. You kind of have full control. Lastly, you know, you don't answer to anybody, so no one's going to be calling you and saying, hey, you know, the last thing you put out could have been better or what have you.
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So in a way, there is a certain amount of freedom which can be good and bad depending on your personality.
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And the other unknown that I think people don't talk about is if you become an entrepreneur and do it for 20, 30 years, often you're going to have an asset that you can sell.
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So if you open up a bakery and you run that for 20 years, you're often going to be able to sell that bakery versus often in a career, there really is no asset to sell.
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when you're about to retire. So it is something that on top of your 401k in your savings, you you may potentially have something that you can actually sell.
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So kind of a payoff for the fruits of your labor for all those years.
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Being an entrepreneur means, of course, some downside, and the main downside is the financial risk, right? Because when you have a job
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for the most part, your financial risks are mitigated by that position.
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But if you are an entrepreneur, really, there is no theoretical limit to how much financial burden you may have to take on and financial risk. And with that, financial risk comes with comes also with the fact that you may often be the last person to get paid, especially when you're starting out. And if there's a financial crunch, you will be the last person to get paid and potentially not get paid at all and not paid for a long stretch of stress of time.
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In addition, you know, when you are the entrepreneur and this is your own gig at 5:00 or 6:00, the stress doesn't necessarily stop or the thinking or the effort. Often when you have a career, you know, at 5:00 when you're driving home, boom, all you're thinking about is, hey, are we having a lasagna or are we having you know, Chinese food tonight?
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And that's your biggest concern driving home. Often when you're in charge and it's your deal, you're not thinking about whether you're having Chinese food or pasta that night. You're thinking about, I never returned that email or I got to call that guy back tomorrow.
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So your evenings, weekends, holidays, vacations are sometimes not your own because you're always thinking and you're always on essentially, especially in the early to mid stages of of trying to start an endeavor.
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So those are really noticeable differences if you want to be an entrepreneur. So let's take the reverse side of that and let's talk about if you are just going to have a career working for someone, what are the pros and cons? Well,
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the pros are, of course, some of the stuff we said that were the cons of being an entrepreneur.
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You don't necessarily have the stress after work or on weekends potentially. I know there are people who of course, who are great, great career people who work for companies who take work home. But on broad level, some of that goes away.
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The other thing is often you don't really have to worry about getting paid
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because there are layoffs and extenuating circumstances.
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But we're talking about in broad strokes, you don't have to worry about getting paid. You don't have to worry about your benefits for the most part.
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So some of those things are taken away. But in exchange for that, often your upside is limited potentially, and you don't have control of your hours of what you do and what your job description necessarily is.
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You may have to answer to other people's critique of your performance and you may have to adjust the product that you're putting out based on the feedback you get, which can be good too, right? Because you have someone to point it out to you. So being an employee or having a career where you work for a company has its pros and has its cons. The more cons of being a career employee is often other than your 401k, you're not going to have an asset to sell
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after 20, 30 years necessarily.
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You may have stocks,
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in the company or what have you, but we'll lump that into your retirement plan. But for most jobs, you will not have something that you can call an asset at the end of 20, 30 years. So
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the other downside is, you know, job security.
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If you're the boss and it's your thing, nobody can fire you and nobody can call you up. But but the flip side is when you are working for a company, that can happen. But of course, the trade off is that
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if you do a great job and
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are on it, that's not a real concern.
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I mean, there are companies that, you know, have something bad happened to them where they lay off people, but no company wants to lose a great working person who's all in and dedicated.
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So that's a theoretical concern because I think if you're doing a great job and you're all in and you know, you're doing what we talk, what what we've talked about on other videos, like you have an owner's mentality, which I've referenced several videos about that mentality.
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So that's a theoretical concern,
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but not practical if you're doing a good job. And you don't have to worry about being the last person to get paid, often, no matter what happens, no matter what's going on in the company, you are going to get paid. And and when you go on holidays, vacations, weekends, often you're going to have a level of comfort that someone who's an entrepreneur,
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you know, won't have.
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So the last thing I want to talk about is intrapreneurialism, which is acting like an entrepreneur inside of an organization which kind of takes the best of both worlds.
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You know, when you look at Ballmer, who was the head of Microsoft, he was an employee but became a multimillionaire, zillionaire at Microsoft, basically working himself up as an employee.
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So there are people inside of corporations and companies who act like entrepreneurs, but within the confines of an organization. And this tells you that it may not be so clear that I'm just going to be a career person who's an employee versus I'm going to start my own thing. There is a way to merge the benefits of those assuming your company allows it.
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Now, this is the big caveat. Not every company wants an intrapreneur in every position, so you have to, one, seek out the right kind of companies who value and want that and and companies that will reward that and treat you or compensate you appropriately if you put out that kind of product. So it is a bit of a marriage.
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You can't just become an intrapreneur. You know, it's certain organizations, they don't want you to change anything. They just want you to show up, do a good job, clock in, clock out, do what you're supposed to do. And that's about it. But there are other companies where they are actively looking for people to take their company to the next level.
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So for for those people who want to be an intrapreneur, it's really important to seek out the right organization, the right boss. And to be clear with them, what you're looking to do, that you want to
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be put in a position where you can contribute above and beyond and not necessarily just stay in your lane and make the company grow.
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Okay, I hope that was helpful. There's obviously a lot more to it. Feel free to put comments below if you have any your definition of entrepreneur versus a career person. And if there's anything I can clear up for you, I'm more than happy to chime in. Please also make sure you comment like and subscribe. But if you found this video helpful and we will see you on the next episode of Baktari MD. Thank you so much.