Friday, December 28, 2012
The employed and the entrepreneur-6
As an entrepreneur, you have to pay your own contribution of social security and Medicare and unemployment taxes and have to provide and look for a health insurance because you have to do everything by yourself. There is no set time that you can come to the office and a set time to leave. Every minute of your waking hour is for you to make more money and since this is the internet age, 24 hours of work is what people expect from you. It is not that you will be working 24 hours but if you are on the internet or even if you have a physical store with web presence, customers expect you to be online always and any excuse from you for not having that will compel your customers and potential customers to move to another website by the click of the mouse. Once they are gone, it becomes harder for you to cultivate them again. Then you have to balance your family like because you are constantly working. Any time spent on emergencies will take you away from your goal of increasing revenue for your business. It does not mean that you don’t have to take emergencies, but initially when you are at the developing stage of your business, any emergency should be taken care of as fast as possible so as not to lose time and hence the customers. If you are a sole proprietor (meaning you are the lone person in the business), you have to deal with all the above in addition to several other duties like accounting, tax duties, dealing with suppliers, attending to mail and deliveries and everything you can think off, a sole proprietor has to do and the hours he/she spends on them does not end with eight hours but sometimes double that time or even more than that.