You often see your friends sharing posts about chasing dreams and becoming their own boss. Entrepreneurship seems to be the trend these days, but is working for yourself really the best choice?

I’ve experienced both sides. I’ve worked tough jobs to pay for college, taken on traditional teen roles, and explored different forms of entrepreneurship, from blogging to real estate.

Is being your own boss worth it? Should you start your own business when you’re young?

The Appeal of Entrepreneurship

“There are people brave enough to bungee jump or skydive, but they shy away from working for themselves.” — Mokokoma Mokhonoana

There are countless motivational quotes about being your own boss, but few people dig deeper into what it really means.

“I need to make my own money. I’m tired of working for someone else.”

Many believe that working for yourself is the answer to all problems. But as I sit here at a coffee shop on a Wednesday evening, feeling anxious, I have to disagree.

The upside of a 9-to-5 job is that when 5 p.m. arrives, you can turn off your work brain. You don’t take your job home with you, and someone else sets your schedule.

Matt shared with us the darker side of running a successful business, especially when you’re not ready for it. Recently, we explored the idea of working for yourself and what success looks like. My conclusion?

“Chase your success, whatever that means to you. Don’t let someone on social media guilt you into quitting your job.”

Why Consider Entrepreneurship When You’re Young?

There’s no better feeling than earning money on your own. There’s something unique about making money through your efforts, whether it’s a service you provide or a product you sell. It boosts your confidence.

You gain freedom.

Working for yourself offers a different kind of freedom, beyond just controlling your time. It includes location freedom. Many of my friends have moved to places they dislike for a job. But when you work for yourself, you have more control over where and when you work.

You have more opportunities.

In a regular job, your opportunities are limited to your company’s roles and the income you can earn. But as an entrepreneur, you can pursue higher-paying opportunities and expand your income potential.

The Downsides of Working for Yourself

“The share of people under age 30 who own private businesses has reached a 24-year low, according to new data, highlighting the financial challenges and risk aversion among young Americans.”

I understand this. With rising student loans and the high cost of living, starting your own business can be intimidating.

It might not be for you.

The biggest argument against entrepreneurship is that not everyone is cut out for it. When you’re the boss, everything falls on you. It’s much easier to work a job where someone else sets the rules and responsibilities.

The money is inconsistent.

In a regular job, you know when your paycheck will arrive. As an entrepreneur, your income can be unpredictable. You don’t get paid vacation or sick days. Unless you have passive income streams, you constantly have to work for your money.

Getting paid can be challenging.

When you work for someone else, your paycheck is typically direct-deposited without you having to do anything. As an entrepreneur, you have to invoice clients and follow up to get paid. The money doesn’t automatically come in.

It can be lonely.

Despite what you might think of your co-workers, they provide social interaction. Many people form friendships through work. But when you work for yourself, it can be isolating. You may go days with minimal social interaction.

The hours are unpredictable.

Without a set schedule, it can be hard to establish boundaries. Many entrepreneurs struggle to know when to work and when to stop. Unlike a regular job where you can leave work behind at the end of the day, entrepreneurship often demands attention at all hours.

Is It Worth It for Millennials to Pursue Entrepreneurship?

Don’t assume that working for yourself will solve all your problems. If you hate your job or aren’t making enough money, you may need to improve your skills or find additional income sources. Working for yourself could even create new challenges.

What to Do if You Want to Work for Yourself One Day

Step 1: Increase your income first.

Don’t quit your job right away. Focus on earning more money, whether by getting a higher-paying job or taking on more work. More money can help you pay off debt and save up. Remember, starting a business doesn’t guarantee a higher income; many entrepreneurs take a pay cut initially.

Step 2: Start a side hustle.

Once you’ve improved your income, try making money on the side. This will help you see if you have what it takes to run a business. Here are some ways to start:

– Start a blog.

– Get paid to write.

– Explore other popular income sources.

If you can successfully earn money on the side, it’s a sign that you might be ready to work for yourself.

Step 3: Keep saving and paying off debt.**

Starting a business should be a way to make extra money, not a leap into financial uncertainty. Continue to save and reduce your debt so that you’re in a stable position before quitting your job.

Final Thoughts

Working for yourself can be incredibly rewarding when you’re ready for it. But don’t rush into it. Take the necessary steps to ensure you’re financially secure and ready for the challenges ahead.