Self-employment is a grail for most people. In fact, according to a recent Freshbook survey, 24 million Americans are seriously considering making the leap to entrepreneurship within the next two years. The only thing keeping the rest of us back is a nest of preconceptions. It’s an inherently daunting thing that many feel that they have to properly prepare for. Over-prepare might be a better word given, in actuality, the process is a fairly straightforward one.
“There are many myths and misunderstandings surrounding self-employment. With 24 million Americans thinking of becoming self-employed, now is the time to gain a clearer understanding of what entrepreneurship is and isn’t,” Radhika Jadavji of Freshbook told Ladders.
If you’re a would-be magnate fearful of the future, you might want to consider checking out these four myths about self-employment debunked.
What should you actually expect?
One of the most commonly cited slights against self-employment is that its more often than not consequenced by necessity when the opposite is much closer to the median. Eighty-three percent of the respondents surveyed in Freshbook’s latest report said that the primary reason they choose entrepreneurship is because of how empowering the prospect seemed to them. The very same reason actually keeps elderly entrepreneurs in the workforce a lot longer than they would be otherwise. Only 17% of respondents started their own enterprise because they were terminated.
The only other factor that rivaled autonomy that influenced workers to go into self-employment was actually another erroneous generalization. Most people assume cultivating your own business must be a time-consuming affair compared to traditional employment. Only 39% of respondents work more hours than they did when they worked for a boss. Seventy percent of women specifically said that self-employment gave them a better work/balance and 84% said that working for themselves enabled them to be better mothers.
Taking the first step might be the hardest part, though the things required to do so are largely hyperbolized. The number of entrepreneurs that hold degrees goes down every year and right now it’s only 56%. In self-employment, a diploma isn’t really a predictor of how the venture will fair. According to the study, there was no discernible difference in revenue earned between the two demographics.
The last myth, explored more elaborately here, unpicks the archetype most commonly associated with entrepreneurship: i.e the young frizzy-haired tech geek. It might surprise you to learn, that of the 15 million people self-employed 3 million are actually over the age of 65. Jadavji continued,
“As technology continues to enable more Americans to make the leap to self-employment, understanding what entrepreneurship really is would help Americans make decisions about their futures.”