A Scary Halloween Entrepreneur Story
A scary halloween entrepreneur story
When it’s scarier to be an employee than to be an entrepreneur
By Jim Judy – Franchise Business Consultant
October is the time when it’s fun to be fearful. While many of us enjoy a good-natured trick around Halloween, fearing for your financial security is no treat.
A 2015 survey from the University of Michigan found that Americans are fearful of losing their jobs. In fact, respondents reported the highest level of fear since 2009 when we were in the midst of the Great Recession.
As a franchise consultant, I work with lots of candidates who know this fear all too well. Their level of job insecurity has driven them to explore the opportunities that franchising has to offer — and for good reason, because we see a scary Halloween entrepreneur story.
For the fifth consecutive year, franchising is on track to outperform the U.S. economy. The International Franchise Association predicts that the industry will grow by more than 12,000 units in 2015, with economic output expected to top $890 billion. It’s a good time to be in franchising.
Even so, that same fear people feel about their job prospects can keep them from realizing their dreams as an entrepreneur. Certainly, there are risks involved with becoming a small business owner, but before running to the assumed security of a bi-monthly paycheck of a 40 hour per week (or more!) job, think about why it might be more frightening to be an employee than to be an entrepreneur.
Beware of the Grim Reaper. No matter how well you are performing or how much your coworkers like you, as an employee, you are always at risk of losing your job. Your position can be dissolved or redefined. Your boss could leave, and the new supervisor might want their own people. Your company could be purchased. Worst of all, you may find yourself in a position where your company is looking for younger (and cheaper!) employees. When you’re a small business owner, the company is yours. You’re the boss. Your position can only be dissolved by you.
Employee earnings are limited. I have a friend who had the honor of working for a well-known professional baseball franchise. His in-season schedule was incredible, arriving at the ballpark around 9 a.m. and staying until 11 p.m., sometimes for weeks on end. One season, his team was recognized as the best front office operation in all of baseball. What was his reward? A 4 percent raise. The same 4 percent merit raise everyone received, every year. My guess is the owner of the team did quite a bit better than that, considering the team had the 12th highest attendance in all of minor league baseball. High achieving employees are capped, high-achieving owners are not.
Zombies are everywhere! Speak to an entrepreneur and you can’t help but notice how passionate they are about their business. Can you say the same about most employees? Not according to the latest Gallup poll on employee engagement. The 2015 edition showed that more than two-thirds of employees had mentally checked out at their current jobs. Not even management could stay locked in, with more than 60 percent of managers saying they were no longer engaged with work. It’s not getting better generationally, either. Millennials are the least engaged employees, with less than 29 percent claiming to be highly engaged at their job.
Employees are forced to play nice with others. Few things are as aggravating as having to deal with a coworker you don’t like. In fact, a recent survey of more than 1,100 people found that roughly 80 percent reported moderate to severe stress as a result of working with a difficult coworker, boss or subordinate. It can ruin your work environment and serve as a major distraction to getting your job done. When you are the business owner, you can choose who you work with — when you’re an employee, you can’t.
An evil boss may put you in an early grave. Bad bosses can make your days feel awfully long, but new research suggests they could make your life too short! A recent report in the Washington Post indicates that, “experiencing rudeness at work, and even replaying the event in your head later, can lead to disparate health issues, including increased appetite and obesity.” Not only that, but poor treatment by bosses can cause cardiovascular problems, ulcers and other health issues. Work is hard enough without a supervisor causing serious health problems.
Every Friday feels like the 13th: Ever had one of those jobs where you woke up sick to your stomach that you had to go to work? Even days you’d assume would be good days felt bad because of how strongly you detested your job. Whether you’re feeling a lack of appreciation, a sense that you’re being misused, you’re not living up to your potential or your job lacks stability and control, once you’ve reached this point, it’s time for a change.
About the author
Franchise business consultant Jim Judy has spent the past 20 years in the franchise industry, gaining insightful knowledge and a keen eye for opportunity. His passion is developing relationships with current and hopeful entrepreneurs to assist them on their journey to franchise business ownership. Jim leverages his experience, success and close relationships in the franchise industry to provide valuable consultation free of charge to entrepreneurs looking to explore the benefits of a franchise. To learn more, call 919-233-3534 or email jjudy@franchoice.com.
Category: Articles
