Shortly after my husband Thom and I met in 1977, we opened our first business. We named the beach nightclub that we owned and managed on the coast of North Carolina, Night Moves. Since then, except for a couple of painful months in the following years as employees, we founded several other businesses and fully embraced the entrepreneur lifestyle. While I can’t imagine living any other way, I recently realized that the entrepreneurial approach isn’t mentioned much these days. What happened? Where did it go? And why aren’t more people embracing the many advantages that come from being self-employed?
I came to be an entrepreneur naturally. While my parents did work for others on and off during my early life, my father started his own pool-cleaning business when I was still in high school. My mother’s lifelong dream of opening her own western store eventually happened a few months after I graduated. Both businesses raised my family from working class to upper-middle-class in a relatively short time. Not bad for a father who never attended school after eighth grade or a mom who scrapped by with a high school degree and four kids. But because we started so modestly, I learned early on that if I wanted money to spend, I had better figure out a way to earn it myself.
Thom also came from a family with little educational focus. Thom’s mom was a stay-at-home mother while his dad supported the family as an auto mechanic who rebuilt cars on the side. Somewhere along the line, Thom decided that rather than stay dependent upon his parents, he vastly preferred to use his creative mind to generate income. At age ten he started with two paper routes, next he mowed lawns and washed cars, and gradually developed a mind that never stopped plotting and planning how to make money to do the things he wanted to do.
I think a big reason Thom and I attracted each other from the beginning is because we saw the entrepreneurial spirit in each other. When Thom mentioned opening a night club, even though neither of us knew a thing about running a business, I said: “why not?” When we opened a custom-made furniture store in Colorado a few years after that, I said: “Sounds interesting.” Later, when we felt drawn to the real estate industry we both saw it as a path with unending opportunities. Now, over 30 years later as real estate brokers, we remain fully self-employed. And my writing business? That’s just another aspect of an entrepreneurial mindset that chooses to express itself creatively.
With all that said, here are ten benefits we’ve received by being self-employed over 40 years:
- Freedom. Lots of people continually ask Thom and I if we are retired. We aren’t and don’t plan to. That’s because not only do we love what we do, we have an enormous amount of freedom to make it up any way we want. It’s not an accident. We purposely designed our lives this way. Because we value our time more than just about anything, we get to decide where, when and how we will spend it—and the freedom that comes from that is priceless.
- You never have a fixed income. Ever heard someone complain, “I can’t do that because I’m on a fixed income?” Really? Who fixed it? As an entrepreneur, you know that the amount of money you earn and spend is entirely in your hands. No matter what your age or body limitations, to a great extent you alone determine the limits on what you make and when or if that ends.
- Work where you want. Through the years we’ve heard people complain about being stuck in a city or location because of a job. Others grumble about a horrendous commute time. Entrepreneurs seldom feel that way because they know that they have the power to choose where they work. Yes, trade-offs are necessary, but ultimately the choice is up to us.
- Make your own schedule. Most entrepreneurs can’t imagine being stuck in a 9-to-5 position. Have a tight deadline or a big job? Then work all night or all weekend, and then take the next two weeks off. Entrepreneurs make that choice all the time. Of course, most of us love what we do, so it often doesn’t seem like work even then.
- It trains you to look for possibility and opportunity everywhere. When a person learns to rely on themselves and their imaginations to generate income, you instinctively teach your mind to stay open and receptive to potential ideas and avenues. Thom and I both see opportunity just about everywhere we look. Of course, that doesn’t mean you get involved in everything you see, (that discernment is something else you learn along the way) but it does provide you with limitless choices.
- You never fear you’ll end up becoming a bag lady. A conversation I’ve had with several women is an underlying worry about this happening as they age. An entrepreneur never worries about this because they have confidence in their ability to find work no matter what. It might not be a dream job, but there are always ways to find work and income. A lifetime of living that way is proof.
- You’ll never regret an expensive formal education. On-and-off through our lives, we’ve met dozens of people who went to college for many years at a high cost to either their families or themselves and now feel trapped by their profession. It turns out that lots of people went on to school because it was expected of them rather than because they wanted to learn. Others go into professions because they are talked into it or told it would be a good way to earn a living. Then once they spend all the time, effort and money to “arrive,” they just can’t walk away without enormous regret. Entrepreneurs get their education from experience, and every step of the journey helps them on the path.
- Money and success are a state of mind. Through the years Thom and I gradually realized that our income and our level of success had more to do with our state of mind (our consciousness) than the kind of work we did or the hours we put into it. Before that, we believed (like most people), that luck, an expensive education, or hard work were necessary elements to getting ahead. When we learned to focus and elevate our consciousness, our expectations, and our intentions, that changed everything for the better.
- You only have to work with people you like and respect. One of the most rewarding aspects of being an entrepreneur is deciding who you will work with on a daily basis. Sure you might have to say no to some income, but if money isn’t your primary motivation, you never, ever have to work for anyone that doesn’t respect you or your work.
- Your destiny is your own. You get to make it up. Of course, you also don’t get to blame anyone else for your mistakes or failures. While it sometimes might be convenient and somewhat comforting to blame others, like a boss, the economy, or the government when things take a turn for the worse, entrepreneurs can’t do that. Instead, you learn early on that your success or failure lies in your own hands.
Of course, there are several downsides to being an entrepreneur. Besides the fact that you must be a self-starter and budget carefully, we’ve always had to pay for our own healthcare and never once had an employer-paid vacation. As self-employed people, we can’t fall back on unemployment insurance, and there is no such thing as sick leave or maternity leave when you write your own paycheck. And retirement? Not only do we have to pay 100% of our own Social Security taxes, all other retirement savings are completely up to us. But with all that said, we still feel incredibly fortunate to live in a country where you can start with nothing like our parents and we did, and still create a happy and prosperous life.
Thom and I are proof that you don’t have to have a college degree, be a creative genius, or come from a wealthy family to be entrepreneurs. We are also proof that you don’t have to run a million dollar business startup to be successfully self-employed. Anyone, anywhere, at any age, who is willing to take their destiny into their own hands and start creating one from this moment forward can start embracing the benefits. The moment you start taking full responsibility for the choices that you make regarding your life, your money, your work, and your time, you become an entrepreneur. As usual, the SMART key is remembering you hold the choice 24/7, 365.
Very interesting, Kathy. We’ve had entrepreneurs in our family too, but somewhere down the line most of the family, including me went into salaried jobs. When in our late 40s and 50s my brothers and I separately decided to go the entrepreneurial route, there was a lot of resistance from our parents. I can’t imagine going back to work for someone else now. There’s so much more freedom when you’re self-employed, if you have the guts and discipline for it.
PS: Love that picture of you and your lovely club.
I am a second generation entrepreneur. Although my family had always had ideas and moved forward on them, their businesses never succeeded. I’m learning and loving the tips here. Thanks!
Hi Marie! Thanks for stopping by and sharing your thoughts on this. Don’t you agree that if we come from parents that set a good example of being a self-employed entrepreneur it comes more “naturally” to us? Of course, as you say, it can also scare us off some if you don’t find your “place” or the support. As with most things, there is a big learning curve. And perhaps something I didn’t say in the post is that you have to be very frugal at times and makes changes whenever necessary. It isn’t for everyone but it can be so very rewarding. Thanks again for your thoughts. ~Kathy
I love the article!! I often ask my friends why don’t they try to have something on they own, why don’t they pursue the great idea they have.. The answers are always the same.. I have to show them your article!
Hi Marina! Welcome to SMART Living! It sounds like you too are an entrepreneur and have figured out a great website to help you do that. It does take courage and creativity but i’m convinced it is all worth it. Thanks for stopping by and I appreciate you sharing my post with others you think will be interested. ~Kathy
I’ve always been an entrepreneur in some way shape or form. It’s nice you have a partner to share your experience with. It makes it much easier. For me working for myself is the best way to go.
Hi Rebecca! Good for you for living the entrepreneurial life! It does make it nice to do it with Thom but I know so many women and men that are doing it just fine by themselves. As you say, it can be a wonderful way to go for those of us who have the courage! ~Kathy
you forgot to mention the 2 other partners that also worked and came up with the money
Hey Dale! You are absolutely right!!! We could never have owned and managed that club without you especially. Still not sure about Thibaut though!!!! Please forgive me for the editorial licensing of not mentioning that up front but I thought it would take more than a few words to explain the “partnership” and how and when it all got started. As a regular blogger yourself you know how that goes right!
But regardless, if that got you to pop in here and say hi then it was worth it. How ARE you. Thom follows your travels and thinks you seem to be happy and doing well as you travel the country with your “girls”. Hope some day our paths will cross again. ~Kathy
My husband and I also share that entrepreneurial approach. We love the benefits you’ve mentioned and can’t imagine going back to “regular” jobs! I can’t remember – have you checked out World Domination Summit? I think you would really like it, as a gathering where creating your own path in work (and life) is the “new normal.” We’ve made so many amazing connections with friends, clients, and project partners there. (We’re also on the planning team for the event, so we’d love to see you there next summer!)
Hi Michelle! I think you and Jedd and lots of other bloggers are living the entrepreneurial lifestyle. Yes, I’m familiar with World Domination Summit. I think that your review of it was how I first found your blog, The annual gatherings sound interesting it’s just never fit into our schedules before. Good for you for being on the planning team. Be sure and let me know the details as they unfold. ~Kathy
Good for you Kathy! Being an entrepreneur is not for everyone. My husband has always been self employed and I only joined the ranks of self employed when I started my company 11 years ago. Before that our health insurance was paid from the companies I worked. That health insurance expense is huge! I bristle when people say their insurance premiums are going up, when the greater part is paid by their company.
Hi Haralee! If you’ve been creating your business for 11 years you certainly qualify as an entreprenuer! And yes, that health insurance issue is big for those of us not working for a bigger company. We didn’t actually have health insurance until we hit 40. That’s when we decided we just couldn’t gamble anymore and thank goodness we started with it because during my 40’s I used it quite a bit. I’m a big fan of Obamacare just because I KNOW how important it is to have insurance (and I have a sister who would have been denied from a previous condition) so I’m glad that it is becoming more accessible.
And I do realize that not all people can or want to be self-employed. But I can’t help but wonder if more young people were raised with that as an option there wouldn’t be the horrendous college student debt being taken on by students these days. AND that some of those young people could follow their heart instead of being shoved into a system that makes people carbon copies???? Being self employed makes us resilient and flexible and I think that would help our society a lot these days. Who knows? Just a thought…. ~Kathy
This is such an inspiring post, Kathy! Learning more about you every day!! I could just see you owning and operating a beach nightclub, too! 🙂 I like all that freedom that being an entrepreneur offers!
Hi Terri! Yes we have a lot of stories to share with each other when we get together next week huh? I am really looking forward to it. I was trying to tell Thom who we were having dinner with next week and I realized I don’t know THAT much about you…so I just told him, “I met her at BAM ’16 and I read her blog and I just know we’ll enjoy her and her husband.” Enough said. See you next week! ~Kathy
If I want to work from 3 AM to noon and take the afternoon off, I can. I love that flexibility!
Hi Nora! Isn’t it wonderful? Being able to adjust our schedule is such a huge advantage that I don’t think employees realize what a gift that is. But again, if you don’t have the discipline to do the work when it really needs to be done you are pretty much screwed. Not everyone can do that or want the responsibility. But then again, I wouldn’t have it any other way. ~Kathy
Having been self employed for over 30 years, I wouldn’t have it any other way. The major down side for me throughout the years has been that when you run the shop, you can’t call in sick. There is no sick leave or someone to stand in. This is especially true if you are a speaker. Many a time I’ve arrived on the stage sick because I accepted the gig months in advance, it had already been hugely promoted, etc. I’ve worked through it but have always found it to be a thorn on the rose. And, for the record, I ALWAYS worry that I’ll end up living under a bridge one day. I think it comes from growing up dirt poor. Insecurities run deep when they are developed while you are a child. As fears often do, they either paralyze or motivate you to move. I move. Upwards. Always trying. Always shooting for the next best effort. I haven’t always hit my mark, that’s for sure. But so far…so good! Lovely read!
Hey Tammy! Thanks for checking in here and providing your perspective on this. Yeah, working when you are sick isn’t easy. But even when I broke my arm and had to have shoulder surgery I was still able to work cuz I could do it at home (my typing was slowed down a bit through). And the good news is that you can’t be fired!!!! And sorry you still struggle with the bag lady issue. I grew up really poor too but I honestly just never worried about it. Maybe I worked too many years as a waitress (a damn good one I might add) that I can always fall back on that. It sounds like you are still working on it and as long as you’re trying that’s all you can ask. ~Kathy
With my writing and my husband’s working on a business launch, life moves forward. Good health and energy are always the key.
Hi Beth! Wouldn’t you say that a big part of being an entrepreneur is that you/we constantly anticipate life moving forward? I think that forward thinking is something we enjoy on a regular basis. And yes, it is ALWAYS helped by good health and energy! Thanks for your thoughts Beth. ~Kathy