The TRUTH About Entrepreneurship. Do I Regret Quitting?

Summary

In this candid reflection, the speaker shares their transition from a 9-year investment banking career to full-time entrepreneurship. They discuss the reality of trading a 9-5 for a 24/7 work schedule, the lack of guidance and structure, the fear of competition, and the financial unpredictability. Despite the challenges, they find greater personal growth, freedom, and fulfillment in creating something unique and owning their work. The speaker emphasizes the importance of community and the choice of working with like-minded individuals, ultimately concluding that the rewards of entrepreneurship outweigh the drawbacks for them.

Takeaways

• 🕒 Trading a 9-5 job for entrepreneurship means embracing a 24/7 work schedule, as your passion becomes your primary income source.
• 💼 The joy of doing what you love can diminish when it's tied to financial pressures and the responsibilities of monetizing your passion.
• 📈 Entrepreneurship offers personal growth and learning through trial and error, unlike the structured guidance provided in traditional employment.
• 🤝 The entrepreneurial community is open and supportive, contrasting with the competitive nature often found in corporate environments.
• 💰 Income as an entrepreneur is not capped and is directly linked to the value you provide, but it also comes with the risk of instability.
• 🚀 Entrepreneurship allows for full control over your income and career trajectory, without external limitations on earnings.
• 🌟 Creating something unique and personal provides a sense of ownership and fulfillment that traditional jobs often cannot match.
• 🆓 The freedom and control over how and where you work are significant benefits of entrepreneurship, offering a lifestyle that traditional employment cannot provide.
• 👥 While entrepreneurship can be isolating initially, you have the freedom to choose your collaborators and work environment.
• 🏢 The sense of community from a corporate job is something that entrepreneurs may miss, but the autonomy to work on your terms can be a powerful motivator.

Q & A

What was the primary reason for the speaker to leave investment banking?

The speaker decided to leave investment banking to pursue entrepreneurship full-time.

How does the speaker describe the transition from a 9-5 job to entrepreneurship?

The speaker describes it as trading a structured work schedule for a 24/7 commitment, where work-life balance is significantly affected.

What was the speaker's experience with their passion before becoming an entrepreneur?

Before becoming an entrepreneur, the speaker enjoyed their passion without the pressure of making money from it.

How does the speaker feel about the work they do now compared to their previous job in banking?

The speaker loves their current work more than their previous job but acknowledges that there are aspects of entrepreneurship that are not enjoyable.

What are the advantages and disadvantages of not having a boss or direct instructions in entrepreneurship?

The advantages include the freedom to explore and grow personally, while the disadvantages involve the lack of guidance and the need to figure things out through trial and error.

How does the speaker view the fear of competition in the corporate world versus in entrepreneurship?

In the corporate world, there is a fear of being replaced, but in entrepreneurship, there is a sense of community and shared knowledge, with no direct competition.

What was the speaker's experience with salary increases in banking compared to their earnings as an entrepreneur?

In banking, the speaker received modest raises with a cap on potential earnings, while as an entrepreneur, there is no cap, but also the risk of earning nothing.

How does the speaker perceive their contribution to society in their new role compared to their previous job?

The speaker feels that their new role allows them to create something unique and personal, which they believe contributes more meaningfully to society.

What aspect of entrepreneurship does the speaker value the most?

The speaker values the freedom and control over their work, including how, where, and when they work.

What does the speaker miss about their previous job in banking?

The speaker misses the community aspect of working with a large group of people and the daily interactions that came with it.

How does the speaker's experience in entrepreneurship affect their perspective on working for someone else?

The speaker has a balanced view but ultimately feels more fulfilled and happier in their entrepreneurial role, despite the challenges and risks.

Outlines

00:00

🚀 Transition from Investment Banking to Entrepreneurship

The speaker reflects on their decision to leave a 9-year career in investment banking to pursue entrepreneurship full-time. They address common misconceptions about the ease of self-employment, emphasizing the reality of a 24/7 work schedule and the loss of work-life balance. They also discuss the shift from enjoying creative pursuits without financial pressure to the challenges of monetizing passions, including the tedious aspects of business operations.

05:05

📈 The Uncharted Territory of Entrepreneurship

The speaker highlights the lack of direction and structure in entrepreneurship compared to traditional employment. They discuss the excitement of figuring things out through trial and error and the significant personal growth experienced in the past year of self-employment. The fear of competition is also addressed, contrasting the secretive nature of corporate employees with the open and supportive community of entrepreneurs.

💰 Financial Implications of Self-Employment

The speaker delves into the financial aspects of entrepreneurship, comparing the stability of a salaried job with the potential for unlimited earnings and the risk of earning nothing. They share their personal experience of making more in one year as an entrepreneur than in 9 years of banking, emphasizing the direct correlation between the value provided and the income earned.

🌟 Value, Ownership, and Personal Fulfillment

The speaker discusses the unique value and personal fulfillment derived from entrepreneurship, where their work is an extension of their identity and perspective. They contrast their previous job's replaceability with the irreplaceable nature of their current creative endeavors, highlighting the sense of ownership and satisfaction in creating something truly unique.

🌐 Freedom, Control, and the Entrepreneurial Lifestyle

The speaker expresses their appreciation for the freedom and control over their work, including the ability to work from anywhere and the flexibility in their schedule. They also mention the importance of community and the ability to choose who they work with, although they acknowledge the initial lack of a daily community that comes with traditional employment.

Keywords

💡Entrepreneurship

Entrepreneurship refers to the process of designing, launching, and running a new business, which often involves taking on financial, psychological, and social risks. In the video, the speaker shares their personal transition from a stable job in investment banking to the unpredictable world of entrepreneurship, highlighting the challenges and rewards of pursuing one's passion full-time.

💡Work-Life Balance

Work-life balance is the equilibrium between an individual's work responsibilities and personal life. The speaker emphasizes that when you become an entrepreneur, traditional work-life balance is often compromised, as the business becomes a 24/7 commitment, contrasting with the structured 9-5 schedule of a typical job.

💡Passion

Passion is a strong emotion or enthusiasm for something. The video discusses how turning a passion into a business can change the nature of the activity, as the pressure to monetize it can diminish the enjoyment. The speaker contrasts the freedom of pursuing a passion on the side with the challenges of making it a primary income source.

💡Fear of Competition

Fear of competition is the anxiety associated with the possibility of being outperformed or replaced in one's job or business. The speaker reflects on how this fear can lead to a lack of collaboration and knowledge sharing among employees, whereas in entrepreneurship, there is a supportive community that encourages sharing and learning from each other.

💡Financial Stability

Financial stability refers to having a reliable and sufficient income to cover living expenses and feel secure about future financial needs. The speaker contrasts the predictable salary increases and job security in banking with the potential for unlimited earnings and the risk of financial instability in entrepreneurship.

💡Value and Ownership

Value and ownership in a business context refer to the worth of one's contributions and the sense of control over one's work. The speaker values the ability to create something unique and personal, which is not possible in a corporate job where one's role can be easily replaced. This sense of ownership and fulfillment is a significant motivator for the speaker.

💡Freedom and Control

Freedom and control refer to the ability to make independent choices and manage one's own work environment. The speaker cherishes the freedom to work from anywhere, choose projects, and set their own schedule, which is a stark contrast to the structured environment of a corporate job.

💡Community

Community in this context refers to a group of people who share common interests or goals, providing support and a sense of belonging. The speaker misses the daily interaction and camaraderie of a corporate environment but appreciates the freedom to choose collaborators in their entrepreneurial journey.

💡Personal Growth

Personal growth involves self-improvement and the development of one's abilities and character. The speaker finds that entrepreneurship has allowed for greater personal growth due to the necessity of learning new skills and adapting to challenges, which was not as prevalent in their previous role.

💡Authenticity

Authenticity means being true to one's own personality, spirit, or character. The speaker emphasizes the importance of tapping into one's core strengths and being able to express oneself authentically through their work, which is a significant aspect of fulfillment in entrepreneurship.

Highlights

Transition from 9 years in Investment Banking to full-time entrepreneurship.

The reality of trading a 9-5 for a 24/7 work schedule in entrepreneurship.

The illusion of never working a day in your life when your passion becomes your income source.

The loss of enjoyment in creative pursuits when they become monetized.

The absence of a work-life balance when starting a business.

The lack of direction and feedback as an entrepreneur compared to being an employee.

The excitement of figuring things out on your own in business.

The fear of competition and job security in traditional employment.

The openness and knowledge sharing among entrepreneurs.

The financial aspect of entrepreneurship with no cap on earnings.

The unpredictability of income as an entrepreneur, with potential for both high gains and losses.

The value and ownership of one's work in entrepreneurship.

The unique contribution and personal satisfaction in creating something that can't be replicated.

The freedom and control over work in entrepreneurship.

The lack of community and social interaction in the early stages of entrepreneurship.

The ability to choose who you work with and the absence of forced social interactions.

The personal preference for entrepreneurship over traditional employment despite its challenges.

The importance of a balanced view when considering a career change to entrepreneurship.

Transcripts

after spending 9 years in Investment Banking  I decided to leave my job last year to pursue  

entrepreneurship full-time do I regret it has  it been worth it will I go back into banking  

people love these days to dismiss the idea  of working for someone else without having  

done it themselves instead I wanted to give you  a balanced view a very honest view on the things  

you should consider and the things that I wish  someone else had warned me of before I made the  

decision to quit number one you're trading the 9-5  for the 24/7 you would have heard the saying do a  

job you love and you'll never work a day in your  life while on the surface this sounds believable  

and it sounds like a dream the reality is very  different and the idea of never working a day  

in your life just does not exist when the thing  that you love becomes your primary income stream  

the things you enjoy stop being as enjoyable when  you include money into the mix when I was working  

full-time and doing my creative stuff on the  side I loved the creative stuff I didn't have  

any pressure to make money from it so the boring  stuff that came with making money so working with  

sponsors chasing invoices bookkeeping none of that  existed but when I left my full-time job all of  

the other things that come with monetizing your  passion made the Creator stuff less enjoyable I  

still love it a 100 times more than what I used  to do but don't go into business or becoming an  

entrepreneur thinking that it won't feel like  work because you love it there will always be  

parts of what you do that you don't enjoy and  when it's your own thing and you're starting out  

and your income is tied to what you're doing and  how much you're doing your work life balance also  

goes out the window evenings are no longer a thing  weekends are no longer a thing you'd rather miss  

that dinner out with some friends just to buy back  some time to get that project that you're working  

on off the ground whereas when you're working for  someone else you know that you are going to get  

paid rain or shine if I left work at 5:00 p.m.  and didn't log in for the rest of the day if I  

took two months of annual leave that month I was  still going to make money number two no one tells  

you what to do this can be a good thing and a  bad thing as an employee I knew what to expect  

I knew what project I was going to be working on  I knew what I had to do I had someone giving me  

feedback on whether I'm doing well or how I need  to improve or if I didn't know how to do something  

there's a 99% chance that someone else in the  organization knew how to do it and I could just  

call them up and figure it out I had someone give  me instructions on how to operate in the Working  

World some people love that it's one less thing to  think about but you're not going to get that as an  

entrepreneur and in business very often the only  way to find an answer is to live through it for me  

that is so much more exciting yes I can read some  books yes I can give someone a call and get some  

advice but I only really know if something's going  to work if I do it myself and that forces you to  

try different things and continuously challenge  yourself the personal growth for me in the last  

year of working for myself has been far greater  than it was in the 9 years prior of having someone  

else tell me what to do and how to do it number  three the fear of competition the structure for  

employees is for them to go to work for a certain  number of hours and get paid for those hours the  

fear comes from when you may no longer be needed  anymore or someone else enters your sere with  

better experience or better skills or someone  who is cheaper to employ comes in to do what  

you're doing and you lose your job as a result of  that and I've seen that happen to so many people  

you really feel it or at least I did when I was  in the workplace because of this you find that  

people you're working with don't want to share  all their information they don't want to teach you  

everything they know because they want to protect  their own position and I totally see that side but  

when you're in business it's the complete opposite  you speak to another entrepreneur and they know  

the grind and the hustle that you're going through  and you'll sit there for hours telling each other  

everything you know there is no such thing as  direct competition or if you're doing it then  

they can't one person doing well isn't going to  put the next person out and you can all learn from  

each other for me this has been a really big shift  and it's really surprising to see how openly the  

entrepreneurs and the creators have come across  speak and share their numbers or how much they've  

made on a certain Thing versus how secretive  people were when they're working for a company  

which leads me to my next Point money this one is  huge and it can completely dictate your view on  

whether you think working for yourself is better  or working for someone else is better to give you  

an idea over the N9 years that I worked in banking  I got a 5 to 10% raise on most years zero in one  

year and then a 30% or around 30% when I switched  companies I have video over here on what my salary  

was like year on year for the last 9 years in  banking and you can see the full breakdown and  

where the biggest pay increases came from the good  thing about working for someone else is that there  

is a flaw I'm not going to get paid less than my  base salary that year the bad thing is that there  

is a cap I can't make more than a certain amount  even if I had a really good year it didn't mean I  

was going to make more money I can't suddenly  make triple what I did the year before just  

because I added so much value and brought in a lot  of Revenue it just doesn't work like that for most  

jobs jobs whereas as an entrepreneur there is no  cap zero restrictions what you make is a direct  

correlation between the value you provide and  the money you make if you get it right you can  

go from zero to 100 in a year again speaking  from experience I made more after one year as  

an entrepreneur than I was making after 9 years  in banking but that number as an entrepreneur  

can go down to zero just as easily as it went up  to 100 so there is pressure to constantly be on  

your aame but for me there is nothing better  than being in full control and ownership and  

how much I'm going to make and not have someone  come to me at the end of the year and tell me oh  

the economy isn't doing well or the budgets have  tightened and so we can't pay you as much none  

of that it's all within my control then value  and ownership my job was to provide financing  

for corporates and governments for projects that  created jobs and supported the economy I can make  

that sound as fancy as I want and make it sound  like I'm contributing to people's lives but there  

was absolutely nothing unique that I was doing or  contributing that someone else couldn't have done  

and when I left someone else did step into my  job and do what I did almost instantly I did a  

Handover they had similar skills they took over  they got the job done now the way I contribute  

to people's lives is through what I've created  yes it's the knowledge and the skills that I've  

learned from others and the experience I've gained  through banking it's also an extension of me and  

my view and my perspective on things if I don't  do it no one else can step in and take over they  

had their own version sure but the satisfaction of  creating something unique something that can't be  

replicated because you've infused your perspective  and your personality with it that's huge I  

feel like by doing this I'm tapping into my core  strengths and my skills and what I was meant to do  

which isn't something that I had the opportunity  to do in banking when I was working for someone  

else I do believe that everyone has something  like that there are 8 billion people in the  

world and none of us Shar the exact same DNA there  is something that makes you authentically you and  

there's something that you can do that no one else  can compl compete with and that gave me a sense of  

ownership and fulfillment that I knew no other  job could give me then freedom and control this  

for me is the one thing that I will never be able  to give up now that I've had a taste of it I have  

the freedom and the full control of how I work  what I work on where I work from how efficient I  

am how hard I work for how long I work for again  good and bad but the good and something that I  

could have only dreamt of doing before is that I  can take my laptop and go to Barley for a month  

and work from there I can on a zoom call wearing  a t-shirt or a jumper and still be respected and  

that probably sounds so irrelevant and minor but  when you've lived a certain institutionalized way  

for 9 years you really appreciate these things  and Community this is a huge one that I really  

do miss I used to work with hundreds of people I'd  be speaking to 10 20 people a day would be working  

on things together would get large together i'  meet people from different backgrounds who I would  

never hang out with outside of work but we would  have great conversations when we were in work  

and that is something that does not exist in the  early stages of being an entrepreneur you don't  

have that Community fi day in and day out but you  do have a full say on who you work with you don't  

need to work with Karen from Finance if you don't  like her you don't need to have to hear from John  

illegal because you don't agree on things you  can choose to work with who you want to and if  

it's not working you can work with someone else  so again there are positives and negatives in it  

but I do enjoy not having to go into work with  a fake smile because there's a 360 feedback or  

a performance review coming up I could just be  myself all in all on a whole I have not looked  

back there are times or things that I miss having  when I worked for someone else but after I weigh  

up the pros and cons it's just a no-brainer that  I'm so much more happier and fulfilled doing what  

I'm doing now but that's my story someone else can  tell you that they have had the worst experience  

working for themselves and they would way rather  live a comfortable life as an employee either way  

I wanted to give you a balanced view from someone  who has worked for someone else for 9 years but  

also has the experience in working for myself for  now thank you so much for watching if you like  

this video here is the other video I spoke about  on how much I made every single year over my 9year  

Span in banking and also this video right here on  why I quit thanks for watching and see you there