There are many reasons to become a Lone Wolf Entrepreneur and in this article we will look at what I consider to be the best of the many.
First of all I would like to clear up a myth before we delve into the main order of business.
The word “Entrepreneur” has long been synonymous with visions of multi millionaires flaunting their self created wealth.
You know the exact stereotype I’m referring to.
It is usually pushed out by people trying to sell you a course or seminar that they claim will give you that life.
Exotic cars, yachts, beaches, mansions, and models.
We all know the drill.
Don’t get me wrong there are plenty of entrepreneurs living that lifestyle.
There is, however, many times more who achieve that level of success and live quietly without all the flash and sparkle.
The truth is that there is actually a far larger number of entrepreneurs who make money to support themselves or just to make a little extra money each month.
Making enough to quit your job and live off your own skill set qualifies as an entrepreneur.
Do not think that when choosing to become an entrepreneur that you have to be making 7 figures a year to be classed as successful.
If you choose to become self employed and use your skill set to replace your job income, then guess what?
You are more successful than the vast majority of the population who have to trudge off to work day after day, decade after decade.
You are also an entrepreneur.
I mention this to put reality into the topic.
Do not go in to being an entrepreneur thinking its all assured mansions and yachts and also do not let the prospect of attempting to make millions loom over you or even deter you.
Replacing your job with your own income is the first order of business.
Worry about learning to conquer the world after you have conquered your own life.
Reason 1 – Job Loss
There are very few people who can truly say with any degree of honesty to themselves that they are 100% secure at their job.
Truth be told, there is not a great deal of people who can say they are 100% happy at their job.
Many would leave tomorrow if they knew they could have the same income coming in without needing to work at a job.
Despite all the media fan fare about booming economies etc, they always fail to mention the economic cycle.
Historically, the economy in most countries will experience a cycle of booms, busts, recessions, etc periodically.
To keep it simple, no economy stays in growth for extended periods of time without it eventually hitting a recession of one severity or another.
The same economy will also not stay in recession without eventually returning to growth and prosperity.
It is just the nature of economics and is to be expected.
As I write this the media have been touting record high employment and stock markets for quite a while now.
Now, this is of course fantastic, but, it cannot last.
It cannot last based just on the fact of economic cycles.
Sooner or later there will be a downturn of some severity.
It may be a slight recession in a specific country or region, or it may be a full blown global crash.
Somethings coming down the pipe just based on the fact of economic cycles.
Throw in the current Brexit situation and various trade tariffs countries are imposing on each other.
Garnish with a little bit of government, corporate, and consumer debt.
Add a sprinkle of various regional military tensions.
Finally add a good pinch of stimulus money printing and leave on the back burner.
Sooner or later it will come to the boil.
Not being a gloomer, purely pointing out that economic cycles are a certainty and they are usually turned into a down cycle by factors such as the ones above.
With the seemingly endless advancement of tech into all aspects of our lives, it is not a possibility that jobs can be replaced with tech.
It’s a fact and an ongoing concern for a lot of employees in various sectors.
Many jobs and processes now are being streamlined via technology and it is leading to people being laid off from their jobs.
For most people that job is there only source of income and also people tend to be specialized in one area of employment.
This can lead to their skill set literally becoming obsolete and cause problems finding new employment if most companies in that sector are adopting the same tech across the board.
Combine the tech advancements with the economic recipe I described above and you can see that creating your own income is not only desirable, it is becoming an imperative.
Personally, I have worked various jobs in multiple industries.
I have also seen company after company close due to bad economic cycles and also I have seen many companies lay off workers due to streamlining via tech incorporation.
I have witnessed this first hand and also experienced it first hand.
I have seen people stressed about how they are going to support their families and how they are going to find new employment.
It’s not a pretty sight I can tell you that much.
This is why I advocate that people learn the skill set needed to succeed as a Lone Wolf Entrepreneur to ensure they have either established income streams, or the knowledge to create some if they find themselves unemployed.
To me, having the ability to provide for yourself and your family independent of the whims of an employer should be one of every persons priorities in life.
It is certainly a far better reason to learn the skill set than purely to amass toys such as jet skis and luxury brand clothes as most of today’s entrepreneurs would have you believe.
Reason 2 – Extra Money
A lot of you reading this may be wanting to become an entrepreneur in order to have lots of money to buy whatever your heart desires.
Nothing wrong with this, and of course I encourage people to aim as high as possible in life.
There will most likely be others reading this who may have some financial issues at the current time.
It could be credit card debt, student loans, simply struggling to make ends meet, or any other of a host of issues.
If you are one of those people I applaud you for wanting to become an entrepreneur and being motivated to better your situation.
Yet more people may be students who are aiming to help pay their way through college or retirees looking for extra income streams.
Whatever the case, everyone likes to have extra money coming in every month.
Some people will start a small online business in order to bring in extra money to supplement their current job income.
They may work on their projects after work and on their days off.
The money may be used to help with bills, pay off a mortgage or other debt, to acquire financial assets such as stocks, or simply for the little extras in life such as vacations.
Creating extra income streams as a Lone Wolf Entrepreneur is usually a precursor to being able to replace a job income altogether and to enable more free time to create more income streams.
Having extra income and utilizing it correctly to pay down liabilities and acquire assets is again something everyone should aim for.
Reason 3 – Freedom
Granted as a Lone Wolf Entrepreneur you will be doing all the work required for your ventures alone.
The amount of time and effort required for this will be dictated by the complexity of your business model and the height of your ambitions
Most entrepreneurs, Lone Wolf and otherwise, often find that they work many more hours per week than they ever would have at their old job.
But rare is the successful entrepreneur that will ever want to quit it all for a normal job and schedule.
This is where the freedom aspect comes into play.
If you wish to be successful you must work hard and do what is required for as long as is needed.
If your venture needs you to work 12 hours a day for 6 days a week, then so be it.
If you wish to be successful you must pay the price of effort required.
You can, however, unlike an employee, take time of whenever you want or need to.
No asking for the boss for permission to have time off or to have to base around the dates he allows due to scheduling around other employees.
No having to “call out” in an emergency or when you are ill and having the boss griping because of him having to arrange for other workers to cover your schedule.
Being an entrepreneur allows for a lot of freedom and flexibility in a persons life.
The business model of choice of course will influence this to one degree or another.
This is why I consider a Lone Wolf Entrepreneur to be an online based business choice.
You can take your laptop with you anywhere and continue to run your business if you need to.
Very few normal jobs can claim to have a self set schedule and the ability to work from anywhere at anytime at will.
As a Lone Wolf Entrepreneur you have control over your own life in every regard.
You are also accountable to yourself and no one else.
You set and enforce your own schedule, solve your own problems, and reap your own rewards.
I mentioned earlier that few people today can say that their current job is secure.
Considering it is most peoples only source of income, it would be wise to have back up income streams in my opinion or at least the skill set to create them of need be.
Do not get me wrong, being an entrepreneur is not some golden ticket to endless prosperity.
It can take a while to get things up and running and you are not guaranteed success of any degree.
Success is dictated by many factors including business model, focus, effort, skill set, etc.
The Lone Wolf Entrepreneur will also have to be self accountable for their spending, saving, and investing.
But, on the other hand, how many employees do you know who have become rich from working their job?
Being an entrepreneur gives you the chance to at least attempt to build your own wealth.
A job income rarely leaves enough money spare to truly accumulate wealth.
By learning to set up your own income streams online, you can set in place a structure that brings in money every month.
This money may be to supplement your wages or to free you from your job as I mentioned above.
It could just be extra money to invest for your future. Perhaps so you can retire early from your job.
Perhaps it will produce money that you use to set up another kind of business to replace your current job.
Maybe you are currently unemployed and aiming to create your own income while you are looking for a job.
If you build up your business enough you may not need to!
Financial Security is in the hands of the individual.
Everyone should aim to ensure they have extra income streams to produce money to invest for their future or to cover an emergency such as a job loss.
An aspect of being an entrepreneur, Lone Wolf or otherwise, that people often overlook is the ability to pass on your skill set and assets to the next generation.
A lot of people will work there whole lives at various jobs and still end up with nothing to leave to loved ones when they die.
Anything learned correctly can then be taught correctly.
You may actually be the first entrepreneur in your family, but it does not mean you have to be the last.
For example, you may have children and decide to teach them to have a entrepreneurial mindset from an early age.
You could possibly insure that your children never have to get a job in later life and instead are financially independent via being self employed.
As I said earlier, you can always be a Lone Wolf Entrepreneur for the reason of building wealth via assets.
Personally I see being a Lone Wolf Entrepreneur as a way to provide my own income, security, freedom, and to enable me to make enough money to invest in assets.
I often say that people should learn in detail about assets vs liabilities and how to build wealth independent of relying on pensions and government retirement programs,
With most incomes it is tricky to ever build up a pension amount that will provide a level of abundance come retirement time.
It is usually based on a percentage of your pay check, and of course, the lower the income, the lower the amount invested for retirement.
Even if you are a Lone Wolf Entrepreneur that still has a job and work on your ventures in your spare time.
You can still invest that money into assets for later life for when you retire and also to build up wealth to leave for the next generation.
Every Lone Wolf Entrepreneur should aim to be constantly building up their skill set and asset base.
Both of these can be passed down to future generations or simply used in later life to ensure a comfortable and financially secure retirement.
Most people think of becoming an entrepreneur and believe it is all about making millions and living like royalty.
The truth of the matter is, I see becoming an entrepreneur (Especially a Lone Wolf Entrepreneur predominately based online), as a way to create an alternative to employment.
As mentioned in this article, it is, in my opinion, risky to rely solely on employment as a means of income in today’s world.
Yes, there is the freedom aspect and all the other reasons in this article, but to me, ensuring your own financial security should be everyone’s priority.
Once you have that security in place, then you can always look to build up wealth, quit your job, become a millionaire, or whatever your financial aims are.
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