If you’ve made the leap into entrepreneurship then
congratulations! If you are thinking about becoming an entrepreneur then you
need to keep reading this because I’m going to tell you about what life is like
as an entrepreneur from an insider’s perspective.
Most of the time entrepreneurs find that life is very
different in several ways than that of an employee’s. I definitely do. Some of
the things that are usually different in an entrepreneur’s life are responsibilities,
feedback, time management, cash flow, and potential.
As an entrepreneur, your job description could go something
like this especially when you are just starting out, your responsibility in
your business may be to do everything. Your non-entrepreneur friends are
definitely not in charge of handling the entire business of the company they
work for. Be proud of it. It can be tough but sometimes it is necessary in
order to reach the point where you employ others who handle everything for you.
I’ve spent a good amount of time in the “Do Everything” position and
am finally transitioning into a position where I can hire others to handle
certain tasks for me.
Cash flow for entrepreneurs is a variable. You don’t have a
steady paycheck to count on. I’m totally okay with that. Sometimes you will
have more money in your hand than you need and sometimes you won’t have enough.
You may make $100 one week yet make $5,000 the next. Keep close tabs on your
cash flow so your business can remain stable.
Life of Salary Employee
The employee is the one who receives a pre-determined amount
of payment, weekly or less, as a two-week or two-week term. This amount may be
part or all of the employee’s salary, but there must be a guaranteed minimum to
which it can be relied upon. This guaranteed minimum is one of the many
benefits of being an employee.
It is expected that a salaried employee will do the work that
is necessary for the job. Generally, you have more responsibilities than one employee
per hour and often receive higher revenue. A freed employee is an employee who
is exempt from overtime payments under the Fair Labor Act. To get this
exception, an employee must abide by the FLSA pay and/or work test. This
process includes most administrative professional and executive employees who
are paid on a salary basis. These employees usually have more growth potential
than one worker per hour and have a steady stream of revenue that can be
expected every payday.
A Lot of Payments
Paying per employee per hour can change each payment period
because payment is based on hours worked. This could, for example, work 40
hours a week and 32 next week. An employee receives full pay regardless of the
number of hours or days he works. The only exception is if you apply an
allowable deduction or if you do not do any work during the week. In the last
case, the employer does not have to pay him this week. The employer pays full
salary, even if there is no job available. As long as the employee is capable, willing
and willing to work, he must receive full pay.