Entrepreneurs who regret quitting

Sam Shrem has been his own boss for nearly 20 years. Over the course of his career, he has founded a consulting firm, launched several start-ups, and advised high-net-worth clients as an independent consultant.

But if the 54-year-old could go back in time, he might not have made the move to become a self-employed entrepreneur.

“If I had a crystal ball, I wouldn’t have made that jump,” says Shrem, who lives in Boston.

“I regret it all the time. I look back now and I’d make a seven-figure income as a management consultant if I worked with big companies.”

Quitting work to become your own boss is becoming a very popular option.

In 2022, for example, applications to start a business in the United States are at their highest level since 2004, with more than 5 million new businesses registered.

But as the Silicon Valley bank collapse in March, which left many small businesses without access to their accounts, shows, being an entrepreneur comes with great risks and responsibilities and makes some regret leaving their jobs as corporate employees.

Shrem learned this the hard way in the Great Recession of 2008.

At the time, he was forced to pay wages using his savings to a team of 15. He accumulated sleepless nights and huge debts.

The last startups he launched have failed, and even now, as an entrepreneur who combines freelance consulting with writing books and developing data-driven products, he often looks back with regret at not continuing his work at a big consulting firm. Administration in Beirut, Lebanon.

“My friends envy me,” he says.

“But they don’t know what I’ve been through. Every businessman takes risks, and the world needs them. But it’s not an easy lifestyle.”

It’s not uncommon for the reality of running your own business to clash with expectations, says Aisha Murray, a careers consultant in the UK.

unrealistic

“As entrepreneurs, we want to succeed. But we often have unrealistic expectations in the beginning in terms of sales numbers, revenue, or time spent,” he says.

“If you had a successful career before starting a business on your own, you might think that anything you try to do after that will work, too.”

Added to this belief is the danger of comparing the harsh reality of your own experience as an entrepreneur with the seemingly thriving one we see on social media.

Such was the case for Kathryn Warrilow, who set up her own PR agency in 2006 after becoming disillusioned with the traditional workplace hierarchy.

From the outside, it looked like a move in the right direction.

The agency has become a successful business, with seven employees, and large clients.

“But I never hung up,” says Warrilow, 43.

“I felt exhausted and anxious all the time. I never felt like things were good enough.”

The stress has made her a “total control freak”, always running her team.

This was not what I imagined.

“My biggest misconception was the belief that being my own boss would give me freedom, that I could come and go as I pleased and set my own hours,” she says.

The truth was that life had to adjust to work, and clients expected her to always be available.

So in 2015, after receiving a job offer from one of her potential clients, this mom of two decided to leave the company.

“The day I decided not to be self-employed was probably one of the best days of my working life,” she says.

relieved to leave

“I felt like a huge weight had been lifted off my shoulders.”

Now the managing director of travel company daysout.com, she says she has many of the freedoms she’d come to expect from entrepreneurship.

You can manage your time better and finish a few days early to meet a friend for coffee.

As for Shrem, he will remain his own boss for the time being.

Although he tried to work full time for a large company in 2017, he was unable to make the transition.

“I suddenly realized I hated having a boss over me, reporting to work and handling administrative tasks,” he says.

However, he claims that these items might never have bothered him had he not been his own boss before.

Of course, there are many success stories and many people will never look back.

However, Shrem remains wary of encouraging anyone to follow in his footsteps: “Anyone who wants to jump into entrepreneurship needs to be aware of the ups and downs.”

*If you would like to read the original BBC Worklife article, click here.