Establishing a business is a difficult process. Especially if you are managing all this alone, you handle every aspect from recruitment to accounting, from budgeting to marketing. Being an entrepreneur comes with a lot of incentives, but it also requires a ton of work and an ability to endure risk and failure.
The pros of entrepreneurship and small business
You are the key decision-maker means you are your own boss. People who are independent souls are often attracted to an entrepreneurial lifestyle because it allows them to be the boss. Reasonably that is better than following someone else’s instructions. You get to make your own map to success. When it comes to your business, whether small or large you can decide everything from the marketing strategy to the product design. Moreover, when you’re the boss, you have the control to change plans if they’re not working for you anymore. You have the creative freedom and flexibility. Another major advantage is the liberty and flexibility to set your own hours and choose the location yourself to work from. Avoiding long travel and a rigid nine to five schedule can be a big bonus for many people. As an entrepreneur, you can say bye to a boring corporate lifestyle and choose your own style.
You get a huge sense of achievement. Taking an idea and turning it into a practical business is no small deed. Building a company from scratch can lead to an incredible sense of success.
The cons of entrepreneurship and small businesses
The financial resources needed to start and grow a business can be far-reaching. You may need to compel most of your savings or even go into debt to get started. If things don’t go according to the plan, you may face considerable financial loss. In addition, there’s no certain income. There might be times, especially in the early years, when the business isn’t generating enough cash for you to live on.
People often start businesses so that they’ll have more time to devote to their families. Unfortunately, running a business is extremely time-consuming especially when you are trying to set up in the market. In theory, you may have the freedom to take time off, but in reality, you may not be able to get away. In fact, you’ll probably have less free time than you would have working for a company or a boss. For many entrepreneurs and small business owners, a forty-hour workweek is a myth but trust me setting up a business is no joke. Vacations will be hard to take and will often be interrupted. In recent years, the difficulty of getting away from the job is almost impossible because cell phones, iPhones, Internet-connected laptops and iPads are always in reach, and many small business owners have come to regret that they’re always accessible.
In a small business you shoulder all the risk. There is no guarantee of success. Many entrepreneurs start companies with the best of purposes, only to see them fall apart in the end. There is a very real possibility that you could go bankrupt. In order to succeed as an entrepreneur, you need to be able to handle risk and stay strong in the face of failure and disappointment. Unavoidably, things will go wrong, and you will make mistakes along the way. You have to be able to bounce back from mistakes, stay optimistic and believe in your own capabilities.
The advantages and disadvantages of entrepreneurship and small business involve new paths to attain your full potential. Instead of chasing a promotion or pay raise, you get to pursue your dreams every day. Even though that experience is stressful for many and isolated for some, most entrepreneurs also say that their jobs are extremely fulfilling. If you’re thinking about a change in life, then give entrepreneurship a closer look. You don’t know what’s waiting your way.