For many people, being an entrepreneur is exactly what they want. It allows them complete control over their own lives and futures. They get the chance to innovate new products or ideas that they believe will fill a need in society and then try their best at selling it. However, there are also downsides that people must consider before deciding to start their own business.
Let’s take a look at the pros and cons of being an entrepreneur.
Starting a company (entrepreneurship) is scary; switching careers into business ownership is terrifying, but these are also two of the biggest pros that come along with entrepreneurship. Many people stay in their comfort zone for years, decades even. Some people never leave their comfort zones because they’re comfortable there (that can be considered a disadvantage). However, changing your life comes with many advantages, such as financial freedom or greater self-esteem. The latter two only come after leaving your original comfort zone and becoming an entrepreneur.
Entrepreneurship can be very lucrative; it all depends on the business you start and the industry; however, there is a chance that your company doesn’t make millions of dollars. Being self-employed brings more income than working as an employee for someone else. There are no set hours as well as fewer tax deductions/obligations as compared to being employed. This allows entrepreneurs to keep more money in their accounts instead of giving it to the government or large corporations.
Entrepreneurship/self-employment gives workers more control over their work-life balance than employees do because they’re not limited by contracted hours or a strict dress code. If you don’t feel like going to work one day, no one can fire you/write you up or reprimand you for your absence. You have the power to make the rules; however, this allows employees to do more of what they enjoy (work-wise) because money isn’t an issue, unlike in corporate, where business owners are keener about making money than creating innovative ideas.
When someone becomes self-employed, it adds a sense of independence that very few people acquire throughout their lifetime; it’s also another major pro that comes along with entrepreneurship. Owning a company gives people the power to control their own lives without having anyone keeling over their shoulder every five minutes telling them what to do … or what not to do. This can be a con if you don’t have the skills needed to run a business, but it can still bring major advantages such as being in control of the money and time spent at work (as discussed above).
Being an entrepreneur allows people to become more involved in their community and surrounding environment. No location or boundary limits businesses, thus allowing entrepreneurs to explore new ideas that they believe in and share them with others. Many companies donate money back into communities through non-profit organizations just because business owners want to help others who are less fortunate than themselves … which brings good karma for all parties involved/the company itself; this is another pro and a major advantage of entrepreneurship.
Many people want to make money; they can do that by starting their own companies and receiving financial rewards for doing what they enjoy (which we’ve already discussed). However, becoming an entrepreneur is one way people make money in their own way. Other ways include winning the lottery, finding a wealthy spouse or working for someone else, which isn’t easy. Making sure you have a good idea before putting millions into it is very important. Not all businesses will make millions or billions of dollars, but it doesn’t stop entrepreneurs from trying and reaching their goals.
Business vs Career
Many people struggle with the decision to start a career or become an entrepreneur because their primary goal is to make money and live comfortably without worrying about money issues, i.e. financial freedom for the rest of their life. However, suppose you don’t have any business ideas or want to explore different industries before starting your own company. In that case, it’s best to get experience working in a corporate environment or buying an existing business, and learn as much as possible from experienced mentors. This will help you expand your network and possibly create new opportunities in the future that can aid in helping you grow while still learning. It’s always wise to know where to buy an existing business, whether this is the route you want to take or not.
Entrepreneurship vs Employment
I’m sure all readers are familiar with what entrepreneurship is, but for those who aren’t familiar with the term, it’s when a person starts their own company, whether it be an online business or brick and mortar store. On the other hand, employment is defined as being paid to work in a specific capacity as an employee to help someone else’s company grow … this is another major difference between working for a corporation or starting your own business because employees have a boss that tells them what to do.
Entrepreneurs work on their own terms according to their skill set which makes them responsible for everything. If you have what it takes and you are keen to take on the adventure, go for it!