Entrepreneurs enjoy the freedom to make their own business decisions and become their own bosses. Plus, they also get the stability and control they could never achieve as a regular employee. If you have dreamed of becoming one of these entrepreneurs, you should know the disadvantages and advantages of assuming this role.
Advantages of entrepreneurs
Emotion: Compared to regular employees, entrepreneurs enjoy a lot of excitement from the business planning stage to development and completion. Lovers of strong emotions love being entrepreneurs, as they are exposed to too many risks. You should never forget that all business risks that you agree to take must be calculated.
Salary potential: most employed people generally feel that they are not being compensated for the work they do. In addition, they must follow the salary structure established by their employers. Entrepreneurs, on the other hand, earn money based on their efforts.
Flexibility: Having control of work schedules and commitments makes the life of these entrepreneurs enviable. They can take a vacation at any time and spend a lot of quality time with their families.
Independence: For people who love the idea of not having to answer to anyone but themselves, becoming an entrepreneur would certainly be wonderful. They could make decisions without the pressure of being fired.
Disadvantages of entrepreneurs
Without regular salary: When you start a business, you should be prepared to leave behind the security of having a paycheck every month. Even successful entrepreneurs experience lean months in which the new business is taking up all financial resources.
Working hours: Although they have the luxury of flexible hours, entrepreneurs also make sacrifices especially during situations that require them to work longer hours. Unlike regular employees who don’t care too much about the state of the business, entrepreneurs need to make sure everything goes smoothly.
Administration: Because they own the business, all important decisions are made by the entrepreneurs. This is a heavy burden and handling that responsibility is quite difficult. Every decision directly affects the future of your business and it is imperative to avoid costly mistakes.
After weighing the pros and cons, you will need to decide whether you can realistically handle all the responsibilities of owning your own business, as well as being prepared for all the risks you have to take. But if you look closely, being an entrepreneur is still desirable, especially with the sense of satisfaction and accomplishment you get from overcoming all odds and all challenges. As long as you have passion and commitment, you can handle these downsides to perfection.