Entrepreneurs enjoy the freedom of making their own business decisions and becoming their own bosses. In addition, they also gain the stability and control that could never be achieved as a regular employee. If you have been dreaming of becoming one of these entrepreneurs, you should find out the disadvantages and advantages of taking on this role.
Advantages of Entrepreneurs
Excitement: compared to being regular employees, entrepreneurs enjoy much excitement beginning from the planning stage of the business up to development and realization. Thrill-seekers obviously love being entrepreneurs as they are exposed to too much risk. You should never forget, that all business risks that you agree on taking, should be calculated.
Salary Potential: most people who are employed generally feel that they are not being compensated for the work they do. In addition, they must follow the salary structure set by their employers. Entrepreneurs, on the other hand, earn money that is commensurate to their efforts.
Flexibility: having control of work schedules and commitments makes the life of these entrepreneurs enviable. They are able to take vacations anytime and spend much quality time with their families.
Independence: for people who love the idea of not being answerable to anyone else but themselves, becoming an entrepreneur would surely be wonderful. They would be able to make decisions without the pressure of getting fired.
Disadvantages of Entrepreneurs
No Regular Salary: when you start a business, you should be prepared to leave behind the security of having a paycheck each month. Even successful entrepreneurs experience lean months when all financial resources are being taken up by the new business.
Work Schedule: although they have the luxury of a flexible schedule, entrepreneurs also make sacrifices especially during situations that require them to work longer hours. Unlike regular employees who are not worried too much about the status of the business, entrepreneurs must make sure that everything is going well.
Administration: because they own the business, all major decisions are made by entrepreneurs. This is quite a burden and handling such responsibility is quite difficult. Every decision directly affects the future of their businesses and avoiding costly mistakes is imperative.
After comparing the advantages and disadvantages, you will have to decide if you can realistically handle all the responsibilities of owning your own business aside from 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 fulfillment and accomplishment they gain from beating all odds and overcoming all challenges. As long as you have passion and commitment, you will be able to handle these disadvantages beautifully.