The Advantages and Disadvantages of Being an

Entrepreneur

Entrepreneurship is a complex term that’s often defined as running your own business. The
capacity and willingness to develop, organize and manage a business venture along with any of
its risks in order to make a profit.

There Are So Many Advantages of being an entrepreneur.

First of all, someone has more INDEPENDENCE when working as an entrepreneur. When
you’re active in the world of entrepreneurship, then you get to be your own boss. You have the
freedom to make your own decisions each day. This structure makes it easier to balance your
personal and professional life. You get to work when you want, how you want, and the number
of hours that you want each day to some extent, that is. You can choose your own way of doing
business, you are not forced by anyone or dependent to step forward.

With independence comes AUTONOMY. Digital news reported on the multiple studies that
have demonstrated the link between autonomy and job satisfaction. It turns out that employees
who have more control over their work tend to be more engaged and less emotionally exhausted.
Just another perk of being your own boss.

Another advantage of being an entrepreneur is FLEXIBILITY. Today, we live in an era of

creativity, innovation, and lateral thinking. Entrepreneurship gives you flexibility. It gives you
the freedom to choose where you work and how you work so you can be at your best more often.
When you begin to work for yourself instead of for someone else, then the independence that this
experience creates is something that cannot be duplicated by any other professional opportunity.
You are in total control of your destiny. You might earn more than some entrepreneurs, but less
than others. Some people might work more than you, but others could be working less. You can
work from home, work from the office, and work from any destination, even if you are
travelling, because you also choose when you work. If you want to stay up late or get up early,
it’s up to you.
As an entrepreneur, you have more OPPORTUNITIES. If you see new opportunities to make
money when you’re pursuing entrepreneurship, then you have the option to take it. You always
have a choice to earn more when a good idea strikes. Through networking opportunities,
business contacts, and creative brainstorming sessions, you are always the author of your own
destiny when working this way. If you get tired of what you’re doing, then you can shift your
perspective to go explore a different path. You get the opportunity to be first to the market.
When a great idea strikes, nothing feels better as an entrepreneur when you are first to the
market. That gives you the chance to have a head start in every phase of the project. The
competition always lags behind when you take the lead, which means your revenues and
business gains become exception. You’ll need to perform research and get your marketing
messages correct first, but if the puzzle pieces fit together well, it only takes one great
opportunity to earn like never before.

DIVERSITY and EXCITEMENT are two words that can describe the life of an entrepreneur.
You get to see something new other than regular business. You get chance to meet different
successful business people. Embracing entrepreneurship means that you are going to have a
schedule that is different every day. There are no consistent routines in this world. Some experts
would even say that if you experience two similar days in a row, then you should re-evaluate
your business model. You have to stay hungry for every opportunity that comes your way. If you
become complacent for any reason, then someone will take your place. This advantage can
ensure your creativity. No two days are ever the same when you’re actively engaged in
entrepreneurship and free enterprise pursuits. Even with an established business and a daily
routine, there are always new challenges to face. That is why being an entrepreneur is such a
rewarding experience on so many different levels.

Make PROFIT. The financial growth is what we expect from a professional career,
entrepreneurship will provide a chance to grow economically. One can earn as much they can, by
making some process changes or strategy of their business they can affect the demand for their
products and thus increase their sales which will directly affect the revenue of the organization.
Being an entrepreneur they would have a major percentage of share from their profits. So the
financial growth is much high for a self-employed person when compared to an employee. They
can also increase their shares by investing in other ventures. When you’re in the world of
entrepreneurship, you dictate how much you earn. If you start a company, then you own it
outright. You gain the largest share of the profits earned. That means the potential for success is
unlimited if you’re willing to put in the hours.
As there are good sides, there are also bad sides of everything. While being an entrepreneur
might be your career, there are also some disadvantages that come with this choice.

First of all, because there is no one directing your every move in the world of entrepreneurship, it
is up to you to ensure the quality and quantity of work meets your income expectations. You
must be a self-starter as an entrepreneur, willing to go the extra mile to meet the needs of your
family, yourself, your employees, and your customers. There MUST BE A NATURAL
LEADERSHIP drive present at some level to direct traffic throughout each day. You must know
when to roll up your sleeves to work, but this work also requires you to know when to delegate
or outsource. If you don’t have an internal drive that can push you forward every day and inspire
others to follow your lead, then this isn’t the project for you to pursue.

There are a handful of entrepreneurs who found success despite putting in a handful of working
hours each week because their idea was so good. Most people who find success in the world of
entrepreneurship are working longer, harder days than the average “traditional” employee. You
do have SOME FLEXIBILITY when putting in those hours, so you can structure medical
appointments, school visits, and other family needs within your day. Your productivity as an
entrepreneurs is what will direct you toward success or guarantee your failure. There are no off
days when you embrace this journey.

You WON’T EARN MUCH IN THE FIRST YEAR, or more, of your efforts. The average
person will not reach any of these figures during their first year pursuing their own definition of
free enterprise because the average earnings for a first-year entrepreneur can be as low as
$10,000, depending on your industry and niche. Earning nothing is more common than earning
more than $50,000 in your first twelve months.

The world of entrepreneurship is very STRESS-FULL. There are several benefits to consider
when pursuing entrepreneurship, but it all starts with a foundation of stress. You do not have a
guaranteed income when working as an entrepreneur. No one is available to you within the chain
of command to provide you with guidance or advice. Entrepreneurs are enthusiastic to achieve
the goals and never satisfied with their work as they are worry that their competitors might come
in if they slow down the business. Most entrepreneurs don’t even have colleagues around to give
them support. These stressors can take an emotional toll, sometimes even creating isolation and
loneliness. The stress levels of having to make all the decisions can be overwhelming, especially
for someone just starting a company. Every decision you make can affect the outlook of your
company’s future. This stress may be unbearable at times and may become a strain on your
work life as well as your personal life.
You may need INVESTORS in order to be able to build your company. There are investors who
might be willing to take a chance on your idea, but that is not a guarantee. Some businesses
require a lot of money to get started. Many entrepreneurs begin their adventure in the world of
free enterprise in debt because they must borrow their initial start-up costs. These first
investments sometimes have an enormous impact on the performance of the opportunity being
pursued, which may lead to long-term debt for some people. Most entrepreneurs are self-funded.
If you don’t have any money in the bank right now, then start small.

In this field, everything you do is correlated to your REPUTATION, bad or good. When you
pursue entrepreneurship, then the business opportunities you create are directly tied to your
personal reputation. Any slip-up of service or quality reflects poorly on your company and you.
If enough people feel like you’re not meeting their expectations, the poor reputation which
develops from that perspective can lead to earnings loss, additional debt, and even the complete
failure of your entrepreneurship pursuits.

Entrepreneurs face MULTIPLE RISKS such as bankruptcy, financial risk, competitive risks,
environmental risks, reputational risks, and political and economic risks. Most entrepreneurs are
risk-takers by nature. They risk all that they have when they decide to launch a business. You
may discover financial instability in your future. Many entrepreneurs find that their disposable
income levels decrease for the first few years they pursue this adventure. Without available
income, entrepreneurship can lead to a lower credit score, higher lending rates for loans, and less
credit availability. Being self-employed makes it more difficult to secure a mortgage because you
must prove a history of financial success for a lender. Lending products for vehicles and even
smartphones become more expensive and less available.

There is a possibility that you will NOT SUCCEED. Some startups succeed each year, but it is a
known truth that most will fail. You can experience success year after year, then lose your focus
on an economy or demographic shift and lose everything. Most entrepreneurs fall flat at least
once in their lives. Many experience multiple failures. If you’re not willing to pick yourself up
from the dust to keep pressing forward, then the world of free enterprise may not be right for
you. Entrepreneurs often fail because their companies are invisible to the world because they
cannot bear to spend money on marketing and PR. This is a huge mistake that some
entrepreneurs make when the money gets tight.
Having said all this, entrepreneurship is a rewarding ride but one that is filled with ups and
downs. Talking about an entrepreneur, means talking about a person with great, innovating ideas
that identifies the need for the creation of a business to fill a void. Entrepreneurs can be people of
all ages. Their characteristics are creativity, imagination and a thirst for work. But not all
entrepreneurs are as successful as others.

It is important for Entrepreneurs to have carefully designed and carry out executed research on
the field that they are interested in. As Stacey Kehoe said, “To be a successful entrepreneur,
you need perseverance. Most successful businesspeople or entrepreneurs have never given up on
their idea. When challenges arise, they have found innovative ways of overcoming them. You
must be able to adapt to changing economic conditions, and innovate and embrace technological
advances to keep your customers engaged. These things take determination and a strong focus
on the end goal.”

Nevertheless, successful entrepreneurs are the motive and catalyst of the economy in the country.
The countries cannot not reach the level of developed countries if there are no successful
entrepreneurs in the country because they are the backbone of the economic development.

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.