The Pros and Cons for Being an Entrepreneur
According to Forbes, being an entrepreneur makes people happier than being in employment, but just like any business has its upsides and downsides.
Pros for being an Entrepreneur
Control.
- Entrepreneurs are their sole decision-makers in the business. Meaning, their decisions are not limited, and they have the opportunity to pursue any line of business, work with any clients, and they also get to decide when they should work and when not to. Control ensures they get a work-life balance that you cannot get from formal employment.
- All the benefits from the business operation belong to the business owner. In entrepreneurship, you are building your brand and not anyone else’s, and when the business is flourishing, you reap all the benefits. Also, the income you get from the company is not limited and is open to increasing as the venture keeps growing.
- The chance to create. Entrepreneurs build their businesses from the ground up, and they get to put in the work to ensure the success of their brand this ability to be creative and innovative makes their jobs exciting. Entrepreneurship gives people the change to chase their dreams and try out new ideas and technologies without restrictions.
- Fast decision making. In entrepreneurship, there is no bureaucratic red tape because decisions are made to be a single person. As such, they can take advantage of market opportunities faster.
The Cons for Being an Entrepreneur
- Being an entrepreneur is tied to a lot of uncertainties; the fact that your paycheque is not guaranteed at the end of the period is a terrifying thought. Also, any negative impact on the business weighs solely on the owner.
- Just the way entrepreneurs get to enjoy all the profits that come from their businesses, they also get to experience failure in the same capacity.
- Entrepreneurship requires the owner to do all the heavy lifting for the venture to be successful. This means you will need to put twice the work in especially during the first few months of the business.
Being an entrepreneur and a successful one for that matter has its good sides and the bad ones. However, despite the challenges it brings, entrepreneurship is the best route to follow because instead of seeking opportunities to be employed, you have the chance to create employment for other people.