Monday, January 7, 2013
Pros and Cons of Entrepreneurship
To everything in life there are advantages and disadvantages; entrepreneurship is no exception. As a matter of fact, entrepreneurship involves a lot of risk taking. Yet, it can pay off very nicely as well, with rewards such as profits and the opportunity to be your own boss and make your own decisions.
Here are some pros and cons to consider:
• Excitement: Due to its high capacity for risk, there is a lot of adventure.
• Rules and regulations: Work in a current job is difficult to do because of all the "red tape" and consistent administration approval needed.
• Originality: Some people feel that they can offer a new service/product that no one else has offered before.
• Competition: Employees feel they can offer their current company's product/service at a lesser expense to the public.
• Independence: Some people wish to be their own boss and make all the important decisions him/herself.
• Salary potential: Generally, people want to be paid for the amount of work they do in full; they do not want to be "short-changed."
• Flexibility: Entrepreneurs can schedule their work hours to spend quality time with family or any other reason.
• Rational salary: They are not being paid what they're worth and would rather work on their own and earn the money they should be earning for their efforts.
• Freedom: Entrepreneurs can work whenever they want, wherever they want, and however they want.
• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.
• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.
• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.
• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.
• Incompetent staff: Often times, you will find yourself working with an employee who "doesn't know the ropes" as well as you do due to lack of experience.
• Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense.