A new business venture is quite exciting. It offers you an opportunity to develop your ideas and grow as a person. Entrepreneurship helps you focus your energy into something constructive and rewarding. Starting a new business can appear to be rather daunting at first, but if you are passionate enough and if you are able to take the right decisions, you will succeed.
While the success does not arrive in the first few months, you will start having a profitable income soon enough if you are able to work properly. Entrepreneurship can often be risky and it is important to be sure about your work, your ideas and especially your funding before you take a chance.
Before you invest and give all your efforts into a project, weigh the pros and cons and understand the risk that you are taking. If you can afford to make that call, then you should definitely go ahead.
|Advantages of Entrepreneurship||Disadvantages of Entrepreneurship|
|You have the freedom to do your work in any way you see fit||It is a huge responsibility and can be very stressful|
|You have control over your work||Entrepreneurs have to deal with a huge workload, especially in a new business|
|Allows an idea to be fully developed||The risk factor is very high|
|Helps to realise your own worth in the industry||Can be quite unstable|
|Work timings can be very flexible||There are a lot of limitations|
|Your profits can be huge|
Advantages of Entrepreneurship
- You have the freedom to do your work in any way you see fit:
The freedom to work at your own pace, in any way you think is necessary is very valuable. You can make your ideas work without needing others to approve them first. This allows you to create projects that are original and boost your business.
- You have control over your work:
While entrepreneurship has its challenges, it also allows you complete control over your work life. You get to decide what needs to be done and when. Being an entrepreneur will allow you to influence all important decisions and direct the business in the way you wish to.
- Allows an idea to be fully developed:
Entrepreneurship provides the space to develop an idea and make it profitable. Often as any other employee, you have no rights over your own idea and it is taken, changed or manipulated to fit the company’s needs. But as an entrepreneur, your innovations or ideas are all yours. You can use them to their full potential without having to change anything that you do not want to.
- Helps to realise your own worth in the industry:
As an employee, you are expected to perform in a certain way and you might never fully realise your potential. Entrepreneurship gives you an opportunity to be more, to be innovative and to understand that your work is significant and worth a lot more than what you are given credit for.
- Work timings can be very flexible:
Entrepreneurship offers flexibility. You can decide when you are going to work and how you are going to manage your work. The deadlines are easier to meet as you get to work in your own pace. As an entrepreneur, you will not have to constantly answer to someone else.
- Your profits can be huge:
In a salaried job, the profits go to your employer. But entrepreneurship allows you to make those profits for yourself. The more successful your business is, the more your income becomes. If you are able to do your work well and manage your business properly, then you can make huge profits.
Disadvantages of Entrepreneurship
- It is a huge responsibility and can be very stressful:
Entrepreneurship involves immense responsibility. The fate of your entire venture rests in your hands. If you have employees, then their next pay check is your responsibility. You will have to deal with the constant pressure of controlling your work in the right way and taking the right decisions, because the slightest of errors can lead to a lot of problems.
- Entrepreneurs have to deal with a huge workload, especially in a new business:
In a start-up, the entrepreneur has to deal with more work than anybody else. You will not have too many employees, and the more important parts will have to be handled by you. The workload can be difficult to manage.
- The risk factor is very high:
Not all businesses thrive and therefore, entrepreneurship can be very risky. When you start a business, you end up investing a lot of time, effort and probably most of your savings, if not all. If the venture fails, then you will lose it all. This risk can be too high to take for many.
- Can be quite unstable:
Entrepreneurship is not easy and it does not promise stability or security at its early stages. Your income will become quite unstable and you will have to sacrifice a lot in hopes making your business a success. It takes a long time for a business venture to become secure and if you cannot afford that time, then entrepreneurship might prove to be more difficult than expected.
- There are a lot of limitations:
Entrepreneurship is challenging and many will find it to be rather limiting. If you begin your business with not enough capital or without proper backing, these limitations become quite blatant. You will not be able to proceed and grow as quickly as you initially thought you would and that can be frustrating.
Entrepreneurship demands a lot. You have to be willing to take a chance and put in all your time, effort and money if you want your business to thrive. However, not all business ventures succeed. Many fall short due to various reasons. Sometimes, even when things are going well, you might end up facing some difficulties. As an entrepreneur, you should work around these problems and limitations.
It will be better to evaluate the situation and then concentrate on parts that can be salvaged. While entrepreneurship allows every day to be exciting, it can also be challenging. If you overcome these challenges, your venture will definitely be profitable.