Advantages and disadvantages of being an Entrepreneur are discussed here in this article. Starting your own business can offer your life a new perspective about being an entrepreneur. But being an entrepreneur is not easy. Nowadays anyone can become an entrepreneur if they have the knowledge for it. You can earn a lot of money by being an entrepreneur. They are two sides of entrepreneurship, one is success and other is failure. You can either ace as an entrepreneur or you can fail as an entrepreneur. There is no in-between. So being an entrepreneur has its own advantages and disadvantages, as an entrepreneur has to go through a lot to become a successful entrepreneur.
Advantages and disadvantages of being an Entrepreneur
Advantages and disadvantages of being an entrepreneur go hand in hand. So, read it’s merits and demerits below:
5 Advantages of being an Entrepreneur
Being an entrepreneur has its own rewards and benefits. The top 5 advantages of being an entrepreneur are as follows:
1. Be your own Boss
One of the most beneficial things about being an entrepreneur is that you get to be your own boss. You don’t have to stick with the 9 to 5 job or get targeted by your boss. You can even have people working for you rather than you working for someone else. Being an entrepreneur helps you to follow your dreams and give yourself permission to do what you are passionate about. You can make your own decisions. You don’t have to worry about paying the bills or working over-night if you are an entrepreneur. You get to decide what you want to do with your life and what to do for the community in which you live in. It’s all up to you to be the boss of your own.
2. Discover yourself
Working in a 9 to 5 job, you are not able to know about your skills and abilities as you just have to do the work what you are told to do and also due to office politics there is a lot of competition. But if you are an entrepreneur then you get to show or experiment with your skills as you are the boss of your own. You can even find skills of your own which you didn’t know you had. You can decide on what path you want your business to go as an entrepreneur. You can really discover who you really are and what you can do if you become an entrepreneur.
3. You can pursue any idea you want
If you are working in an 9 to 5 job, then you can share your ideas with your superiors but it can get rejected also. But if you were an entrepreneur then you don’t want anyone’s permission to pursue your ideas for your own business. Keep pursuable and achievable ideas for your business. You have to follow your instincts if you are pursuing your idea. Don’t let anyone hold you back as it can become an advantage for your business. Sometimes your idea may be a flop but being an entrepreneur is all about taking risks for the benefit of your business.
4. Make your own schedule but to a certain extent
Working in a 9 to 5 job, you have to follow the same schedule every day. But if you are an entrepreneur then you can change your schedule every day and can work on different things each day. You can make your own time schedule for when you want to work like working 40 hours every week. You can even work over-time if you want to make your business more successful. You don’t have to ask for vacation if you are an entrepreneur. You can take your vacation whenever you want but you have to keep in mind that your schedule should not affect your business in any way.
5. You can be close to the community
Being an entrepreneur, you have to give something back to the community who made you what you are. So, this way you can be closer to the community. You can give gifts or sweets to the people on festivals, or you can arrange some sports games for the community on weekends, or any other way you can volunteer yourself for the community.
This gives you an opportunity for networking with other entrepreneurs or other businesses. By doing something for the community you can also benefit your business from it indirectly.
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5 Disadvantages of being an Entrepreneur
Like I said before being an entrepreneur has two sides one is good and other is bad. The top 5 disadvantages of being an entrepreneur are as follows:
1. It can dominate your life
If you are an entrepreneur then you don’t have to think about yourself only but for those also who work for you to make your business successful. You can either success or fail, it totally depends upon you and your hard work. An entrepreneur may also have to work extra hard than you ever did when you were working in a 9 to 5 job. You can work more than any of your employees as you are the one who can guarantee if the business is going to be successful or a failure. Due to this, you get less time your yourself and your family. You sometimes get disconnected with your family due working late and not having holidays even on Sundays. So, it is a disadvantage of being an entrepreneur.
2. You don’t have guaranteed paycheck
In a 9 to 5 job, you can get your paycheck for your work on the decided day every month. But if you are an entrepreneur then you don’t have your paycheck like you get as a traditional employer. You have to chase your own money. Like meet clients, get money for them or other investments. Through this you can earn your own money rather than getting a paycheck after a specific period of time. Your paycheck depends upon the profit and loss of your business as you don’t only have to pay yourself but also to your employees.
3. You have to be patient
You can’t easily become successful in your business. You might even get a lot of loss in your business. And slowing your business will start to grow them you may get profit in your business. So, you have to be patient as sometimes success comes at its own time it can after one month or one year. So, don’t lose your patience. Sometimes an entrepreneur can’t be patient and takes a lot of risks for their business which leads to their business being a failure or their business closing down. So, remember if you are an entrepreneur then you have to be patient with your business and not to rush it.
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4. Need to face high stress level
If you are an entrepreneur then you have to look after everyone not only yourself like in a 9 to 5 job. You have to make a lot of decisions regarding your business and take a lot of risk for it. Entrepreneurs are more stressed then their employees as they are the ones who have to manage everything regarding their business and have to work hard. This causes their stress levels to raise higher and they can sometimes become irritated and angry. This is one of the most known disadvantages about being an entrepreneur.
5. Funding can be a significant problem
Being an entrepreneur, you have to bring funds for your own business. You can start the business with your own funds but after that you have to find sponsors and investors for your business. They help you to fund your business in return you have to share your profit with them according to the decided percentage of the profit. If you have a new business then getting investors for your business is really hard as most investors don’t invest in new businesses with the thought that it might fail and they will lose their money. So, funding can be a significant problem of being an entrepreneur.
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So, these were some of the advantages and disadvantages of being an entrepreneur. So, if you want to become an entrepreneur then these are the things which you should keep in mind before starting your business. Know that many people are dependent upon you if you are an entrepreneur so don’t be selfish in your business. Hope this article was helpful to all the entrepreneur who currently reading this. Thank you for reading!