The Pros And Cons Of Entrepreneurship

For many people, running your own business is the dream. A challenge that offers up unending rewards, freedom, and flexibility, and in some ways that is true. That said for every advantage being an entrepreneur offers there is a raft of disadvantages that require due consideration.

 

Starting up your own enterprise is very exciting, but it is something you should do when you are in full possession of all of the facts and the reality of being an entrepreneur. To help give you a two-sided view into the pros and cons of entrepreneurship, read on.

 

 

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Advantage; flexibility 

Without a doubt, one of the most treasured advantages of being an entrepreneur is the flexibility it can give you. Unlike an employed member of staff, you do not have a boss telling you that you need to be in a precise location for a set number of hours a day on certain days of the week.

 

Instead, you will have the flexibility to work from home if you choose, an office, virtually, on holiday, in a different country, wherever you choose that works for you and your business. What is more, you can also choose when you work and for how long. You can set your working schedule so that it fits in with your life.

 

Do you need to make a dentist appointment? No problem- you do not have to ask for permission for time off. That said, if you want your business to thrive you will still have to put in a lot of hours and effort, even if it is at a time that best suits you.

Disadvantage; You’re always working

Yes, the aforementioned flexibility is certainly an advantage, but it comes at a cost. The reality of this flexibility and freedom is that you are always working. You will always be contactable and you will always be doing something that is related to your business, even if it is just thinking.

 

While the idea of working on a beach sounds dreamy, is that really what you want to be doing when on vacation? As an entrepreneur, it can be incredibly difficult to switch off and the result is you carry the mental load with you at all times, ultimately feeling as though you are always working.

 

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Advantage; it is fulfilling

 

When you start your own passion project, it is done so from a place of great excitement, interest, and even love. When you love what you do it makes the daily grind that much easier. It makes going to work or ‘always working’ enjoyable and importantly fulfilling. The fulfillment that running your own company offers means you can give back too. Businesses like Tresca Brothers Concrete get involved with local and national charities using their good name to raise funds.

 

Being fulfilled from a career is something to aspire to and something workers of the world over strive for. What is more, the feeling of building something from scratch is exhilarating and there is no better feeling than the sense of pride and achievement than when you make your first dollar from your entrepreneurship.

Disadvantage; all of the responsibility

As an entrepreneur, everything rests with you. Gone are the days when you can hand off the big decisions to management, you are the management. You will be charged with making all of the important determinations, the finances, growing the business, and protecting it. You will be responsible for meeting the legal and regulatory requirements and ensuring compliance at all times.

 

All of these decisions can carry with them huge amounts of stress. What is more, the responsibility extends beyond professional liability but to personal liability also. As an entrepreneur, you are the business and you are expected to uphold and maintain certain standards.

 

To help you manage the stress of these heavy responsibilities, where you can call upon experts to help. Seek business advice if you are out of your depth, tax assistance to ensure compliance, or even contact a criminal defense attorney if you believe your personal actions may jeopardize your business.

Advantage; the pay

When it comes to the money you make it is not limited to an agreed amount each month or year. You do not have to ask for a pay rise or hope the company will pay your yearly bonus. The profits are all yours and the more you put into your business the more you will get out. Where earnings are concerned, why not make the sky the limit?

Disadvantage; the pay 

While you may not face the same limitations as an employee, you will also not benefit from the guaranteed regular paycheck. You may have to go longer periods of time without making any profit and you may well not earn anything for a sustained period of time. There is a lot of financial uncertainty that can be associated with entrepreneurship and this is certainly something to be mindful of.

 

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/