Entrepreneurship is a difficult journey, and there will be many ups and downs along the way. You may find yourself on an amazing high one day followed by feeling completely drained the next. Do you know what makes being an entrepreneur so satisfying? The feeling of achieving your goals and seeing them come true. The challenges you face will also be there, but if anything can make these tough days bearable knowing that those failures don’t have to stop you from going after your dreams.
THE PROS OF BEING AN ENTREPRENEUR
The main advantage of being your own boss is that you are in complete control. You can make decisions without any interference from other people, and if there's something about the company culture or policies you don't like then it's up for revision! Here are some of the pros of being an entrepreneur:
- Work for Yourself – You are your own boss! You make the final decisions related to running your business.
- Limitless Revenue Potential – Working a 9-5 means earning the specified amount for that particular position, and not a penny more unless offered overtime. As an entrepreneur, the amount of money you earn is your decision.
- Freedom to Travel – As long as your funds allow it and your workplace affairs are in order, you can travel whenever your schedules permit. Since you create your own schedule, this is definitely a benefit of being an entrepreneur.
- Meeting Like-Minded Professionals – It can be very beneficial to meet other entrepreneurs to network with, even if they’re not in your industry. They can help you with ideas, tools for budgeting and accounting, advertising and marketing tips, health care for entrepreneurs, etc…
- Flexible Schedule – In my opinion, this is one of the most common pros of becoming an entrepreneur. You get to choose the days and hours you work, so you can still successfully handle family life and other important commitments.
- Control of Business – Another benefit of being an entrepreneur is that you have total control over the type of work your brand performs. You also have the ability to outsource some of that work to others, although you’re still 100% responsible for the quality of that work.
THE CONS OF BEING AN ENTREPRENEUR
Entrepreneurs can have a lot of advantages, but also disadvantages. As an entrepreneur, there are many things that can go wrong and your business is the target of potential risks. These could include things such as fire, theft, or other unforeseen issues. One thing that often goes wrong for entrepreneurs is the failure to manage their expectations and ensure they are realistic about what it takes in terms of time management or making money. Here are some of the cons of being an entrepreneur:
- Excessive Work Schedule – Unlike a 9-5, the hours you’ll put in as an entrepreneur can be extremely long. Creating a successful brand requires your full attention. Sometimes, you might not be able to attend family events due to your work schedule. This is one of the most common cons of being an entrepreneur.
- Availablity – When operating a new business, there usually aren't any extra funds to hire extra personnel. When there’s an emergency with a client, you are their only contact and must be available. Basically, new entrepreneurs are always on call.
- Stress – Running your own business can be stressful simply because EVERYTHING falls on you. You’re in charge of marketing, advertising, sales, customer service, buying cycles, processes, employees, human resources, vendors, stock, inventory, and everything else related to keeping your business operative. Therefore, make sure you’re doing something you’re passionate about in life.
- Financial Sacrifices – Another con of being an entrepreneur is that all business-related expenses and overhead costs are your RESPONSIBILITY. There will be times when you have no services to perform or sales are low, and your finances will reflect this. Be prepared to make personal sacrifices so you can afford to keep your business running until finances turn around.
Life as an entrepreneur is not easy, but it does have its benefits. If you are prepared for both success and struggles, then your small business could become something great. The pros outweigh these cons though. Yes, it will take a lot of time, energy, hard work, persistence, and dedication to become a successful entrepreneur. With the right attitude and education, it can definitely be done!