Entrepreneurship is all about being passionate about something enough to give it a try. I was lucky enough that both my parents had the business bug. This was something in my blood but I also practiced in my weekends and holidays. Whether helping my dad out, or selling things in my moms shop, I got the taste for it and I wanted more.
Entrepreneurship comes with its share of ups and downs.
The most obvious advantage is the opportunity to be your own boss. Being in charge and making the important decisions regarding your business can be fulfilling, but it can also be challenging.
Here are more thoughts on the pros and cons that come with being a small business owner:
- CONTROL. You choose the work you like to do and that makes the most of your strengths and skills. The result can be more job satisfaction.
- EXCITEMENT. Entrepreneurship can be exciting and many entrepreneurs consider their work highly enjoyable. Each day is filled with new opportunities to challenge your abilities, skills, and determination.
- FLEXIBILITY. Entrepreneurs can schedule their work hours around other commitments, including spending quality time with their families.
- FREEDOM. Freedom to work whenever they want, wherever they want, and however they want draws many to entrepreneurship. Most entrepreneurs don’t consider their work actual work because they are doing something they love.
- RATIONAL SALARY. As an entrepreneur, your income is directly related to your efforts and the success of your business.
- ADMINISTRATION. While making all the decisions can be a benefit, it can also be a burden. Being an entrepreneur comes with a lot of paperwork that can take up time and energy.
- COMPETITION. Staying competitive is critical as a small business owner. You will need to differentiate your business from others like yours in order to build a solid customer base and be profitable.
- LONELINESS. It can be lonely and scary to be completely responsible for the success or failure of your business.
- NO REGULAR SALARY. Being an entrepreneur often means giving up the security of a regular paycheck. If business slows down, your personal income can be at risk.
- WORK SCHEDULE. The work schedule of an entrepreneur can be unpredictable. A major disadvantage to being an entrepreneur is that it requires more work and longer hours than being an employee.