Creating your own money-making opportunity in some ways is the dream of many. In other ways, it can be a troublesome headache that never seems to really go away. Most entrepreneurs don’t strike it big with their first idea. Many can put in long hours for more than a decade and barely have any cash in the bank to show for it. Being an entrepreneur is definitely not for everyone, but could it be right for you? Here is a look at a few important key points to consider.
The Pros of Entrepreneurship
1. You always get to be in control.
Entrepreneurship means that you get to choose the work that you’re going to be doing. You get to use your strengths in the way that you believe are best. Your skills get to contribute to your earning potential. Because you are in many ways in control of your own destiny, is can be a very satisfying experience to be an entrepreneur even if the money doesn’t come rolling in like a title wave.
2. There’s something new and exciting every day.
There’s no routine when it comes to entrepreneurship in the modern world. There are new challenges to enjoy every day. There are new problems to tackle. The days of being stuck behind a computer, inputting data under a blinking fluorescent light go away – unless that’s the kind of business you want to run. Then by all means – go forth and type away. Either way, your determination and abilities get to solve problems that other workers never get a chance to solve.
3. There is a certain amount of freedom associated with entrepreneurship.
Although the hours can be long and bothersome as an entrepreneur, there are also some levels of freedom that come with it. If you want to spend a day working at home, then you can do it. Go work at the coffee shop for awhile. Sit on the beach in the sunshine. The freedoms are so great for most entrepreneurs that many of them don’t even think of their work as a “job” because they love what they do so much.
4. Your income takes on a more rational approach.
Although you don’t actually always earn what you’re worth, the amount of income that you do receive is directly related to the amount of work and innovation you contribute to a project. Entrepreneurs that are highly committed to created a world-class product or service are the ones that have the best chance of experiencing success.
5. You get the freedom to be yourself.
Entrepreneurship means you get to be as creative and innovative as you want to be when it comes to running with your idea. There is nothing that exists that can confine you unless you allow it. The cubicle walls don’t have to exist. Chase your own goals, weave your work into your life, and go to work wearing a bathrobe if that’s what you want to do.
6. Action happens quick and fast.
Entrepreneurship is a fascinating world because action happens quickly and rapidly every day. Your fortunes can turn immediately, which means every day is a brand new chance to experience the success that is craved. From a business standpoint, there may not be a better way to achieve your dreams.
The Cons of Entrepreneurship
1. You have to be the one making all of the decisions.
It can be fun to be in control of the entire business process, but it can also be a burden at times. Some decisions can be rather difficult, especially if you need to lay off workers or terminate someone’s employment. Let’s not forget about all of the paperwork that comes with every decision that gets made, taking up a lot of personal time and energy along the way.
2. Entrepreneurship is a highly competitive environment.
You’ve always got to be on your toes when it comes to modern entrepreneurship. You never know where the next competitor might show up and take some of your market share. Not only are you forced to constantly innovate, but you’re forced to be constantly differentiating your business from the rest of the competition. That alone can be a full-time job… and you’ve still got at least one other full-time job to do.
3. Leadership is a lonely world.
Many people enjoy the perks of leadership and being an entrepreneur, but they don’t really enjoy the outcome. Friends are few and far between when working as an entrepreneur. There are long hours when there will be no one else around. Not only does this mean there isn’t companionship, but there is only one place to lay the blame should failure occur. Many entrepreneurs see days blur together just because they’re either working or they’re not working.
4. Income doesn’t usually happen on a regular basis.
Business opportunities can speed up and they can slow down. Many first-time entrepreneurs make the mistake of planning their income on the good times instead of the bad times and they pay for it dearly. There is no such thing as a regular paycheck in entrepreneurship. There’s only the income that you’re able to take home today. That’s why so many entrepreneurs put in long days. The only guaranteed chance that they have is right now.
5. Working schedules can be very unpredictable.
You might be able to set your own hours as an entrepreneur, but that means you might wind up losing a lot of the work that comes your way. This is actually the biggest disadvantage of all for most people. Entrepreneurs can make a lot more money than standard employees, but it often comes because of longer, harder hours being worked. It isn’t uncommon for entrepreneurs to put in several 7 day working weeks in a row.
6. You’ve got to stay motivated every time you’re addressing work needs.
There are no off-days when it comes to entrepreneurship. If you’re working, then you’ve always got to bring your A+ game to the table. There are no excuses to hide behind. You either accomplish something or you do not accomplish something, which means self-motivation is an essential skill for entrepreneurs to have. Even if you’re taking a vacation, you’re not really getting to take time off.
Entrepreneurship can be a highly rewarding experience. It can also have days that are highly frustrating. There will be days when the money comes rolling in and you can’t believe your good fortunes. Then there will be days when no money comes in and you wonder if it’s time to get a “real job.” Being an entrepreneur can be a challenge and it isn’t for everyone, but it has the potential to be the most rewarding decision you could ever make.