Before launching your new business you must study the market, advantages and disadvantages of taking up entrepreneurship in detail. First we will talk about the advantages that an entrepreneur enjoys.
Pros of Entrepreneurship:
- An entrepreneur is his own boss. They are in full control of their lives and have the opportunity to call the shots and create their own destiny.
- Entrepreneurs do what they like and they like what they do. Most of them enter this line of work because they enjoy it and for them work isn't work anymore it is their hobby.
- They have an opportunity to facilitate people by introducing something in a cheaper or newer way, in this way they can make a difference as they seek innovative solutions to society's most exasperating problems.
- Entrepreneurs reap impressive financial profits once the business takes root and it is a very important motivating factor for entrepreneurs to expand their business.
- For entrepreneurs there is very little difference between work and fun they have an opportunity to express themselves through their business and prove their potential. They are as much creative and successful as they allow themselves to be.
Cons of Entrepreneurship:
Let's have a look now on the potential drawbacks that one might has to deal with.
- Long working hours and constant hard work deprives entrepreneurs of opportunities to spend quality time with their family. Their business demands 24 hours attention and their duties as husbands, fathers, wives or mothers are put on hold until the business gets established.
- Launching a new business can be highly stressful, knowing that you are the only one responsible for all the decisions and their outcome and also that one wrong move could cause total financial ruin becomes the reason behind high level of anxiety.
- And then there is uncertainty of income. Unfortunately, one has to leave the comfort of a steady pay check and risk entire savings and still there is no guarantee that one will make enough money to support one's family.
- Sometimes even entrepreneur find themselves on the horns of dilemma and as they control everything themselves they have no one to turn to while making a crucial decision.
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