Running your own company or business seems like an exciting career opportunity for many. Though it seems like a highly exciting prospect, it is equally challenging. Have you ever wondered about what it would be like to become a successful entrepreneur? This article delves into the benefits as well as the challenges of being an entrepreneur and everything that it encompasses.
THE CONCEPT OF ENTREPRENEURSHIP
Entrepreneurship is the ability or skill in starting new businesses, especially new opportunities. The important factor that sets entrepreneurship in motion is the ability to create not only something new but something of value as well. Now what is valuable is subjective and open to interpretation. Because most times, the value addition may not be entirely in terms of capital or profit. So entrepreneurship, in simple words, is the act of actually being an entrepreneur.
So let us have a closer look at who these entrepreneurs are.
WHO IS AN ENTREPRENEUR?
An entrepreneur is a person who is responsible for creating new businesses, keeping in mind the risks involved in such an endeavor. This is the simple understanding of who an entrepreneur is. They innovate, create new ideas, and bring change for the better. For instance, start-up companies are the most common ways by which entrepreneurs seek to create their businesses.
In a broader sense, some say that they are someone who finds and acts upon opportunities that transform inventions or technologies into valuable products and services. They also have a predominant effect on economic growth and innovation.
What is important to remember is that it does not matter if it is a big or a small project – as long as there are entrepreneurship opportunities and resources to generate profits.
Now let us look into the advantages and disadvantages.
ADVANTAGES OF BEING AN ENTREPRENEUR
The biggest requirement of being an entrepreneur is that you have to inculcate leadership qualities. Because essentially, you are running the entire show. And especially at the nascent stage of your company, you are the CEO, the assistant, the manager, the coffee-getter, the clerk, the associate, and everything in between. So it is imperative that you have what it takes to lead the company into success. And if you are a natural leader, then nothing can stop your idea or your business to get to the very top.
Entrepreneurship is about creating something unique and also something that the world desperately needs. This is achieved with the help of critical thinking, ideation, and most importantly, innovation. If you are looking to create something extraordinary, you have to think outside of the box. And for that, there has to be innovation. It is the means by which an entrepreneur can derive change, recognize how to utilize this change, and create something distinctive.
Another desirable perk of being an entrepreneur is if your business is successful, you personally get to make profits. Now, if you were working as an employee for a company, you would be making the profits for the owners of that company. But as an entrepreneur, you get to reap the benefits of your hard work!
Follow Your Passion
Paraphrasing a very famous quote – if you love what you do, you will never have to work a day in your life. So if you follow your instincts and your passion to design something exceptional, you are halfway there to success. Having a business that you believe in and have worked from the ground up is something that only a few courageous people take up. Even if it is a risk, the output could be phenomenal.
Another great benefit of being an entrepreneur is that you have total freedom to make your own decisions vis-a-vis the company. You are not obligated to answer to anyone. You call the shots and you have complete control over what happens to your business or company.
Having your own company means that one gets to do things their way. You have the flexibility in terms of office timings, office space, the workers, creative decisions in relation to the company, and other executive decisions. Ultimately, it is your business and you can do things the way you want.
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DISADVANTAGES OF BEING AN ENTREPRENEUR
The first thing that comes to mind when you think of having your own company or business is that it is risky. One has to go into the entrepreneurial venture without knowing the outcome. Will it become a success or will it follow the many failed business ideas out there in the world. Ultimately, it is a risk of your money, effort, and time. So, one should make an informed choice.
We have all read the big success stories of great entrepreneurs who started with next to no financial backing. For example, Jan Koum (founder of WhatsApp), Oprah Winfrey, Madam CJ Walker (first black female self-made American millionaire), etc. all have incredible rags to riches stories that can evoke inspiration in anybody. But, the truth still remains that going into entrepreneurship without funding means financial instability. More often than not, one has to put in their own money and savings. And if the business fails, all the money disappears.
No Guarantee of Success
As discussed above, starting your own business is full of risks and trepidation. Of course, there is a possibility of success. But there is no guarantee that every business will turn into a success story. Remember that for every successful entrepreneur, there are hundreds of failed entrepreneurs out there. There are no rules as to what will work and what will not.
When you own a company, you are responsible for it in every sense. Whether it succeeds or fails – it is in your hands. The unstable nature of entrepreneurship also means one has to be doubly and triply careful with how they function. You are responsible for your business and making mistakes is not an option.
Competition in the business is fierce, now more than ever. Though healthy competition can motivate individuals to do better, it can also be the source of your failure. The increase in competition is especially disadvantageous because launching your business is hard enough but if someone else comes up with a better idea than yours, it means that you are set up to fail. Hence, it has the potential to negatively impact your company’s success.
No Initial Perks
When you work for a company, it comes with a lot of perks. You have the security of a job, a good paycheck, office retreats, and a lot of other incentives. But this is not a reality when you initially try to build your company. With limited funds, lesser employees, and more work – the number of perks when you start out is almost negligent. There are more challenges than perks.
In conclusion, when you weigh the pros and cons of being an entrepreneur, it looks like a balanced trade of good and bad points. So, if you think that you have what it takes to be a successful entrepreneur, then you should definitely go for it.
Pros and Cons of Being an Entrepreneur