Thinking about being an entrepreneur?

The Seven movies every entrepreneur should watch

So many people aspire to be an entrepreneur. This is because entrepreneurship makes you your own boss. You are able to make your own decisions without any one monitoring you. Despite this, being an entrepreneur comes with both advantages and disadvantages. Below is a list of the advantages and disadvantages of being an entrepreneur:
Advantages

i. Gives you freedom.
When working for a boss someone or a company, you have to meet some specified requirements. This gives you very little freedom. You are not required to make some decisions without consulting your boss. This is not the case when you start your own business. With your own business you are able to set up your own schedule and make independent decisions as you wish. You are thus able to dictate everything that happens in your business.

ii. It can be exciting.
Most employees claim that they hate their jobs. This is because they end up being dragged into careers that they don’t like just for the sake of looking for money. This is normally not the case for an entrepreneur. Most entrepreneurs indulge in ventures that excite them. They are faced with new opportunities and challenges every day. Therefore, monotony is not very common in entrepreneurship.

iii. Rational income
When you become an entrepreneur, your income becomes directly proportional to your effort. There is no fixed income like in a job where no matter how hard you work your salary doesn’t change. In a job the only way to have your income increased is through a promotion. These promotions don’t come easily.

iv. Self-fulfillment and Recognition

Every human being desires recognition from his family, friends and the entire society in general. Being an entrepreneur is the best way of achieving this. This is because entrepreneurs help create jobs thus changing people’s life. You are able to have self-fulfillment when you do something good for the society.

Disadvantages

i. Requires a lot time dedication
When starting a business, you have to dedicate a lot of time to ensure that it picks. This is a big challenge to many people. The more time you dedicate to your business the faster it grows. You have to be ready to go for extra hours. This requires a lot of personal discipline that many people lack.

ii. High level of competition.
Competing with other businesses is never easy. An entrepreneur has to stay highly competitive in order to survive in the market. This simply means that you should make your business unique from the rest. This requires a lot of creativity and sometimes extra financing. If you make your goods or services unique from the rest you are able to have a solid customer base and remain profitable.

iii. No guarantee for success.
There is never a guarantee that your business will succeed. Therefore entrepreneurship is all about risk taking. That is why majority of people prefer jobs since the risk involved is minimal. Economic and political changes causes a lot of uncertainty when it comes to businesses. Changes in market demands and technological advancements can also make you run out of business. You must thus prepare for the worst case scenario as an entrepreneur.

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