Category Archives: Entrepreneurship

Thinking about being an entrepreneur?

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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.

Being an entrepreneur

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An entrepreneur also known as a self-employed person enjoys becoming his/her boss and coming up with his/her business regulations. In addition to that, they become stable and gain control that may not be achieved by regular employees. In case you’ve been thinking of being self-employed, you should know the merits and demerits of taking this role.

Advantages.

The ability to be innovative.

One can create new ideas and products to meet the needs of an existing market niche a process called innovation. By being innovative, one develops new profitable industries. This almost guarantees that people will stand in line to give the self-employee his or her money so that they can have their needs satisfied.

Setting your price.

Another advantage of being a self-employee is the ability to set one’s price. Since entrepreneurs can develop new products that never existed before, they can also determine their price.

Flexibility regarding income and lifestyle.

Because the employee has the potential to set his/her price for his goods and services, he can determine the kind of revenue and lifestyle he/she wishes to maintain.

There is an option to diversify.

He/she can create one or many different businesses. This is the best reason for being self-employed. One can create a business to meet the needs of a particular market. Once you have the business up and running, you move on to creating another business model. This allows these self-employees to create as many income streams as possible.

Disadvantages of these employees;

There is No Regular Salary.

Once you initiate a business, you ought to be ready to leave behind the security of having a paycheck each month. Even successful self-employees experience lean months when all financial resources are being taken up by the new business.

Work Schedule.

Despite having the luxury of flexible schedules, this self-employed person also sacrifices his/her time especially during circumstances that need him/her to work for long hours.

Poor administration.

Since this is his/her boss, all the main decisions are made by him/her. This is a burden and handling such responsibility is quite difficult.

The advantages and disadvantages of being an entrepreneur

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Entrepreneurs appreciate the flexibility of settling on their own business choices and turning into their own particular managers. What’s more, they likewise pick up the solidness and control that would never be accomplished as a standard worker. In the event that you have been longing for getting to be distinctly one of these business people, you ought to discover the disadvantages and advantages of going up against this part.

Advantages of Entrepreneurs

Energy: contrasted with being normal representatives, business people appreciate much fervor starting from the planning phase of the business up to advancement and acknowledgment. Adrenaline junkies clearly love being business visionaries as they are presented to a lot of hazard. You ought to always remember, that all business hazards that you concede to taking, ought to be computed.

Pay Potential: a great many people who are utilized for the most part feel that they are not being adjusted for the work they do. Furthermore, they should take after the pay structure set by their managers. Business visionaries, then again, procure cash that is equivalent to their fences Ipswich

Adaptability: having control of work routines and duties makes the life of these business visionaries fortunate. They can take excursions anytime and invest much quality energy with their families.

Freedom: for individuals who cherish not being answerable to anyone else but rather themselves, turning into a business person would most likely be great. They would have the capacity to settle on choices without the weight of getting let go.

Disadvantages of Entrepreneurs

No Regular Salary: when you begin a business, you ought to be set up to desert the security of having a paycheck every month. Indeed, even fruitful business people encounter lean months when every single financial asset are being taken up by the new business.

Work Schedule: in spite of the fact that they have the advantage of an adaptable calendar, business people likewise make gives up particularly amid circumstances that oblige them to work longer hours. Not at all like customary representatives who are not stressed a lot over the status of the business, business people must ensure that everything is going great.

Organization: since they possess the business, every real choice are made by business people. This is a significant weight and handling such obligation is very troublesome. Each choice specifically influences the eventual fate of their organizations and maintaining a strategic distance from expensive slip-ups is basic.

Subsequent to contrasting the advantages and disadvantages, you should choose in the event that you can reasonably handle every one of the duties of owning your own business beside being set up for every one of the dangers you need to take. In any case, on the off chance that you look carefully, being a business visionary is still alluring particularly with the feeling of satisfaction and achievement they pick up from beating all chances and defeating all difficulties. For whatever length of time that you have energy and duty, you will have the capacity to handle these disadvantages wonderfully.

Those settling on the choices may not know as much about the issue, economic situations and so on as they think they do. While they settle on speedy choices, they are not really the best choices, and it might be better for the business to have a pro manager set up who is a specialist in a specific territory.

It might likewise not be a reasonable organizational structure if the business develops, as the leaders have essentially excessively numerous choices to make. As expressed before, choices can be made rapidly in an entrepreneurial business structure. In any case, if there are so many choices to be made bringing on postponements as various representatives sit tight for answers, it might really be faster to choose a manager and delegate obligation to them for settling on specific choices.

 

Check out this video on 50 entrepreneurs giving out advice. Its awesome