12 Benefits and 12 Challenges of Being an Entrepreneur
All over the world, people are breaking free from the traditional employment model and choosing to achieve business success as entrepreneurs. Will you be the next?
Let’s start by covering 12 of the most commonly-mentioned benefits of being an entrepreneur to inspire you on your journey:
1. You can choose your own schedule.
2. You are free to travel.
3. You can take sick days or vacation days whenever you need them.
4. If there are necessary tasks you don’t enjoy or have time for, you can outsource them.
5. You can select your own employees.
6. Learning to be a better boss also teaches you to be a better employee.
7. Your innovative ideas have a chance to shine unfettered.
8. You do not have to wear a uniform or follow a company dress code.
9. You enjoy better job security than most people.
10. Entrepreneurship teaches you the benefits of hard work.
11. You can always feed your curiosity by learning more about every aspect of your business.
12. Your ambition can always drive you to greater heights and business success.
As you can see, entrepreneurship is becoming popular because it comes with a whole new lifestyle for those who are willing to seize it.
Of course, entrepreneurship isn’t all sunshine and freedom. According to the United States Small Business Association, a third of small businesses fail within the first two years, and more than half fail within the first five years.
Not surprisingly, the challenges of entrepreneurship represent the flipside of the advantages we discussed above:
1. Choosing your own schedule can result in wasted time without the proper time-management skills.
2. Even while traveling, it may be necessary to handle work-related crises, because you are basically always “on call.”
3. There are no paid sick days or vacation days, so you must decide how much each day off is worth to you.
4. You are responsible for completing any tasks you can’t afford to outsource.
5. Hiring employees means you must learn how to conduct interviews, uphold workers’ legal rights, and coordinate payroll.
6. If you don’t yet have the leadership capabilities to direct others, you will be taking a crash course once you hire freelancers or employees.
7. You must narrow all of your innovative ideas down to the ones that have the most potential to help you achieve business success.
8. If you don’t maintain a professional appearance in person and online, it is sure to reflect poorly on your company.
9. You are responsible for funding your business, even if you’re operating at a loss.
10. Only results are profitable, not time clocked, so it’s possible you will work hard and still end up disappointed.
11. You must be familiar with each aspect of how your business operates, including those which may not interest you, to ensure everything is running smoothly.
12. Only you can motivate yourself to achieve business success.
To sum it up, let’s say that with freedom comes responsibility. If you can’t handle one, you aren’t yet ready for the other.
Of course, I don’t believe people should give up on their dreams. Just be sure to arm yourself with knowledge and understand what you are getting yourself into.
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