The Pros and Cons of Entrepreneurship
Entrepreneurship is a very unique career choice. Working for a company or starting your own company are two completely different endeavors. Each has its pros, and its cons. So, when you are evaluating the decision of whether or not to go off on your own - it is helpful and wise to consider some of the pros and cons ahead of time.
The biggest pro to entrepreneurship is being able to be the captain of your own ship. As an entrepreneur - you are able to make the decisions, control your own destiny, and potentially make something special happen for yourself. The wealth potential is usually going to be considerably higher when you are running your own business because the sky is the limit. When you work for a company, usually they are making money off of you or else they wouldn't hire you - so by working for yourself, you have the chance to earn what you deserve.
Another pro to entrepreneurship is to set your own hours. When you work for yourself, you don't have to tell your boss you'll be leaving early for an appointment. If there is a big game on - you can leave when you want or watch it in your office. You can also travel more freely, and attend conferences, events, or other functions when you want. Some people work better at night - others work better very early in the morning - when you are your own boss you can usually work the hours that suit you best.
Another pro is the experience. When you work for yourself - you get fantastic experience. You learn how to manage people, do accounting, form partnerships - and everything else involved with running a business. This experience is often invaluable and you may not get it from working at a larger corporation.
Lastly, being an entrepreneur is extremely challenging. You feel you are truly living up to your potential and you rarely feel marginalized. A lot of times when working for a company you are just another cog in the wheel and if you left - things would run as they were before. This is clearly not the case when you run you own business because if you ever left - the business would be severely impaired.
However, before you run off and start your venture, you should also be aware of the cons. The biggest con would be the risk. When you have a day job with a company, you know how much you are going to make in a given year. You usually know what benefits you have, and you can expect your salary payment every two weeks. When you work for yourself, its not so simple. There will be times when there isn't enough money to pay yourself, so you can't rely on a steady salary as things are going to fluctuate. Plus, there is no guarantee that you'll make anything. Not to mention, the legal risk - when you have a day job you rarely have to worry about getting sued. When you are on your own, legal is something you have to concern yourself with.
Running a business can be stressful. Pressure creates stress, and being an entrepreneur is often a high pressure job. While a pro is the excitement you'll get from being in charge of the business, a con is the stress that is certainly going to come with the territory. Some entrepreneurs handle the stress fine, others have their blood boiling way too often. When you work for yourself, it can be helpful to figure out a way to manage and reduce your stress level.
When you run a business, you have to do worry about everything. The accounting, setting up internet, leasing office space, filing paperwork with the state, bringing in revenue, marketing the business, setting up partnerships, etc. And, it can be fun being in charge of all of this but it of course is a lot of responsibility. As you grow, you can of course outsource so that you aren't doing everything - but then of course you will be managing everything so it will all still be on your mind.
Lastly, one of the biggest cons to entrepreneurship is not being able to step away. When you run your own business, it is on your mind often. It can be difficult at 6pm on a Friday to step away and not think about the business until Monday morning. This is a key con for many people - because entrepreneurship can cut into the enjoyment you get from other things in life.
So, as you can see - this is not an easy decision. Hopefully by learning some of the pros and cons ahead of time, you'll be able to make a more informed decision.
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