The Pros and Cons of Entrepreneurship
In America today, as of August 2013, the unemployment rate was 7.3 percent. Many students graduating from college are faced with many challenges with one of them being whether to work for corporate America or to start their own personal business. The opportunity to become an entrepreneur is a freedom that each individual has the option to pursue within America. It is a well known fact that becoming an entrepreneur has its advantages and disadvantages. Both pros and cons must be considered by the individual before taking on such a venture in the business world we live in.
The Characteristics of an Entrepreneur
Entrepreneurs tend to be people with common qualities. Some of those are commitment, and dedication beyond the norm. They tend to have an open mind and the desire to be an expert at what they do. They are people that have a constant flow of ideas and a never ending desire to succeed. They are tenacious, have a thinking ahead sort of approach on life, and are a constant flow of ideas. The Pros of Entrepreneurship
There are many benefits that come along with starting your own business, with the two most important being personal and professional. As an entrepreneur a few personal benefits are having the freedom and ability to pursue a career that is your passion, something that you always dreamed of doing. You also have the option to decide when, where, and how often you want to work and be involved with the business. One can decide where to live, avoiding long commute times, which in turn can free of hours that then can be dedicated instead to the business. There are not many limitations placed on an entrepreneur because they do not have others they are working for and working under, making the amount of freedom you have with your business unlimited. Starting your own business is usually looked upon as risky and non-promising, but the potential for success and financial gains are definitely there. Professional benefits range from faster advancement, as the seniority structure is non-existent, with the opportunity to pursue your own ideas for products and services at your own pace.
Entrepreneurs are challenged at a very high level and because of this the statistics show that their businesses grow at a very fast pace. There are financial tax benefits with running your own business with the success of your business not tied to the economic ups and downs as corporate America is constantly. In 2009, an article in the USA Today documented research that states “self-employed businesspersons were four times more likely to be millionaires than those in traditional employer-employee roles.” The Cons of Entrepreneurship
There are also disadvantages that come with business ownership that must be considered by the entrepreneur. Entrepreneurs must be able to cope with constant change based on many economical influences. Factors such as the economical trends and consumer buying along with competition are areas where the entrepreneur must always be planning and changing business strategies to accommodate. One major disadvantage with starting your own business is the potential for financial discomfort. The financial impact of business startup can be difficult to budget and plan for. Many entrepreneurs spend countless evening hours, after their day jobs have finished, working on their personal business. If the venture is full time, with no day job involved, then the entrepreneur will also not be guaranteed a regular paycheck which can be stressful.
What you produce and sell is what you will receive financially, so being self sufficient and hard working goes without saying. The fact that the business as a whole could fail, leaving you with full responsibility and the possibility of dealing with debt, is another financial risk that comes with the adventure. Another important financial disadvantage that must be well thought out, is the need for the business to provide specific insurances and possibly 401k retirement plans for each employee. Personal disadvantages can range from the entrepreneur not having a “network” of others to rely upon for support, ideas, and help until the business grows, along with the constant challenges that will comes with business ownership. Conclusion
In conclusion, whether you are buying a franchise or starting your own business, the choice to be an entrepreneur comes with risk factors and also huge benefits. A well thought out business plan along with a thorough understanding of the pros and cons of entrepreneurship are the first steps towards the starting your own business.
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