8 Advantages and Disadvantages of Entrepreneurship
Entrepreneurship is becoming more popular these days, as many people are becoming interested in gaining freedom from their employment. Rather than working for a company, they are branching out into becoming entrepreneurs and becoming their own boss. As this trend is growing at a fast rate, it is time to look at its advantages and disadvantages.
List of Advantages of Entrepreneurship
1. It gives a great amount of freedom.
If you are working for a boss and a company, you need to meet all their requirements and only have very little freedom on the job. On the other hand, if you start your own business, you will be able to make your own demands and set your own schedule. You dictate everything you do, giving you a level of freedom that you will not see when you are employed.
2. It can be exciting.
Entrepreneurship can be very exciting, with many entrepreneurs considering their ventures highly enjoyable. Every day will be filled with new opportunities to challenge your determination, skills and abilities.
3. It allows you to set your own earnings.
Of course, you will be the one setting your own wage and making investments when you own the business. The work that you do would be for something you own, which can be a huge advantage compared to when you are working as an employee for a certain company.
4. It offers flexibility.
As an entrepreneur, you can schedule your work hours around other commitments, including quality time you would spend with your family.
List of Disadvantages of Entrepreneurship
1. It requires you to dedicate a huge amount of time.
One big challenge in starting your own business is the amount of time you have to dedicate to it. Remember that entrepreneurship is not easy, and for it to be successful, you have to take a level of time commitment that many people are just not willing to make. And even if you are able to enjoy flexibility in your work schedule when your venture does become successful, you will still have to dedicate a substantial amount of time to growing the business.
2. It can be difficult to compete with other businesses.
It is very important for an entrepreneur to stay competitive. This means that you have to differentiate your business from others in your niche in order to build a solid customer base and, finally, become profitable.
3. It does not guarantee 100% success.
Entrepreneurship would make your dreams come true, which does not often happen with traditional employment, but you need to make some sacrifices to make it happen. You should know that this type of venture does not guarantee 100% success.
4. It comes with unpredictable work schedules.
One major drawback of being an entrepreneur is that more work and longer hours will be required from you than being an employee.
While you want to become your own boss, you must first know the amount of effort, time and investment to make your venture successful. Even though there is a lot of rewards coming from it, it also has certain downsides.