As an entrepreneur, you have to be willing to take risks and face the consequences. We all remember the story of Facebook and how its founder, Mark Zuckerberg, had to drop out of Harvard in order to pursue his dreams. What you may not know is that his father was furious and called him irresponsible for not finishing school. But dropping out of college might not be the only risk entrepreneurs need to take. There are many other drawbacks that come with being an entrepreneur, such as long work hours, no health insurance, complex relationships with employees, and constant worry. But there are also many benefits such as setting your own hours, having high self-esteem by doing what you love most, anad becoming your own boss. Are these pros outweighing the cons? Read on to find out! Pros and Cons of Being an Entrepreneur Being an entrepreneur is a challenging endeavor, and there are many pros and cons to this lifestyle. The pros of being an entrepreneur include: setting your own hours, having high self-esteem by doing what you love most, and becoming your own boss. As an entrepreneur, you’ll be able to work for yourself and make your own decisions for your business. You’ll also be in charges of ensuring all the necessary tasks get completed, such as marketing, sales, customer service, and more. That said, there are also several drawbacks that come with being an entrepreneur that you should consider before making a decision. One drawback includes long work hours. It’s not uncommon for entrepreneurs to work upwards of 70+ hours a week to keep up with their business. Another disadvantage includes no health insurance benefits from the company they have started, which means they have to pay for these benefits themselves or go without them entirely. Additionally, being an entrepreneur can lead to difficult relationships with employees because they could feel undervalued by their boss if things don't go according to plan or if their boss doesn't communicate well with them on a regular basis or support them when needed. Lastly, entrepreneurs often worry about their business continually going downhill, which can cause anxiety for some people who may not be strong mentally or aren't prepared for these types of challenges that come with entrepreneurship. Life as an Entrepreneur Being an entrepreneur can be demanding. You must be conscious of the pros and cons of being an entrepreneur. Operating as an entrepreneur is distinct from working for someone else. You are your own boss, so you set your hours and work on the projects you want to do. If something goes bad or a project doesn't go as planned; it's usually your responsibility. There is no one else to accuse but yourself--good thing you're prepared! One of the most important things to remember about being an entrepreneur is that it takes a lot of hard work and perseverance. You can be discouraged by setbacks or difficulties that come up in the process, but these obstacles simply test how determined you are. Many entrepreneurs tell tales of long days and nights at work because they love what they do and want their business to succeed. Entrepreneurship is not for everyone--it's a life-long commitment with intense risks and rewards. Financial Aspect Set your own hours is a tremendous advantage for individuals who have families and live in different time zones. They may need to work at odd hours to take care of their family or to continue product development. Additionally, not having to adhere to someone else's schedule means that entrepreneurs save time on commuting, which is both expensive and time-consuming. Another perk of being an entrepreneur is that you're able to reap the financial rewards of your success. For example, if you are creating a service-based company or any company where it's difficult to make a monetary profit, the financial aspect may not be as enticing. Rather than hiring employees, these companies hire contractors who are paid per project instead of salaried employees who are paid monthly or weekly no matter how much work they get done. The downside? You won't see big paychecks coming into your bank account because there are no salaries! Work-Life Balance One of the cons of being an entrepreneur is that work-life balance can be challenging to support. There are many days when you'll have to put in more hours than usual to keep your business afloat. It's hard to find time for family, friends, or hobbies. This is because you are often working around the clock trying to make your business succeed. Work-life harmony becomes even more complex when you have workers. Employees are people who work with you, and it's important to be understanding of their needs as well. You may not always be able to give them the hours they're looking for because of contractual obligations or other commitments on your part, but it's crucial that you give them enough hours so that they don't feel like they're leaving their jobs every day feeling unfulfilled. Relationships with Employees One of the biggest downfalls of being an entrepreneur is that entrepreneurs need to invest time in nurturing relationships with employees. Entrepreneurs need to know when to take a hands-on approach and when to remove themselves from a situation. This can be challenging because you may not have any formal training in how to deal with these situations. As an entrepreneur, you'll likely be working long hours and neglecting your personal life, which can lead to feelings of guilt, stress, and low self-esteem. In today's society, where it's hard enough to find time for yourself, this can become even more difficult. In contrast, you're able to control when you work and when you don't work, so there will never be a conflict between your work schedule and other aspects of your life outside the office. The decision to be an entrepreneur is a big one, and it's important to be aware of the many pros and cons before you take the leap. For some, entrepreneurship is the perfect profession, but for others, it may not be the right choice.
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June 2020
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