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 next?
Let’s start by covering 12 of the most mentioned benefits of being an entrepreneur to inspire you on your journey:
1. You can choose your own hours.
2. You are free to travel.
3. You can take sick or vacation days when you need them.
4. If there are necessary tasks that you don’t enjoy or don’t 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 the opportunity to shine without restrictions.
8. You do not have to wear a uniform or follow the company dress code.
9. You enjoy greater 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 lead 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 take advantage of it.
Of course, entrepreneurship is not all sunshine and freedom. According to the American Small Business Association, one-third of small businesses fail in the first two years and more than half fail in the first five years.
Not surprisingly, entrepreneurship challenges represent the flip side of the advantages we discussed above:
1. Choosing your own hours can result in wasted time without 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 or vacation days, so you must decide how much each day off is worth to you.
4. You are responsible for completing any tasks that you cannot outsource.
5. Hiring employees means you must learn how to interview, advocate for workers’ legal rights, and coordinate payroll.
6. If you don’t already have the leadership skills to lead others, you’ll take a crash course once you hire freelancers or employees.
7. You should limit all of your innovative ideas to those that have the greatest potential to help you achieve business success.
8. If you don’t maintain a professional appearance in person and online, you’re bound to look bad at your company.
9. You are responsible for financing your business, even if you are operating at a loss.
10. Only results are profitable, not time, so you might work hard and still end up disappointed.
11. You must be familiar with every aspect of how your business operates, including those that may not interest you, to ensure everything runs smoothly.
12. Only you can motivate yourself to achieve business success.
To summarize, let’s say that with freedom comes responsibility. If you can’t handle one, you’re not ready for the other yet.
Of course, I don’t think people should give up on their dreams. Just make sure you arm yourself with knowledge and understand what you’re getting yourself into.