Opportunity to gain control over one’s own destiny Managing the business you own provides independence and opportunity to achieve one’s personal goals. The business as an extension of the owner is often a means by which one can accomplish what is most important. Opportunity to reach one’s full potential Many individuals get bored after years of reporting daily routine and complained about exploited and still not reaching his/her full potentials. In managing a business you own all of one’s skills are likely to be challenged as never before and the limits of creativity as well as physical endurance are put on the block. Managing one’s own business strengthens character and challenges one’s abilities.
Opportunity to benefit financially The entrepreneurial landscape has ten of thousand of sues stories in money terms. In many cases, rags to riches examples reflect the founder’s creativity, ingenuity, hard work and dedication to business. In most cases the financial rewards are a result of a lifetime of smart business practices and risk taking. Opportunity to contribute to society and be recognized for one’s efforts Recognition for honest dealing as well as service to customers and community is a major encouragement and inspiration among entrepreneurs. Being part of the business system and knowing that one’s work has a direct bearing on long-term success of the economy is yet another reward for the entrepreneur.
Drawbacks/disadvantages of being an Entrepreneur: Uncertainty of income Putting up and running a business provides no guarantee that any entrepreneur will earn enough money to survive. Some small businesses rarely earn enough at early stages to provide the entrepreneur with an adequate income or even loss all the hard-earned money. Risk of losing the entire invested capital Putting a new business expose the entrepreneur to all forms of risk including losing all amounts you have worked for in life. This sad reality which many entrepreneurs have experienced may have scared prospective entrepreneurs.
Long hours and hard work Establishing and managing a self-owned business entails tremendous investments in energy and time to get the business off the ground. In start up phase in particular, the entrepreneur frequently does everything alone- from raising the funds, producing the goods and marketing the finished product. Lower quality of life until the business get established The long hours and hard work needed to launch a company can take the toll on one’s family and social life. Business owners find that their role as spouse or parent takes a back seat to their role as entrepreneurs.
Complete responsibility It’s to the big boss, but many entrepreneurs find that they must take the decisions in issues about which they are not really knowledgeable. Where there is no one to ask, the pressure can build up quickly. Their decision can lead to success or failure of the business and have devastating effect.