For anyone used to hearing the common narrative of entrepreneurship, it can be easy to swoon over the potential this path can have over a traditional corporate job. The freedom to pursue your passions, the startup investment money flooding California, and the lure of being your own boss are amazing benefits. In truth, the pros and cons of being an entrepreneur can be two sides of the same coin. All of the freedom of working for yourself can come at the cost of your business consuming your life, and your life’s savings. But with enough business acumen and drive millions have overcome the challenges of entrepreneurship to start successful companies. Let’s take a look at some of the pros and cons of being and entrepreneur.
First and foremost, you have control over the work you like to do. Having a say in your job lets you focus on your strengths and skills. The result can be a lot more job satisfaction. Then there’s the excitement of entrepreneurship! Every day is filled with new challenges that test your abilities and skills as a leader. Many entrepreneurs thrive off of the risk-reward thrill of starting a business. This is not to mention the flexibility it affords you. When you are your own boss, you set your own hours. This simple fact can greatly improve your whole lifestyle if the 9-5 schedule is too constricting. The freedom and flexibility of entrepreneurship can’t be matched. It means working when you want, where you want, and however you want. Some entrepreneurs don’t even consider it work because they are doing what they love! Last but not least, as an entrepreneur you are the deciding factor behind your salary. Many employees jump ship from the traditional work environment because they feel undervalued at major corporations.
As I said before, the pros and cons of being an entrepreneur can be two sides of the same coin. While making all the strategic decisions may be a benefit, the amount of tertiary work involved with entrepreneurship can be daunting. Dealing with administrative tasks can take up a large chunk of your time. While your business is grinding to a halt over paperwork, there’s something knocking at your door trying to steal market space: the competition. Staying competitive is critical for every small business owner. Differentiating yourself from other businesses, building a brand, a creating a customer base can take years. The hard work involved with being an entrepreneur can often be lonely, thankless work. No one is asking you to bring a new idea to market or start a business, and the weight of the businesses success is squarely on your shoulders. Then there’s the very real possibility of putting the company before your own salary. If business slows down your personal income might be at risk, and staying realistic with your take can be challenging.