Taking a plunge
into your own venture? Want to start your own business? Its not easy
as one would think. There are a lot of pros and cons that go into setting
one's own venture. Just keep in mind that life is not smooth sailing!
It's a roller coaster!
Owning a business
is not just another job. It's a totally different lifestyle. You have
to ask yourself whether you're ready for a complete commitment to the
success of your business.
As an entrepreneur,
there will initially be certain drawbacks - you will have less time
for personal life and you'll probably be using much of what you own
as a security to raise money for your business. If you are willing to
make these concessions, then let's move on to some of the advantages
and disadvantages an entrepreneur may face while starting their own
venture -
Advantages
•
Chances are that you will make a lot more money than you can make working
for someone else
• You are the boss and you will make the decisions that are crucial
to the success or failure of your business
• You will be the boss of other people
• You have job security - no one can fire you!
• You can practice what you preach! Being an entrepreneur will
enable you to put your ideas and concepts into practice
• Everyday is a new learning. You learn not only more about every
aspect of a business but also gain experience in a variety of disciplines
• You will get to interact directly with your customers
• You
will have the satisfaction of creating and running your business
• You
will have no lack of restrictions to work in an area / profession that
is of interest to you
Disadvantages
• Be
prepared for financial risks
• The initial stages of the startup will require you to work for
long hours, and that is tiresome!
• You may end up spending a lot of your time attending to the
details of running a business and less time on those things you really
enjoy. In short you will need to forgo a lot of things that you enjoy...but
it's only a matter of time! Your hard work and effort will give you
the desired results!
• There will be times when your income will not be steady
• You will need to undertake unpleasant tasks, like firing someone
or refusing to hire a friend or relative
• You need to learn many new disciplines, from something as mundane
as filing and bookkeeping to inventory control, production planning,
advertising and promotion, market research, general management and areas
with which you are not familiar.