There are advantages and disadvantages to entrepreneurship, some of which as summarised below:
Often people do not feel fully compensated for the work they do. Becoming an entrepreneur means you can reap the benefits of all your hard work. Many of the Ireland’s richest people are successful entrepreneurs. Becoming an entrepreneur means you have to leave behind the security of having a paycheck each month.
Having control over your work schedule means that you can choose when to take time off and work the schedule that suits you best. Although entrepreneurs benefit from a flexible schedule they often have to work very long hours particularly in the start-up phase. Furthermore entrepreneurs’ work schedules are never predictable and they must deal with emergencies that may occur at any time.
Entrepreneurs are able to make all of the decisions relating to their company themselves; they have complete control. This allows for a huge degree of independence and a chance to shape one’s own career. Being responsible for all decisions can be quite stressful and handling such responsibility can be difficult.
Becoming an entrepreneur is a very exciting time, from the idea and start-up to the development and realisation of the product or service. There is also great risk attached to entrepreneurship. The success or failure of the business rests with the entrepreneur.
After comparing the advantages and disadvantages, you will have to decide if you can realistically handle the responsibility of running your own business. Being an entrepreneur is a huge responsibility with many risks attached. In business decisions should be carefully considered. Risk assessment (giving thoughtful consideration to potential costs and benefits) and the collection of relevant information are key to successful decision making.
Entrepreneurship can offer levels of fulfilment and achievement that are hard matched by any other type of employment. A great idea teamed with passion and commitment will certainly help a new entrepreneur overcome many of the challenges posed by starting their own business.