Entrepreneurship is led by the desire and ability to establish a new business to fulfill the aspirations, goals, and passion of an individual. An entrepreneur is his boss and there is no one to interfere with the decisions, the way of working, or how to approach situations. On one side this may be exciting but again this means one has to take responsibility for his own decisions and actions. So entrepreneurship requires the ability to take risks and find the means to overcome them. Starting your own business and earning money by application of innovative strategies and methods can be rewarding and motivating.

The advantages and disadvantages of entrepreneurship attempt to balance the risk of a new idea with the rewards that happen if it takes off. “Starting a company extracts so much energy and conviction that not having a clear-cut goal and meaningful mission can hamper your success,” said Sami Inkinen, co-founder of Virta Health. In our previous article we have discussed about the advantages of entrepreneurship so, in this article we will discuss its disadvantages.

Mentioned below are some of the main disadvantages of entrepreneurship:

UNCERTAIN INCOME: Entrepreneurship doesn’t ensure a steady and certain income as in jobs. When in the job, there is a fixed monthly income but in entrepreneurship, the income flow is uncertain and not guaranteed especially in the early stage of a business venture.

YOU WEAR A LOT OF HATS. You are not just the owner of the company. You are the CEO, secretary, website designer, accountant, head of marketing, and janitor. That is, until you can afford to delegate this to contractors and employees. And then you take on the title of “employer” which, true, replaces some of these other titles, but also brings a whole new set of benefits and challenges to the table. So true, while you learn a lot as an entrepreneur, it is because you do a lot. There is a lot to juggle at once.

THE WORLD OF ENTREPRENEURSHIP IS GOING TO DOMINATE YOUR LIFE: Your productivity as an entrepreneurs is what will direct you toward success or guarantee your failure. There are no off days when you embrace this journey. You might have had fun playing Farm Town or Mafia Wars back in the day on Facebook, but that option disappears here. If you’re not working, then you’re not earning.

There are no paid lunches, no weekends off, no holiday pay, and no benefits. It is you vs. the rest of the world.

LACK OF INVESTORS/PARTNERS: Some ventures require a lot of investment but it is difficult to find investors or partners to work with due to the absence of a history of financial success. Sometimes entrepreneurs start a business in debt and have to work very hard to recover in course of time.

GREATER COMPETITION: As an entrepreneur, it becomes difficult to compete with established businesses in the same field due to a lack of resources in terms of knowledge, experience, and customer support.

ENTREPRENEURS DO NOT HAVE A GUARANTEED PAYCHECK WAITING FOR THEM: If you want to earn money as an entrepreneur, then it is up to you to make that happen. You don’t have a guaranteed paycheck waiting for you after every pay period like you would with a traditional employer. It is up to you to chase your money. That means you need to send out the invoices, find the people who don’t want to pay, and avoid the clients who think you should work for free because they can give you “exposure.”

STRESS LEVELS ARE HIGH IN THE WORLD OF ENTREPRENEURSHIP: Meditation is the most common habit that people have when they pursue an idea as an entrepreneur. They make time for it because the stress levels are so high when you are scratching and clawing for a successful opportunity with everything that you’ve got. 1 in 3 people say that they worry all of the time about something when they’re working for themselves instead of someone else. Loneliness is a problem for a similar number of people in this field.

Entrepreneurship can put you on a rollercoaster of emotions every day. It is an exciting world where your imagination is free to run wild. Every idea becomes a potential opportunity to find success. For many people who decide to embrace this lifestyle, the promise of more independence is worth the extra financial risks that are possible. The advantages and disadvantages of entrepreneurship create the potential for you to live the life that you want. Even if it takes several years to start earning the profits you want, it can be a very happy life waiting for you.

Published in The Daily National Courier, September, 16 2022

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