A lot of people wish they could be their own boss. How fun is being able to get work done the way you want it to and on your own time? How great is it to be able to dedicate more time to your family, especially when they need you the most? While being an entrepreneur does come with a set of perks, it too comes with a load of disadvantages.
List of Pros of Being an Entrepreneur
1. You do the work you like.
Not all entrepreneurs start off owning their business straight away. Most of the time they have to start somewhere, be it working in a particular field they are interested in to get to necessary experience or getting into a different field altogether just to save up money to pursue their passion. Whichever the case, getting to do work that you’re interested in and are passionate about makes you so much more happier and fulfilled, be it whipping up a meal or getting to write your own opinions of current events.
2. You have lots of flexibility.
Time is always something we are struggling against. There’s always so many things to do, lots of places to see, a dozen other people to meet but we always complain that there just isn’t enough time. Although being a successful entrepreneur does involve a lot of dedication, you basically own your time. You decide how much work you put in before calling it a day. As a result, you can better manage your time and how you spend it.
3. You have tons of freedom.
Running a business does require a lot of your time but as your own boss, you can choose to work whenever you want and however you want. And when you’re having fun doing what you do, it doesn’t feel like work at all.
List of Cons of Being an Entrepreneur
1. You have to deal with administrative tasks.
When you run a business, you need to check on finances and other administrative tasks. You were not used to doing this as an employee because all of those were done by people other than you. This isn’t the most fun aspect of being your own boss, but it is critical to the success of your venture.
2. You have to learn to be competitive.
Yes, you can always rely on loyal customers but making sure they stay loyal is another thing. You never know when a new business is going to pop up and take away a part of your client base. This is why you need to stay competitive which could simply mean keeping up to date on what’s new in your industry, what trends applies to your business and just getting to know your audience.
3. You have to deal with irregular payouts.
Most likely you have a fixed paycheck as an employee. But as an entrepreneur your income will vary on how well your business performed in a single day. There will be times when you will break even, there will be times when you go over the expected and there will be occasions when you will not perform well. All of these are part of being an entrepreneur.
Brandon Miller has a B.A. from the University of Texas at Austin. He is a seasoned writer who has written over one hundred articles, which have been read by over 500,000 people. If you have any comments or concerns about this blog post, then please contact the Green Garage team here.