6 Pros and Cons of Entrepreneurship

Many people dream of becoming an entrepreneur and running their own business. But, if you’re one of these folks, don’t just jump into the business world with eyes wide open. Before making any decision, you must first know the advantages and disadvantages of entrepreneurship and decide if it’s the right choice for you. Here are some of the pros and cons you should consider.

List of Pros of Entrepreneurship

1. It lets you turn your ideas into reality.
When you’re an employee, you almost always have no choice but to follow what your employer wants you to do, which can make your life boring and monotonous. Even if you have a brilliant idea, you won’t get 100 percent credit for it since the company will use it and clam it as theirs. Fortunately, this won’t be the case when you have your own business. As an entrepreneur, you have the freedom to experiment with your creativity and make your ideas come true.

2. It gives you control over your schedule.
Employees don’t own their time since their boss tells them when they should start working and when they can stop. But, if you’re an entrepreneur, you can arrange your schedule as you see fit. Of course, you’ll still have to work hard to impress your clients and grow your venture, but you have the ability to schedule a client meeting later so you can watch your child’s school recital or attend a parents-teachers meeting.

3. It allows you to earn while doing what you love.
This is perhaps one of the biggest benefits of being an entrepreneur: you can earn a decent income while focusing on tasks and projects that you’re interested in. This isn’t the case when you’re employed; since your boss controls over your tasks, you can end up working on projects you hate.

List of Cons of Entrepreneurship

1. It removes financial security.
Being an entrepreneur means learning how to live without a steady paycheck. Unlike employees who expect a salary every month, you can earn only when you business earns. This can lead to financial difficulties if you don’t have enough savings before leaving your nine-to-five job and if don’t know how to properly manage your personal finances.

2. It gives you numerous responsibilities.
When you’re employed, you only have to tackle the tasks that you’re expected to do. But, when you run your own business, you have to wear many hats and take care of every aspect of your venture. This can mean managing your own books and accounts, answering calls and emails from clients and suppliers, and handing out leaflets to passersby outside your office — all in one day. Fortunately, it gets better as your business grows since you can outsource these tasks to others or hire people to do them for you.

3. It results to a hectic schedule.
You do have control over your time when you become an entrepreneur, but you’ll also have a fuller schedule since you’ll have more responsibilities to tackle. Your work extends beyond the traditional work day since your clients will want to call you beyond office hours and even during your weekends and family vacations. It’s up to you how to manage your time and find work-life balance.

These are some of the pros and cons of entrepreneurship. Make sure to weigh them carefully to decide if being an entrepreneur is the right step for you.