MERITS AND DEMERITS OF AN ENTREPRENEUR

The advantages of entrepreneurship are incredibly the greatest of becoming an entrepreneur and find out how you can experience these advantages while starting a business.

Below are the advantages and disadvantages of an entrepreneur.

Advantages

• Flexible schedule: Entrepreneurs do whatever they want and whenever they want to so far it does not discredit the company or interfere with a client’s timing. They can also make out time for family issues unlike the other factions working round the clock from 8am to 4pm and making sure they don’t miss out on their job schedule and it is also healthier so work within ones strength and limit as your energy can go for a period. Being an entrepreneur makes your time and calendar a flexible one.
• Autonomy: Owning your personal establishment helps you to make reasonable changes without waiting for anybody to sign off on it which might delay company’s growth and development, this does not mean that they don’t seek advice from other business owners or advisers but they knowing when and where to make changes helps the business grow faster and wealthier. Entrepreneurs also get more engaged and with their work and are less exhausted both physically and emotionally.
• Creating skills that aligns with your carrier and according to their passion: most starting entrepreneurs do start their business according to their passion before expanding into much bigger enterprise. This also helps the entrepreneurs to sharpen their skills and employ it in their business.
• Constant growth and development: Business owners are forced to improve their skills from production, marketing and closing of deals, and they also create ideas that helps the establishment grow. Every business owners must improve in their business deals, if not the business growth will remain stagnant.
• Meeting people with like-mind: Meeting like-minded people also helps an entrepreneur to sharpen their skillset and know the areas to improve in running their business. Connecting with people of like-mind or mentors helps one brainstorm with fellow professional and ask for help during tough times.
• Selecting who to work with: In our present time, people get jobs according to who connects who but being an entrepreneur helps one to choose someone with skills to work for a certain position in the company and also knows when to employ one whose skills needs to be sharpened.
• Greater confidence: Battling with self-doubt and overcoming challenges boost confidence and helps entrepreneurs understand what and what they’re capable of doing.
• Leadership experience: Managing human is one of the qualities of a good leader. Leadership skills also includes self-discipline, communication, passion, optimism and unrelenting.

Disadvantages

• Risk Bearer: Bears the risk alone, if the business of an entrepreneur fails, since he funded the business alone with the view of taking the profit alone, he alone also bears the loss and risk bankruptcy.
• Profit Take: At the beginning the business owner might not be earning much to carter his needs as he continue to nurture the business and fund the business.
• Stress Level: Might be experiencing much stress at the beginning while trying to setup the business.
• Difficulty in finding investors: The need to find investors may arise and since the business is still too young, it will be difficult for investors to show interest in investing into the business.