Start A Small Business – The Pros and Cons of Being an Entrepreneur
Are you ready to start a small business and taking back control of your life and your family’s future? Starting a small business and being an entrepreneur can be a twenty-four-hours-a-day, seven-days-a-week obsession. It can be extremely rewarding or very painful. Being your own boss can be exhilarating one minute and terrifying the next. So can being financially responsible for the success or failure of your enterprise.
As you read the pros and cons listed below, think about what you want out of life. What are your priorities? If being independent, working hard, and building your own fortune are goals of yours, and you aren’t afraid of taking risks and possibly failing, entrepreneurship may be for you. If you value financial security and the support of colleagues, you’ll probably do better as an employee rather than an entrepreneur.
Pros of Starting A Small Business
Independence:
Business owners do not have to follow orders or observe working hours set by someone else. Entrepreneurship can even provide an opportunity for someone to prove to society what he or she can accomplish.
Satisfaction:
Turning a skill, hobby, or other interest into your own small business can be very satisfying.
Financial Reward:
Through hard work, the sky is the limit. Most of the great fortunes in this country were built by entrepreneurs. Countless small businesses have grown in to large companies that have produced fortunes for their owners. Many entrepreneurs also create wealth by building businesses and selling them when they have become profitable. A successful business can sometimes be sold for a tremendous sum.
Self-Esteem:
Knowing you created something valuable can give you a strong sense of accomplishment.
Cons of Starting A Small Business
Business Failure:
Many small businesses fail. You risk losing not only your money but also the money invested in your business by others. Henry Ford, the founder of Ford Motor Company, had several small business failures before making it big. He once said, “Failure is a chance to begin again more intelligently. It is just a resting place.” He also said, “We learn more from our failures than our successes.”
Obstacles:
You will run into problems that you will have to solve by yourself. You may face discouragement from family and friends. Liz Claiborne’s family was dead set against her becoming a fashion designer and starting her own business. Her father was afraid the business world would be too rough on her. Claiborne proved him wrong by building Liz Claiborne, Inc. into a billion-dollar corporation.
Loneliness:
It can be lonely and even a little scary to be completely responsible for the success or failure of your business.
Financial Insecurity:
You are not guaranteed a set salary or any benefits. You may not always have enought money to pay yourself. King C. Gillette invented the disposable razor and started the Gillete Company, which is a billion-dollar business today. In 1901, though, Gillette’s fledgling company was $12,500 in debt – a lot of money back then. As Gillette recalled, “We were backed up to the wall with our creditors lined up in front waiting for the signal to fire.” Gillette managed to secure financing from a Boston millionaire and save the company. An entrepreneur may face equally intense financial challenges many times.
Long Hours/Hard Work:
You will have to work long hours to get your business off the ground. Some entrepreneurs work six or seven days a week. During the early years of establishing McDonald’s restaurants, around the country, Ray Kroc worked about eighty hours a week. His simple motto was, “Press on.”
As you may have realized while reading the above pros and cons of starting a small business and being an entrepreneur, they often represent two sides of the same coin. The hard work of establishing and running your own small business can reap great financial rewards and build your self-esteem.
Although you may face loneliness, financial insecurity, and other setbacks, as you overcome these obstacles you will become a much stronger person. Even if you r business fails, you will have gained valuable business experience. Your next business will be more likely to succeed.
Wishing you nothing but success,
Hiro Kaneko
Internet Marketing Business Coach
I agree that being an Entrepreneur has its own pros & cons. I myself is an businessman and the financial insecurity and irregularity of the income is biggest hinderence for me.
The social media if used correctly can bring in good amount of traffic and revenue for a website and bring success for the business.
I'm just starting out with my business and most people around me think that it's crazy and that it's not going to work, and I should just settle for the job that I have right now. Your post was definitely encouraging and I know that even if I fail, it's going to be my learning experience. Right now I went to Trianz and I'm trying to stay informed. Great inspirational post.
hi Dennis. i say, “forget the naysayers!!”. Many of them (especially friends and family) have good intentions. But unless they have achieved what you want to achieve, it's not prudent to listen to their advice… even if they have good intentions. Sincerity does not equal the truth. People can be sincere and completely wrong
Good luck with your business, and let me know if i can be of any help. Remember, happiness and fulfillment often comes from the process, not at the end of the journey 