Five Advantages And 5 Drawbacks of Entrepreneurship
They get, you know, whatever they want from their earnings, and their earnings go into their own company.
The essence of entrepreneurship has been growing gradually over the past years while 21st-century witnesses a rigorous crave for adopting entrepreneurship as a profession. The job of an entrepreneur indulges with the evolution of new innovative ideas that could be implemented in the market society as an item generating economic value. It remains the base and root of any business, it is the entrepreneur that builds up the business idea, plans out strategies, and adds innovation and uniqueness into the business medium along with the product or service to execute business process generating economic returns.
The gradual shift in the increase in preference of adopting entrepreneurship as a profession from being an ordinary employee of any company rests the cause of establishing oneself without being limited to be a part of the company; and employee. The spirit of freedom in work, working under no such limitation, being one’s own boss, stimulates the vibe of entrepreneurship in people. The growth of entrepreneurship nowadays reaches its limit as most of the people are gradually turning to open their own business, be their own manager thus relief from the problems creeping out in employment issues in today’s world.
Some of the features that make entrepreneurship more popular with increasing preference could be elucidated below:
1.Adopting the essence of freedom to work
One of the prime reason behind the growth in adoption of entrepreneurship as an occupation stands to be the freedom it provides to the entrepreneur. Freedom here denotes not being restricted to be a limited section of a company, no such boundaries in implementing new innovative ideas, not being called an employee regulating under the regulation of a boss. As an entrepreneur, you are supposed to be the head of your company.
It is you who is supposed to frame every section of the business, emerging right from the crafting the policies, managing risk, controlling market promotion, building exclusive ideas that would attract the consumers and all that you need to do to adorn and let your business flourish. There remains no pressure from the top authority while you are not bound to work in accordance to your boss and the regulation framed by the authority.
2.The entire process remain truly exciting
Needless to mention, the journey of an entrepreneur stands rigorously adventurous and extremely exciting. For a blooming entrepreneur crafting new ventures, planning new strategies, executing innovative ideas combines to make the entire process extremely delightful. Confronting and managing new challenges every day, meeting up new opportunities, building and implementing various new skills that will help in creating the exclusivity of the company.
3.Set Your Own Earning
When an employee works for a company, the authority deals in regulating the income, your earnings are predetermined by your boss in the company you work. In that case, your earning gets limited to a certain extent every month. Whereas, for entrepreneurs, it is they who determine their monthly earnings.There remains no limit in earning in the profession of entrepreneurship.
4.More Flexibility At Work
If you are not under any system controlled by an authority, you are free to mend and decide your own working hours, handle commitments according to your daily routine thus living a life full of freedom, not required to answer to any authority, as you turn to be your own authority. This definitely provides you with more time to spend with your family and close ones and work according to your flexible time.
5. Enthusiastic In Learning Process
Being a blooming entrepreneur you always imbibe the spirit of enthusiasm in learning the new process in order to set up your business. In the process of crafting your own company, you come across many situations that leave you with a lot of experience thus you get to learn a lot from in the process. This learning process definitely does not make you bore or turns monotonous as every day you come across something new, meeting and dealing with challenges that do not only test your skills but also provides you with lessons and experience in the field of business.
Howsoever, choosing freedom of entrepreneurship as a profession does not only results in providing various advantages but definitely does include several drawbacks that need to be attending well in order to shine in the sphere of being an entrepreneur.
Some of the disadvantages involved in the process could be mentioned and explained.
1. To Take In and Confront Risk
The career of an entrepreneur remains filled up with uncertainty and risk. The profession of entrepreneurship keeps risk as its prime factor struggling all throughout to attain success. The way to success is to work hard and confront challenges in the right way thus raising above it to shine for glory.Entrepreneurship and risk being the two ends of a coin, the implementation of risk management stands inevitable in the process.
2. Takes a lot of Time
Being an entrepreneur, in a bid to experience the taste of success, you need to work hard. For a blooming entrepreneur it will take ample amount of time in a day, working day and night on your startup to make it a success.
3. No Guarantee of Success
Life of an entrepreneur being tossed on the field of risk definitely does not guarantee 100 success. It is the entrepreneur who is responsible for turning the entire startup into a success. They may experience loss can also witness the profit.
4. Unpredictability at Working Schedule
Being the head of any organization, the entire business responsibilities rests on the shoulder of the entrepreneur. An entrepreneur needs to work all throughout the day planning and crafting strategies, building new and innovative ideas and implementing them, look at the employees of the startup, controlling the risk and so on. Thus,unpredictable working schedule remains very natural.
It may be any time in a day, the entrepreneur may have to rush to meet some immediacy for any requirement in the plans of the startup. You do not get restricted to a fixed time frame like that of office hours.