Have you thought about starting your own business? “I want to start my own business “has become the saying of the day. Every other person want to start their own business. Even so, before starting your own business, it’s important to think twice since it comes with advantages and disadvantages. Entrepreneurship is like farming, you have to plant the seed, weed the seedlings while watering them so you reap in the long run. These processes involve investment of both time and money; if into a YouTube channel for instance, you can buy YouTube likes to promote channels growth.
Worth noting is that results are not guaranteed even with all this effort. In most cases, entrepreneurs give up after one or two years because they fail to get that which they had envisioned. To keep you going as an entrepreneur, you must try to balance the rewards and the risks that accompany them. Have you wondered about what it takes to have a successful startup? Below are some merits and demerits of entrepreneurship.
Merits
- Be Your Own Boss
What drives most people to become entrepreneurs? Now as per a research conducted in the US, entrepreneurs who start their business with a main aim of getting money give up and get out of it during stormy periods. An entrepreneur should therefore get into something they love. How will you know that you love something? Having a why. Having a premise, a reason why you are doing something will enable you to withstand it anyhow.
As an entrepreneur, you will be required to make all decisions regarding the business. This requires skills so that you impact not only your life but that of the community at large. If something is not important to you, you will always find alibis. Have you come across people who say they cannot move out of a bad job because they need to pay their own bills? Now I cannot guarantee riches if you become an entrepreneur. One thing I know for sure is that if it’s something you are passionate about, then you will be happy.
- You get more involved with the community.
Think of those who are employed for a minute. They have a specific schedule; time and days for reporting to work. This is not bad though as it allows you to build momentum. My only issue with this is, you cannot schedule your activities the way you want them. This is because your employer limits the time you can share with the youths and the less fortunate in the community. As an entrepreneur, you have the opportunity of scheduling all that you do.
You can therefore get enough time to coach the youth and get other ways to volunteer in the community. This helps you gain a lot of skills .More than this, it promotes your brand while helping others to overcome their obstacles. Even so, most entrepreneurs are usually caught up in the rat rut of making short decisions. Try not to be one of them. Familiarize yourself with the benefits of having long term relationships.
- Most entrepreneurs are innovators in the industries
Innovation involves coming up with a new product which provides solutions to human problems in a cheaper way. It also includes bringing the product to the market before anyone else. Bringing the product to the market involves adventuring into different fields just so you know how the product can be the solution people are waiting for.
In most cases, it ends in wealth though the major part of the reward is in the process. Just think of this. As an entrepreneur, you turn passion into revenues. It’s really amazing. In most cases, we run away from opportunities which have chances of failure. Of prime importance to know is that if you have zero chance of failure, then it’s only noble to know that you have zero chances of success. You will be barely surviving. Before diving into entrepreneurship though, you should know your failure checkpoint just so you stop if it worsens.
Demerits
- You have a lot of responsibility
Being an entrepreneur involves being more than just a CEO. You do all the duties involved in the business with exception of a few assistance that comes from the family and relatives. This is what transpires at least until you are able to employ others and delegate duties to them. For you, there are no more off days. While working for a firm, you might have been accustomed to playing Farm town on Facebook. With entrepreneurship, all these privileges may disappear. Other privileges such as holidays and paid lunches are not there anymore. It’s upon you to work so that you can put a dent on the world.
- Paycheck is not guaranteed.
Earning money is as a result of how hard you work. For a traditional employer, a paycheck is there whether you’re sick or not. If you don’t have strategies to work your way through, you may end up working for free because some firms do not pay unless pressured. What would happen if your clients cannot pay you? Find good clients and start bringing in some profits to your business.
- Patient is of importance in entrepreneurship
In this generation, people don’t have the ability to withstand their gratification being delayed. As such, they try whichever way to start today and be successful after a very short period of time. Now think of this, there have been cases where some poor people have won a lottery worth millions of dollars. What do you think happens to them? Do they remain rich? Now after a standard of 6 months after receiving a lottery, most of the winners are always back to feeding from hand to mouth. The problem isn’t lack of resources but poverty mindset. The same can be said about entrepreneurship. If you get it easily, you also lose it easily. It is the values that a business acquires during their tough times that help them grow.
These days we are no longer bound by culture. Everyone is allowed to think for themselves and you can get whatever you want. The merits and demerits of entrepreneurship allow us to measure ourselves against the task and make a decision based on what we want.
