The Rewards and Risks that Come with Entrepreneurship
Everything in life has two sides and entrepreneurship is not an exception! Read this article and discover the rewards and risks that come with entrepreneurship!
Entrepreneurship is the practice of finding and using a business opportunity. It is making something out of nothing. It is a process of locating and combining required materials and money and taking both the rewards and risks that come with it.
The truth is that everything in life has two sides and entrepreneurship is not an exception. Entrepreneurship comes with hazards, perils, threats, dangers, risks, returns, incentives, booties, and compensations.
In this article, we are going to talk about the risks and rewards that come with being an entrepreneur and running your own business.
The Risks of Entrepreneurship:
Here are the risks that come with entrepreneurship:
- Security – Every entrepreneur is faced with he or she should provide his own retirement or insurance security. Unlike employees who work in companies and have retirement savings accounts backed by their boss or their employer, you as a business owner should provide your own security.
- Getting paid – The profit the company makes would decide whether or not you as an entrepreneur will get paid. The difference between running your own business and being employed and work in a company is that you don’t have the luxury of a secured paycheck. In other words, if the company doesn’t make a profit, there is nothing for you.
- No income – As an entrepreneur, you should keep in mind that you might face a time in your business journey where there would be no work at all or when clients have failed to complete their payment obligations and because of that, the company doesn’t generate profit. That is why start-up businesses are advised to save so they can cover six months costs as part of their financial plan.
The Rewards of Entrepreneurship:
Here are the rewards that come with entrepreneurship:
- Great Boss: You will be able to work for the best boss in the world which is you! The people who work for themselves enjoy a great feeling that money can’t buy.
- Passion: You know what they say – passion sells! One of the most incredible joys of being an entrepreneur is transforming your idea into a reality. When you are working to achieve your goals, you are working with dedication, enthusiasm, hunger, and appetite that motivates you to take an action. Passion is not only considered as one of the greatest rewards of running your own company, but it also ensures that you are working with maximum energy which automatically leads to greater production.
- Location: Entrepreneurship allows you to make a choice and not depend on someone else determining the location of your office which may be so far away from where you currently live so you won’t struggle with private or public transportation. You can choose your own business location, based on your own needs, preferences, desires, and budget. If you want, you can keep your office virtual, which means you can work from the comfort of your own home.
- Hours: Another great benefit of running your own business is to have a control over your life, meaning you will be in charge of your time. You are the one who will decide how you want to organize your schedule today. Isn’t that great?
The truth is that there are risks related to running your own business, however as long as you work hard enough and you are dedicated to accomplishing your dreams, nothing can stop you to enjoy the rewards of being an entrepreneur!