Advantages:

Being your own boss Being in control Making your own money Hiring own employees Becoming successful

Disadvantages:

Taking risks Having the business fail Unable to come up with innovative ideas Product/idea dies Taxes

What are the advantages and disadvantages of being an entrepreneur?

There are advantages and disadvantages to entrepreneurship, some of which as summarised below:

SALARY Advantage Often people do not feel fully compensated for the work they do. Becoming an entrepreneur means you can reap the benefits of all your hard work. Many of the Irelands richest people are successful entrepreneurs. FLEXIBILITY Advantage Having control over your work schedule means that you can choose when to take time off and work the schedule that suits you best. Disadvantage Although entrepreneurs benefit from a flexible schedule they often have to work very long hours particularly in the start-up phase. Furthermore entrepreneurs work schedules are never predictable and they must deal with emergencies Disadvantage Becoming an entrepreneur means you have to leave behind the security of having a paycheck each month.

that may occur at any time. DECISIONS Advantage Entrepreneurs are able to make all of the decisions relating to their company themselves; they have complete control. This allows for a huge degree of independence and a chance to shape ones own career. EXCITEMENT Advantage Becoming an entrepreneur is a very exciting time, from the idea and start-up to the development and realisation of the product or service. Disadvantage There is also great risk attached to entrepreneurship. The success or failure of the business rests with the entrepreneur. Disadvantage Being responsible for all decisions can be quite stressful and handling such responsibility can be difficult.

After comparing the advantages and disadvantages, you will have to decide if you can realistically handle the responsibility of running your own business. Being an entrepreneur is a huge responsibility with many risks attached. In business decisions should be carefully considered. Risk assessment (giving thoughtful consideration to potential costs and benefits) and the collection of relevant information are key to successful decision making.

Entrepreneurship can offer levels of fulfilment and achievement that are hard matched by any other type of employment. A great idea teamed with passion and commitment will certainly help a new entrepreneur overcome many of the challenges posed by starting their own business.

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Entrepreneur Advantages and Disadvantages

By Rob Clark

Entrepreneurs enjoy the freedom of making their own business decisions and becoming their own bosses. In addition, they also gain the stability and control that could never be achieved as a regular employee. If you have been dreaming of becoming one of these entrepreneurs, you should find out the disadvantages and advantages of taking on this role. Advantages of Entrepreneurs Excitement: compared to being regular employees, entrepreneurs enjoy much excitement beginning from the planning stage of the business up to development and realization. Thrill-seekers obviously love being entrepreneurs as they are exposed to too much risk. You should never forget, that all business risks that you agree on taking, should be calculated. Salary Potential: most people who are employed generally feel that they are not being compensated for the work they do. In addition, they must follow the salary structure set by their employers. Entrepreneurs, on the other hand, earn money that is commensurate to their efforts. Flexibility: having control of work schedules and commitments makes the life of these entrepreneurs enviable. They are able to take vacations anytime and spend much quality time with their families. Independence: for people who love the idea of not being answerable to anyone else but themselves, becoming an entrepreneur would surely be wonderful. They would be able to make decisions without the pressure of getting fired. Disadvantages of Entrepreneurs No Regular Salary: when you start a business, you should be prepared to leave behind the security of having a paycheck each month. Even successful entrepreneurs experience lean months when all financial resources are being taken up by the new business. Work Schedule: although they have the luxury of a flexible schedule, entrepreneurs also make sacrifices especially during situations that

require them to work longer hours. Unlike regular employees who are not worried too much about the status of the business, entrepreneurs must make sure that everything is going well. Administration: because they own the business, all major decisions are made by entrepreneurs. This is quite a burden and handling such responsibility is quite difficult. Every decision directly affects the future of their businesses and avoiding costly mistakes is imperative. After comparing the advantages and disadvantages, you will have to decide if you can realistically handle all the responsibilities of owning your own business aside from being prepared for all the risks you have to take. But if you look closely, being an entrepreneur is still desirable especially with the sense of fulfillment and accomplishment they gain from beating all odds and overcoming all challenges. As long as you have passion and commitment, you will be able to handle these disadvantages beautifully. Get Free massive exposure to your website and its products/services by joining a targeted Social Network where other Entrepreneurs hang out.