Start your business
Start your business
Run your business
Run your business
Grow your business
Grow your business
Accountants and Bookkeepers
Accountants and Bookkeepers
- Accountants and Bookkeepers
  Learn how accountants and bookkeepers can be productive in these articles & guides
- Learning and Development
  A range of informative content to enhance your QuickBooks experience.
Updates
Updates
- Product Updates
  Watch this space for monthly product updates.
- Intuit News
  Latest news, articles & guides

Need help choosing a plan?

1800 917 771 Schedule a call

Schedule call

Young entrepreneur smiling while seated at table with a coffee, writing in notepad while gazing out the window

Starting a business

How to be an entrepreneur: the pros and cons of being an entrepreneur

By Jessica Holmes

Published on August 21, 20242 min read

Once university is done and dusted, the next challenge is landing a job. Entering the corporate world is a wonderful way to get real hands-on experience and put all your university training into action. After some time in the workforce, you may decide that the life of an entrepreneur is more your style. However, there are several pros and cons to being an entrepreneur.

In this article, we’ll cover how to be an entrepreneur and discuss the advantages and disadvantages of being an entrepreneur, as well as the tools that entrepreneurs can benefit from.

How to be an entrepreneur

There are several ways to start your entrepreneurship journey and become an entrepreneur. Let’s take a look at how you can become an entrepreneur:

Education, training and upskilling: Obtain a recognised certification or licence in your relevant field to start your own business. Join short courses and download useful resources such as the QuickBooks business toolkit to help you get started.
Planning your business: Writing a business plan is essential for planning out various aspects of your business. You can write a solid business plan in 10 steps to gain clarity on your entrepreneurial venture.
Start a business at home: With the increasing availability of remote jobs starting a business from home is becoming a feasible option for many aspiring entrepreneurs. Read our article on how to start a business at home to find out the steps involved.
Become self-employed: You can register as a self-employed sole trader and start your own business. Read our guide on how to successfully build your self-employed business.

If you’re not sure where to start your entrepreneurial venture, read our 64 small business ideas to get inspired. To learn more about starting on your entrepreneurship journey, read our guide on how to start a business in 15 steps.

The pros and cons of being an entrepreneur

As with any business, there are pros and cons of being an entrepreneur. Whether you want to start a side hustle, go freelance or launch your own business, there are several pros and cons to being an entrepreneur – let’s take a look.

Pros of being an entrepreneur

Having your own business comes with many rewards. Let’s take a look at some of the advantages of being an entrepreneur.

Greater Freedom

There’s no denying that one of the best parts of being an entrepreneur is the complete freedom you have to do your own thing. No more bosses to report to, or managers peering over your shoulder – now you’ve gone from the bottom all the way to the top. You are the boss.

Increased Flexibility

With all that extra responsibility comes flexibility. Many people are excited to work for themselves because it means they can work when they want and where they want. Your commute could be as simple as walking to the couch or taking a stroll to the local coffee shop. Entrepreneurs have the flexibility of hybrid working - working from an office, at home, or on the go. Read our 6 tips on how to keep your data safe on a hybrid working schedule.

Control

Many budding entrepreneurs value control. Getting your own venture off the ground requires heavy lifting but at the end of the day, it’s your dream and you are in control of making it happen. From setting your own pricing strategies to choosing your own clients, entrepreneurs can control all aspects of their business. Having influence over the direction of the company is one of the most exciting parts of being an entrepreneur.

Profits

Instead of making others richer, now your profits can slide right into your own pocket. This means each business's success becomes your success, and as your business grows, so does your potential income. This can be incredibly motivating for many new entrepreneurs on the path to success.

Young entrepreneur smiling while efficiently managing tasks with QuickBooks on laptop at office desk

Grow Your Business with QuickBooks

30-day free trial

Buy now and save

Cons of being an entrepreneur

While being an entrepreneur and bringing your business to life is rewarding, it can be difficult and stressful. Like every business, there are disadvantages of being an entrepreneur. Let’s take a look at some of the drawbacks of being an entrepreneur.

Increased Responsibility

Not only is the future of your business in your hands but so is your next paycheck. Moving away from a salaried job to an unstable income is hard. There is great sacrifice that comes from starting your own business, and while the payoff may be worth it, carrying the weight of responsibility can be difficult at first.

Increased Risk

As the business owner, you will take on much of the risk associated with starting a new venture. This means that instead of your employer taking the fall, you’re often risking your savings, time and effort to get your business off the ground. Read our article on the 5 mistakes to avoid when launching a startup to help you prepare and minimise risks that many entrepreneurs face.

Another way to minimise risk is to take out small business insurance. Familiarise yourself with the different types and cost of small business insurance to see how it can help protect your business.

Increased Workload

It takes serious hustle to get a new business up and running, and for the most part, you’ll be doing all the grunt work – especially in the early stages. All the heavy lifting can be hard for one person to manage. While it can be an exciting time, full of possibilities, it can also be exhausting. Fortunately, there are many great workplace automation tools and apps to streamline your business that can reduce your workload as an entrepreneur.

Limitations

The idea of running your own business can be very different from reality. From late nights to lonely weekends, being an entrepreneur is not without its challenges. You can also find it quite limiting in the early stages, without the funding of a big name or well-established business behind you.

As an entrepreneur, you need to be across all aspects of your business. Without formal training running a business can be hard. However, QuickBooks Resource Centre provides a wealth of knowledge for entrepreneurs and small business owners to help you with starting a business, running a business and growing a business.

Tools to help you become an entrepreneur

While being an entrepreneur is hard, you’re not alone - tools such as accounting software for sole traders, freelancers and contractors like QuickBooks can simplify your day to day business operations as an entrepreneur including:

QuickBooks is great for self-employed business owners as it comes with a free mobile accounting app allowing busy entrepreneurs to manage their finances and access accounting software on the go, straight from their mobile device. This can help entrepreneurs save time to focus on scaling their venture.

Join a free 30-day trial to see how QuickBooks accounting software for self-employed people can help sole-traders, freelancers, contractors and entrepreneurs.

TOOLS

Your new business toolkit

Learn all you need to know about starting a new business. Includes a business canvas to streamline your planning and get you set up for success. Plus, tools and templates to help you grow and scale.

Want more? Check out our small business blog for more guides for Australian small business.

QuickBooks FREE New Business Toolkit preview

Frequently asked questions

What are the advantages of being an entrepreneur?

What are the disadvantages of being an entrepreneur?

What tools can entrepreneurs benefit from?

Looking for something else?

Get QuickBooks

Smart features made for your business. We've got you covered.

See how it works

Help Me Choose

Use our product selector to find the best accounting plan for you.

Choose your product

QuickBooks Support

Get help with QuickBooks. Find articles, video tutorials, and more.

Start learning

A computer screen showing a picture of a computer.

TAKE A NO-COMMITMENT TEST DRIVE

Your free 30-day trial awaits

Our customers save an average of 9 hours per week with QuickBooks invoicing*

No credit card needed

Cancel anytime

Unlimited support

By entering your email, you are agree to our Terms and acknowledge our Privacy Statement.

- - QuickBooks reserves the right to change pricing, features, support and service at any time. Prices are in AUD and include GST. See our Terms of Service for further information.
  - Pricing: All prices are in AUD and include GST.
  - ProAdvisor Program: Please find the terms of our ProAdvisor program here.
  - 50% off for 3 months: For new subscribers, enjoy a 50% off price subscription on QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 3 months of your subscription (Offer). The discount will applied from the date of your enrolment and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 50% off for 12 months: For new subscribers, enjoy a 50% discount off the current monthly retail price for QuickBooks Self-Employed, QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 12 months of your subscription (Offer). The discount will applied from the date of your enrolment and will continue for 12 months. From month 13, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 50% off for 3 months (existing subscribers): For existing QuickBooks subscribers who upgrade to QuickBooks Online Essentials, Plus or Advanced, enjoy a 50% discount off the current monthly retail price for 3 months of your subscription (Offer). The discount will be applied from the date you upgrade in-product and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time services and prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - Free Trial: First thirty (30) days of subscription to QuickBooks Online, QuickBooks Self-Employed and QuickBooks Payroll (including QuickBooks Advanced Payroll), starting from the date of enrolment, is free. During the free trial, you may pay any number of employees using QuickBooks Payroll free of charge. To continue using QuickBooks after your 30-day trial, you'll be asked to present a valid credit card for authorisation and you'll be charged monthly at the then-current fee for the service(s) you've selected.
  - QuickBooks Payroll powered by Employment Hero: Payroll services are offered by a third party, Employment Hero. QuickBooks Payroll is only accessible via QuickBooks Online subscriptions. You will be charged $6.00 (incl. GST) per month for each ‘active employee’ paid using QuickBooks Payroll. An ‘active employee’ is one who has been paid at least once in the billing month. For Advanced Payroll, there is an additional monthly subscription fee of $10 (incl GST). Pricing, terms and conditions, including service options, are subject to change.
  * Employment Hero was voted the leading payroll solution for SMBs <50 employees (Australian Payroll Association 2021 Payroll Benchmarking Study)
  - Customer support: Call or chat to an expert for QuickBooks Online Accountant, QuickBooks Simple Start, Essential, Plus, and Advanced or use in-product QB Assistant and chat for QuickBooks Self-Employed. You'll also find useful resources in the QuickBooks Community.
  - Compatible Devices: QuickBooks Online, QuickBooks Self-Employed and QuickBooks Payroll require a computer with Internet Explorer 10, Firefox, Chrome, or Safari 6 and an Internet connection (a high-speed connection is recommended). The QuickBooks Online mobile app works with iPhone, iPad, and Android phones and tablets. QuickBooks Online and QuickBooks Payroll are accessible on mobile browsers on iOS, Android, and Blackberry mobile devices. Devices sold separately; data plan required. QuickBooks Payroll cannot be used on the mobile apps. Not all features are available on the mobile apps and mobile browser. QuickBooks Online mobile access is included with your QuickBooks Online subscription at no additional cost. Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control. Product registration required.
  - Get paid faster: Get paid 2.5x faster invoicing with PayPal
  * PayPal and QuickBooks customers get paid on average in less than 5 days, which is over 7 days faster than the average for invoices that get paid with other payment methods. Data is for paid invoices that were created in QuickBooks in Australia between 23.05.22 and 23.11.22
  - Tax deductions: Tax deductions not guaranteed due to being subject to user data entry errors. Mileage calculation provided by the Australia Taxation Office - 85 cents per kilometre for the 2023-2024 income year. To a maximum of 5,000 business kilometres per car (Deductions are only applicable to cars)
  - Customer Service Awards: Excellence in Customer Service Award at the CX Australia Awards 2022
  - Multiple file discount: Multiple file discount applies to QuickBooks Australia customers only and valid when signing up for more than one QuickBooks Online subscription in one order. Further terms and conditions available here. Not applicable to QuickBooks Self Employed.
  - Reviews: GetApp, Capterra, Google Play Store, Apple App Store reviews as at date 08/01/24.
  - Cost per day claim (annual): Based on a QuickBooks Simple Start plan at its regular retail price of $313 per year and a 365 day year.
  - Annual Billing: You may pay for your QuickBooks Online subscription on an annual, upfront basis to enjoy a discount on the current fees. If you use QuickBooks Payroll powered by Employment Hero, your payroll costs will still be charged monthly to your nominated payment method in accordance with your usage as set out here. If you cancel your QuickBooks Online subscription within the pre-paid 12 month period, you will not be eligible for a refund, but will retain full access to your QuickBooks Online subscription for the remainder of the 12-month period. Unless cancelled by you prior, your annual subscription will auto-renew on the 12 month anniversary of your sign-up date using the billing details you have given us. Discounts, prices, terms and conditions are subject to change.
  - Over 7 million customers: Based on number of global QB customers (ecosystem) (7.1m) worldwide as of October 2022.
  - Free Onboarding: Applicable to Buy Now subscriptions on QuickBooks Simple Start, Essentials and Plus plans. Not available for QuickBooks Self-Employed.
  - Save Hours: Save up to an average of 29 hours per month with QuickBooks.
  - * Based on a survey conducted by Intuit Australia Pty Ltd in September 2022. Time saving is in comparison to previous accounting method, based on 184 responses from customers that saw time savings.
  - Get access to QuickBooks Tax: ***Access QuickBooks Tax, powered by LodgeiT, by becoming a member of the QuickBooks ProAdvisor Program (it’s free to join). Find out more about the ProAdvisor Program here, including the terms of the QuickBooks Tax offer in the Program here.
  - QuickBooks Time Disclaimers & Offers for Australia: For Important pricing offers and disclaimers with further information, please see here.
  - *Full terms and conditions for access to QuickBooks Tax, powered by LodgeiT as part of the the Proadvisor Program can be found here. QuickBooks reserves the right to change pricing, features, support and service at any time.
  - **Intuit conducted a study involving 56 interviews with accountants and bookkeepers who used Books Review for BAS preparation between March to December 2021 and found that when using Books Review, participants reduced the time spent preparing their clients BAS Reports by around 40%.
  - Our Terms of Service apply to all QuickBooks Online subscriptions. Please review them carefully.

Intuit helps put more money in consumers’ and small businesses’ pockets, saving them time by eliminating work, and ensuring they have confidence in every financial decision they make.