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. However, after some time in the work force, you may decide that the life of an entrepreneur is more your style. Whether you want to start aΒ side hustle, goΒ freelanceΒ or launchΒ your own business, there are several pros and cons to being an entrepreneur β letβs take a look.
The pros and cons of being an entrepreneur
Pros
Freedom
Thereβs no denying that one of the best parts ofΒ being an entrepreneurΒ is the complete freedom you have to do your own thing. No more bosses to report to, or managers peering over your shoulder β now youβve gone from the bottom all the way to the top. You are the boss.
Flexibility
And 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.
Control
Many budding entrepreneurs value control. Getting your own venture off the ground requires heavy lifting but at the end of the day, itβs your dream and you are in control of making it happen. 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 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.
Cons
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 pay-off may be worth it, carrying the weight of responsibility can be difficult at first.
Risk
As the business owner, you will take on much of the risk associated with starting a new venture. This means, instead of your employer taking the fall, youβre often risking your savings, time and effort to get your business off the ground.
Workload
It takes serious hustle to get a new business up and running, and for the most part, youβll be doing all the grunt work β 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 possibility, it can also be exhausting.
Limitations
The idea of running your own business can be very different to the 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.
For more ideas on becoming an entrepreneur, check out theseΒ resources.
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