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2018-07-16 20:08:58Jobs and InternshipsEnglishOnce university is done and dusted, the next challenge is landing a job. Whether you want to start a side hustle, go freelance or launch...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/07/iStock-680337088-1.jpgentrepreneurThe Pros and Cons Of Being An Entrepreneur | QuickBooks Australia

The pros and cons of being an entrepreneur

2 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. 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 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

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.

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, it’s 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.

Portrait of young man sitting at his desk in the office

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, you’re 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, 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 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 these resources.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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