The Rewards and Challenges of Entrepreneurship
There are many reasons why it’s worth pursuing your entrepreneurial dreams. Unfortunately, there are also many challenges that can block your path to success when launching yourself as an entrepreneur. It is never too late to embark on a new adventure.
Obviously, there are both the rewards and challenges faced by entrepreneurs. To help you consider both sides of the issue, here are six rewards of entrepreneurship, followed by three challenges often faced by entrepreneurs.
Rewards of Entrepreneurship:
- You can do what you enjoy.
When you’re an entrepreneur, you have full discretion over what type of career you’d like to pursue. By choosing to do what you love, work can feel less like a grind and more like an adventure.
- You can be your own boss.
All too often, subordinate-boss relationships are strenuous at best. No more needs to be said about this.
- You can set your own schedule.
When working for yourself, fixed working hours become a thing of the past. In many cases, you can start late or take off early, without any repercussions. Flexible working hours can be very useful when you have appointments to keep or family obligations to fulfil.
- You may be able to work from anywhere.
This is the best one of all. While not every entrepreneur will be able to work from anywhere, many do have the freedom to choose where they work. In some cases, this may mean working from home, while in other cases, this may mean working in a public space like a relaxing park or a lively coffee shop.
- It fosters independence, responsibility, and creativity.
As an entrepreneur, most or all job-related responsibilities will be up to you—especially when you’re just starting out. It will likely take a little creativity and a lot of determination to successfully manage your responsibilities and solve any new challenges that come your way.
- Success brings a personal sense of pride and satisfaction.
Because workplace achievements will be directly related to your efforts, any successes that occur will likely become great sources of personal pride and satisfaction. It can be very rewarding to see your hard work paying off firsthand.
Challenges of Entrepreneurship (it’s not all milk and honey):
- You will likely have long working hours.
Though entrepreneurs don’t often have a fixed schedule, they typically need to work long hours in order to succeed. In fact, most entrepreneurs end up working far more hours than their salaried counterparts—especially early on if they have little to no support staff.
- You may feel financially insecure.
Pay can be inconsistent when working for yourself. This causes most entrepreneurs to feel financially insecure at some point during their career. As an entrepreneur, it’s important that you carefully manage your spending, so you can withstand any dry spells that might come your way. It is also important that entrepreneurs begin with enough starting capital to keep their dream alive during the often-rough early stages of entrepreneurship.
- It can be (and often is) stressful.
As entrepreneurs must deal with many aspects of the job themselves, including the parts of the business they don’t enjoy or fully understand, work can become quite stressful. Beyond your regular duties, you may need to handle many additional tasks for which you may not be suited.
Now have a better idea about whether you’d like to pursue your entrepreneurial dreams.
by Mike Djordjevich
Address :
321 High School Road #303
Bainbridge Island
WA 98110
USA
Telephone : +1 661 645 5572
Email : mike@mdj-cpa.com
Website : http://www.mdj-cpa.com