Advantage & Disadvantages of Entrepreneurship

Advantage & Disadvantages of Entrepreneurship

            To everything in life there are advantages and disadvantages; entrepreneurship is no exception. As a matter of fact, entrepreneurship evolves a lot of risk taking. Yet , it can pay off very well, with rewards such as profits, the opportunity to be your own boss and makes your own decisions.

Advantages

1.         Excitement : Due to its high capacity for risk , there is a lot of adventure . it develops excitement in entrepreneurs.

2.       Originality : Some feel that they can offer a new service or product that no one else has offered before, ie, i-pod and i-pad

3.       Independence : some wish to be their own boss and makes all the important decisions themselves.

4.       Rational Salary: They are not being paid what they are worth and would rather work on their own and earn the money they should be earning for their efforts.

5.       Freedom : entrepreneurs can work on any idea which they feel will eventually turn out to be a successful venture.

Disadvantages

1.         Salary : Starting your own business means that you must be willing to give the security of a regular pay check.

2.       Benefits : there will undoubtedly be fewer benefits, especially  when considering that your business will be just starting off.

3.       Work Schedule : The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours may become the norm.

4.       Administration : all the decisions of the business must be made on his/her own ; there is no one ranked higher on the chain of command, in such a business and the fear of a wrong decision can have its own effect.

5.       Incompetent Staff : Most of the time, the entrepreneurs will find themselves working with employees who “don’t Know the ropes” as well as they do, due to lack of experience.