The Pros and Cons of Being an Entrepreneur

We all see the numbers being added to his balance sheet. The world is fascinated by one man and his extraordinary businesses and astronomical wealth. Coming out of relative obscurity to becoming the most influential man on the planet, Elon Musk is the epitome of entrepreneurship.

It seems like every time he hits the headlines, he’s opening a new business. Not just any ordinary businesses, world, and societal changing businesses.
Rated by many to be the world’s greatest entrepreneur Musk had this to say about entrepreneurship “Being an entrepreneur is like eating glass and staring into the abyss of death.”

Wait a minute…WHAT??

Why would the world’s most successful entrepreneur say such a thing?

 

 

Every decision we make in life has a list of pros and cons, that need to be weighed up before we decide to take a plunge. Deciding to go on your own as an entrepreneur is no different.
Entrepreneurship is not for everyone as Musk’s quote alludes to. A sure-fire way to still be positive after going through a pro and con list are to start with the negative aspects of the subject you trying to decide on. Doing it this way means that when you get to the Pros your mind has already started finding solutions to the Con aspects.

The Cons of Being an Entrepreneur

You have to take full responsibility

While some people revel in taking on responsibility, others can’t deal with being responsible for all things that happen around them.
Taking on the Entrepreneurial role in a business makes you responsible for your employee’s livelihood. Being responsible for yourself is enough, never mind those that work for you. It will be your business and everything to do with it will be your responsibility.

You might have to rely on business partners

Being an entrepreneur often also means that you might need to rely on business partners. Having partners makes you dependent on them and more often than not, conflict arises.

Entrepreneurship can be excessively stressful

You don’t have a guaranteed income as an entrepreneur. There isn’t a boss around that can offer you advice if you’re stuck on a problem. You might not have any colleagues to rely on for support. Every problem in the business is yours to handle and so is the stress related to them.

There are no fixed working hours when you’re an entrepreneur

Working in a traditional employment setting, you are given fixed working hours with a guarantee of payment. Being an entrepreneur means that work is only complete when you get paid. There are no paid holidays or sick days.
Working nights or weekends is standard fair for entrepreneurs.

You do not have a guaranteed income as an entrepreneur

One of the biggest advantages that employees have when compared to those in the pursuit of entrepreneurism is a guaranteed paycheck. The income you receive for your work comes in on a regular schedule. Entrepreneurs do not have this financial security for themselves and their families.

Toxic productivity

Toxic productivity is an unhealthy desire to be productive at all times, and at all costs. This is especially true with entrepreneurs who are solely responsible for the success of their businesses. Toxic productivity can lead to health, mental health, and relationship problems with family and friends.

Entrepreneurship is risky

Entrepreneurship is not suitable for risk-averse persons. Many decisions could potentially ruin your business and you need the courage to make those decisions to push your business to the next level. If you are not risk-taker entrepreneurship is not for you.

You may need investors or a financial loan

Taking on investors or taking out a loan from a financial institution can be a risky undertaking. Paying back loans or investors adds stress to an already stressful business environment.

“I think a great entrepreneur is learning every day. An entrepreneur is somebody that doesn’t take no for an answer, they’re going to figure something out. They also take responsibility. They don’t blame anybody else. And they’re dreamers in one sense but they’re also realistic and they take affordable steps when they can.”
― Damon John

If you have that entrepreneurial spirit, you have already worked a way around some of the cons listed. This is why we have left the Pros for last. We want to inspire you to take the step to be your own boss, pay your own paycheck, and be a successful entrepreneurial powerhouse.

being an entrepreneur

The Pros of entrepreneurship

You have an opportunity to grow in your career

When you decide to take the plunge to become an entrepreneur, then you are giving yourself the ability to fulfill your aspirations, goals, passions, and dreams as an individual. Unhindered by the wishes of superiors, you get to be the boss of your environment. No one interferes with your decisions, the place you wish to work, or how you want to approach situations. Your life gets to be your own.

You decide your working hours

An entrepreneur can choose the working hours that suit their needs the best. Some work may only require a handful of hours at first because there isn’t much work coming in to complete. If you have access to and finances to outsource, it is possible to find a place where you can sit back and start working as little as possible each day.

Immediate ability to earn

Not constrained by a specific salary or hourly rate, an entrepreneur can start earning income almost immediately depending on the business sector they’ve chosen.

Opportunity to adapt and explore new options

Having full control of your business gives you the advantage to adapt to situations and explore new opportunities. Doing this in a corporate setting is tedious and usually not time-sensitive and can lead to frustration and disillusionment with your career.

Freedom

A high level of freedom comes with being an entrepreneur. You will have to take responsibility for the results and performance of your company, yet you are free to decide when to take a break or when to work.

Higher level of flexibility

Being an entrepreneur gives you a high level of flexibility.
Working from home in case of illness or family commitments is solely up to you. The flexibility of being able to have lunch with your life partner or picking up children from school can only be of benefit to you and your family.

Follow your passion

Most entrepreneurs became entrepreneurs following a passion or dream. The happiness and sense of achievement you acquire from following your passion and making money from it, cannot be understated.

Entrepreneurship never gets boring

Handling different tasks in your own business is very different than the one task job when working for someone else. There is always something to do when owning your own business and you will be surprised how many different tasks you will need to perform. If you are a curious person who wants to try out new things all the time, entrepreneurship can be much more exciting compared to working for someone else.

Entrepreneurship is the ‘in thing’

Being an entrepreneur has become the ‘go-to’ choice of employment over the past decade.
Instead of going to college, school leavers are aspiring to become entrepreneurs.
Entrepreneurs are gaining social status every day, as shown by the social media exposure given to mavericks and business disruptors, such as Musk, Bezos, Vaynerchuk, and many more.

 

“This defines entrepreneur and entrepreneurship – the entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”
― Peter F. Drucker

The employment sector in the past decade or so has changed drastically, from sitting in a cubicle making money for a boss, to coming up with new and exciting ideas, starting your own business, and being responsible for your financial freedom.
These Pros and cons of being an entrepreneur are by no means the only examples. Individuals are very different from one another. Their perceptions of the ups and downsides to owning their own business are as individual as their personality traits. Before deciding to go it alone, make your list tailored to your personality traits and strengths. Let your ego go and make a comprehensive list of your weaknesses too.

A clear and concise picture will emerge if entrepreneurship is the path for you.

If all successful entrepreneurs were asked to give one word to aspiring entrepreneurs on how to succeed, it would probably be DISCIPLINE.
You need to be disciplined enough to put the work in, and pay bills, loans, and employees on time. Disciplined with administration and the day-to-day tasks at hand. It is YOUR business and your responsibility. You are the boss. You are the entrepreneur.

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