You have a plan. But you do not know how to execute it. You are excited as well as scared. In the last few years, we have seen many companies find success has followed the trailblazing path of AirBnB, Snapchat, Esty, and Facebook. However, what people do not know is that this path is not easy and has a lot of ups and downs. Before you finalize your decision first you need to do a survey of the audience if they need your product or services. Also, if your product and service are in demand then do you have the capability to fulfill that need. Furthermore, do you have the ability to be a business owner? More than 71 percent of start-ups have failed within a decade. The moment you start your own company you need to work hard every year to keep it going.
Pros of being an entrepreneur
#1 Freedom
Most people want to start their own business so that they can have the ultimate authority. Once you are an entrepreneur you will make all the decisions about working hours, target audience, product selection, location, and even the interior design of your company. You will have the power of everything and can decide all the matters.
#2 You will make your own wealth
It will take time to have a million-dollar business. But most of the successful businesses were created by individuals who started from scratch. Sergey Brin, Co-founder of Google stated “We are currently not planning on conquering the world.” So, when you start your business, you won’t be rich immediately but if you hang on and keep pushing then you will become a wealthy businessperson. According to CNBC, most of the world’s top businesspersons are self-made entrepreneurs. Ironically, most of the successful entrepreneurs of all time stated that they did not do it for money but they liked the journey.
#3 Flexibility
According to some surveys, the main two reason people want to start their business is the flexibility and freedom that entrepreneurship offers. For example, if you are a student who wants to start a business then you can fix your working works according to your classes. Time is one of the flexibilities that you will have as a business owner. You will decide if you prefer work from home business or an office or if you won’t work in the morning or at night.
#4 Your own community
Entrepreneurs like Bill Gates, Mark Zuckerberg have made a global community through their businesses. Even though to aim for global success at the beginning of your start-up might be a huge aim but the sky is the limit. Moreover, you can have a successful business from the comfort of your home too and make an impact on your local community. Not only by your products or services that will impact everyone’s life but also the impact of your business as it will grow. Think about the wages that you will pay to these people — it might help them to bring food to their table, pay their kids school fees, and much more.
#5 You will grow your tool every day
At the beginning of your business, you will have to wear many hats. But due to this, you will be learning something new each day. Your skills will help the business grow faster. Hence, put your skills into action. Drew Houston, co-founder of Dropbox, “Learn early, learn often.” Once you start your business you need to learn new things every day. This is perfect for people who are curious and love learning about how things work.
Cons of being an entrepreneur
#1 Long Working Hours
If you are thinking of launching your business so that you can have fewer working hours then don’t start it. According to SBA reports, on average a businessperson works more than 60 hours a week — this is more than 50 percent of the standard work-hour (40 hours) as an employee. Moreover, you need to know as a business owner your working hour is not fixed. There will be a lot of times where you need to work at night or on weekends while your families and friends are relaxing.
#2 You might not earn money for a while
When you start your business, you need to have some savings that will cover bills and daily needs. A lot of businesspersons might not get any money for years. If your business does not work out then all the work was for nothing. This does have serious consequences and remember this can even hamper your personal life with your family.
#3 You need to take some risk
There are no assurances in business and if things do not work out you cannot simply quit and move on to your next job. Moreover, there is a chance that your business might not work properly initially. At this time, you need to take risks that are associated with it. Furthermore, there won’t be only financial risks either. You might be taking risks that are way more important than money — a lot of businesspersons find it difficult to manage their personal relationships as well as a struggle with their mental and physical health. At the start, your business will most probably take over your life. But you can find a way to cope up with it by opening up to your friends and family. You can even hire financial advisors and go for therapy if your business stresses you immensely.
#4 There is no one to guide you
At work, there is your boss who is mainly responsible for your output and performance. Also, there are your co-workers who can advise you on certain things that you are stuck on. But when you start your business there is no one to guide you every minute. No one is there to tell you if you are doing things right or wrong. You need to figure everything out by yourself every day. In the initial days, it is full of trial and error and using a lot of tactics to see which one will work best for your business.
#5 You are in charge of Everything
If there is a problem then it is your responsibility to look at it. even if it is at 5 pm on a Friday evening. You cannot blame anyone else for it especially at the start of the business. Working in a 9 to 5 job has a lot of benefits so are you ready to lose all that and do everything by yourself? Moreover, the decisions that you make will be final means any kind of repercussion will also come back at you. Not all the time you will make the right decision and you need to learn to make peace with it.
Conclusion
Starting your own business has its own pros and cons. When you are planning to launch your business you need to make a plan and properly execute it. it takes time to make a business successful but if you keep working hard to reach your goal then very soon you will achieve it.
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