Thinking of becoming an entrepreneur, or a solopreneur? There
are a lot of things you have to take into consideration.
You have to weigh in your options.
What are some of the advantages of the career path you want to undertake. Dou you have the level of passion it takes .
Is is going to be easy, are you going to make money or just some thing to pay the bills ?
What do you hope to achieve by becoming a solopreneur or an entrepreneur?
These are some of the questions you should ask your self before diving into the world of business.
Any business type or model has its pros and cons . Entrepreneurs have their good and their dark side as well.
I have arranged some of the advantages and disadvantages of venturing in to entrepreneurship.
Employment. As an entrepreneur you create yourself a job. So you are no longer unemployed. Because you have taken the time, pains, energy, and other resources to create your job , it is presumed you will do everything possible to see it grow and prosper.
Independence & Freedom .You are the boss so you don’t have to respond to any one. You have the freedom to take decisions without consulting others. Security as the owner ,you will not have that constant fear of being fired most people have .You have a vision and a passion which will scale your business.
You don’t have to freeze your eggs if you are a woman to concentrate on your career. You can have a baby anytime you want and let the world know you have a baby. You will no longer be in a position where you will hide your pregnancy from your job . In some jobs ,when the baby is born you dare not tell anyone you have a child else you loose your job.
You have to schedule your time to fit your needs. Work the hours you want and be with your family when you want.
It will demand a lot of your time at the begining to get things moving but once things start rolling well, your time spend on the job will reduce considerably.
Decisions: You take all the decisions regarding your business. New ideas to implement, when to implement them.
you manage all the finance/ budget and there is no room for wastage of resources.
Financial security. Most millionaires and billionaires are business owners . Your business if done with the passion that you started it with, and with good marketing , it can give you and your family financial freedom for generations to come and you stand a better chance of becoming a millionaire.
people don’t become millionaires working for others.
limited finance. Most of the time new entrepreneurs lack the financial capacity to take their businesses to certain heights .
They are not financially fit to purchase certain machiens needed for their business which later hurts the progress of the business.
Working hours : Since it is a personal venture most owners turn to burry themselves in their businesses and forget about the rest of the world ending up being unproductive. So it is better to define working hours and try as much as possible to stick to it.
Salary : The salary is most of the time not defined. Entrepreneurs see themselves work for months sometimes years without a decent salary.
So if you are considering starting a business don’t let the disadvantages of running a business discourage you.
Business most of the time is not learned in school. The most successful business people did not even go to school.