Pros and Cons of Starting Your Own Business – Part 2
As we discussed in the first part, many people dream of being an entrepreneur and would like to start their own business. There are multiple benefits to starting a business, but nothing great comes without hardship. If you look around, you won’t see many people who are willing to face the challenges of entrepreneurship. Even though you might have strong goals and you’re ambitious about your dreams, you want to know if your business opportunities overweigh the risks:
Starting a business is like a double edged sword. It might help your dreams come true, but you have to prepare yourself to face the challenges:
- Long work hours: In most cases, people who are working on their own business work more than 40 hours a week, which is the typical work hour for traditional jobs. Becoming an entrepreneur is not a career choice for everyone, but if you choose to do so, you need to be ready for the long work hours.
- Uncertain income: Starting a business is not a cheap venture. Sometimes you won’t earn any income for months, especially in the initial phase of your business. Before quitting your job, take care of your funds by finding investors, taking out loans or setting up an account for your business funds.
- Responsibility: Becoming the boss isn’t an easy job. You have to prepare yourself for stepping up and calling the shots when tough times come. If you have other people working for you, you’re the one who has to reprimand them if they make a mistake, or fire them if they’re not contributing to your business.
- Feeling of isolation: When you’re investing your own money, time and energy, you may feel isolated or alone when you’re running the business and there’s no one to support you.
- Risk of failure: Based on statistics, more than half of businesses fail within the first 5 years. If you want to succeed in your business, you have to take a leap of faith and follow your vision. Successful people don’t quit after a failure, they learn from their mistakes and move on.
- Lack of motivation: With all these challenges, it’s hard to keep yourself motivated for so long. As a business owner, you need to get up and chase after your dreams every single day, especially when there are no guaranties that your business will succeed.