Aug 28, 2020
Everything About Being An Entrepreneur Explained (The Good And The Bad Side)
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” — Steve Jobs
“I run my own business.” how cool does it sound?
Well, for me, when I was working as an employee, I always believed that running a business means a more flexible and fun life.
My perception got challenged when I started the journey as a young entrepreneur looking to make a space in the market with my business ideas.
The journey from setting up a startup and becoming the owner of a well-established business has been a roller coaster ride for me. In the way, I have learned new things, improved my entrepreneurial skills, and learned to adapt with the ever-changing business dynamics.
Being an entrepreneur for over a decade, I have seen both the bright and the dark side of entrepreneurship.
Through this article, I will tell you both the advantages and the disadvantages of being the showrunner “Entrepreneur” of business from my personal experience.
If you are planning to start your career as an entrepreneur, you should know that this career path isn’t all sunshine and rainbows. There are some downsides to it too that you must know.
Here it goes:
What is it Like to Be an Entrepreneur in Today’s Competitive Times?
Running a business in the IT industry is challenging in the 21st century as the competition is simply overwhelming and I am saying this because my company is also a part of the modern IT space. Honestly speaking, the fierce competition among businesses is evident in almost every industry and you need not only to come up with new and exciting ideas but also follow a proactive approach to earn a competitive edge over your competitors.
On the upside. if you manage to get your business off the ground, the sky’s the limit. Plus, your dream of living life king size can become another reality for you.
Now, it’s time to get your head clear about the privileges and restrictions that you are going to get as an entrepreneur in today’s time.
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Positives of Entrepreneurship
#1 Endless Learning
The best thing that I love about being an entrepreneur is the extensive scope of learning. As an entrepreneur, you have the flexibility to acquire knowledge on a wide variety of subjects and fields.
Running a business means that you have to assume different roles at different times. You need to take charge of your business’ accounting, give assistance to your employees on different projects, give your input in the business strategies and marketing campaigns, manage your teams as well as project tasks, etc.
Even when your business becomes stable and well-established, you need to learn about new technologies, perform risk assessment while expanding your business, bring creative ideas on the table, and much more. As a business owner, you get plenty of opportunities to explore new things almost every day and diversify your skillset.
#2 Ultimate Power of Making Decisions
Decision making in business is a strenuous process and when you are the one who takes the final call, you need to be responsible and willing to accept the consequences.
I, as an entrepreneur, take the responsibility of decision-making in a very positive way. Right from deciding to follow the path of entrepreneurship to deciding what projects to work on and approving strategies of different teams, it all feels exciting.
The best thing about being a decision-maker is that you take full responsibility for your actions. There’s no one whom you can blame, and just to be clear, it feels great when your decisions bring the intended change and help your business reach new heights of success. Having authority over a business not only gives you a sense of satisfaction but also keeps you motivated to do more.
#3 No limit on Earnings
At the end of the day, running a business organization is all about making profits and earning more. Unlike a job, the income potential of an entrepreneur has no limits. Your personal earnings will go up with the increase in business revenue unless you want to reinvest.
As an entrepreneur, you have the freedom to tap different markets with your products and services. You need to boost the demand for your products/services in the market to generate more revenue and gain a higher share of profits.
#4 Flexible Working Hours
Having the flexibility to decide the weekly working hours for yourself is another advantage of being a business owner. It’s completely up to you whether you want to work 20 hours/week, 40 hours/week, 80 hours/week, or anything in between.
However, I must address that during the initial days, the working hours for most business owners are much higher than their employees. However, once your business grows, you can hire more employees to get rid of your excessive workload and get time to sit back, relax, and think about new ideas rather than working on a project.
#5 You Become a Role Model for Others
Once you become a successful entrepreneur or a businessman, people look up to you for inspiration. They will listen to you, ask for your advice, and most importantly, respect you as an individual.
Your employees will see you as a leader and many of them are likely to make you as their role model, which is a big achievement. Also, when people admire you and your business model, it gives a great sense of satisfaction.
Negatives of Entrepreneurship
#1 Work at Uncertain Times
As a businessman, you surely don’t have any definite time window for working like employees. You need to be ready to tackle unprecedented issues in your business at any time, be it the day or the night.
You will find yourself troubleshooting technical issues with your IT product in the dead of the night (like me) or having a virtual business meeting with international clients in the early morning.
Frankly, speaking, you will feel that you are always at work as a business owner. However, if you are passionate about your business, you will likely feel less exhausted and frustrated about being available for 24 hours a day.
#2 Under Stress All the Times
No doubt, stress is a part of our everyday life. However, as an entrepreneur, you will have to deal with stress most of the time. You will have to deal with the issues on your own as there will be nobody within your organization from whom you can seek advice.
Apart from guiding yourself, you will be responsible to guide all the teams and departments of your business. Sometimes, you need to take extreme decisions that can make or break your business. Also, you have to be ready at all times to absorb the criticism for your actions.
Being an entrepreneur, you never leave your stress at the office. It always stays with you no matter where you are what you are doing.
#3 Investment and Risks are All Yours
It’s never easy to run a business alone. You have to organize the capital for investing in your business and bear all the costs on your own. As most businesses demand a substantial amount of investment, you might have to borrow money, which will put you in debt.
Operating a business also means that you need to take risks to grow and sustain your business. There will be the risk of failure of a business idea, risk of going bankrupt, risk of being outrun by the competition, and many others. Whether a risk brings good results or damages your business, you will be the one responsible for everything.
#4 You Have the Responsibility of Others
While I do not entirely consider this to be a negative of entrepreneurship, but yes you have to care about your employees. They rely on your business for their personal growth and survival.
While taking any important decision, you always have to keep in mind the people who are working for your organization’s growth. It’s your duty to make sure that the steps you take for your business don’t affect your employees. You even have to avoid taking risks that can have a negative impact on the people working in your business.
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Conclusion
As you have seen above, entrepreneurship has its own set of benefits as well as shortcomings. If you are confused about whether you should set up a business or work for someone else, you simply need to consider the things you are ready to sacrifice. For instance, if you are ready to work at any time of the day and take responsibility for all the business operations, entrepreneurship is for you. On the other hand, if you want your income to be consistent and don’t want to take stress home with you, it’s better to work as an employee.
Think and choose wisely.
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