With many entrepreneurship success stories dancing across our screens, it’s easy to think that becoming an entrepreneur is a stroll in the park. Venturing into entrepreneurship is like swimming across shark infested waters. There are more risks than rewards. Those who make it across get the chance to enjoy the sweet delights that come with the risk of taking the plunge. With that being said, here are the risks and rewards that come along with entrepreneurship.
Risks that come with entrepreneurship
- Going without a paycheck is natural in the field of entrepreneurship
It’s hard to fathom going without a paycheck for the rest of your life when looking to venture into entrepreneurship. But, that’s the way it is. Juggling a 9-5 corporate job and building business almost always never works. You have to dedicate every ounce of your energy, time and resources to actualize your branding dream. And that means quitting your job and focusing fully on entrepreneurship, which involves getting by without a paycheck.
- You will have to combine your savings and a loan to succeed in entrepreneurship
Starting a business requires huge capital outlay. Your savings may not be enough to fund the business building process. For instance, if you want to start a merchandising business, you’ll need to find a location, hire experts to design the store to appeal to customers and buy stock to start you off. Don’t forget the upfront costs such as licensing, insurance and other legal requirements. This will require you to supplement it with a bank loan. A bank loan can be risky, as your property can be auctioned off if your business fails.
- No future security when you venture into entrepreneurship
Employment guarantees future security in the form of pension and other benefits. Entrepreneurship doesn’t guarantee that. You have to include your future security fund as part of the business costs.
- You can’t have a fixed schedule with entrepreneurship
With a 9-5 job, there are specific hours of work; you get free time in the evenings and during weekends, plus annual leave each year. In entrepreneurship, you can’t plan anything like a vacation, friend’s meetings or weekend getaways. You have to dedicate all your time and effort to the business, and this can impact your health and well being.
Rewards that come with entrepreneurship
- Nobody to police you in entrepreneurship
With entrepreneurship, you’re your own boss. There is no boss around to breathe under your neck. This creates a kind of feeling that can’t be bought.
- Entrepreneurship grants you the opportunity to do what you’re passionate about
Most employees are not passionate about what they do despite their big paychecks. The result: Uninspired employees, which almost always leads to unproductively. That’s not good for the organization. Entrepreneurship alienates that.
- Entrepreneurship has great financial rewards
This is the main benefit of entrepreneurship. When your business succeeds, you can earn up to 10fold what you used to make in a corporate job. There is also no limit to what you can earn.
— Vahag Aydinyan (@idinian) 17 de junio de 2017