Entrepreneurs are often thought of as national assets to be refined, motivated and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their revolutions may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a flourishing society.
What impact did it had on my life? Personally, for me it had such an astounding effect that it changed my whole life for the better, so much so that we are in the business to help people like you to follow a career in entrepreneurship. You can read our story on the about us page.
So, if you are you still thinking of starting your career in entrepreneurship, please carry on reading…
What impact can YOU as an entrepreneur make?
Create new businesses
Path-breaking offerings by entrepreneurs, in the form of new goods and services, result in new employment, which can produce a cascading effect or virtuous circle in the economy. The stimulation of related businesses or sectors that support the new venture add to further economic development.
Add to national income
Entrepreneurial ventures literally generate new wealth. Existing businesses may remain confined to the scope of existing markets and may hit the glass ceiling in terms of income. New and improved offerings, products or technologies from entrepreneurs enable new markets to be developed and new wealth created.
Create social change
Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. Overall, this results in an improved quality of life, greater morale and economic freedom.
Entrepreneurs regularly nurture entrepreneurial ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development beyond their own ventures.
Some famous entrepreneurs, like Bill Gates, have used their money to finance good causes, from education to public health. The qualities that make one an entrepreneur are the same qualities that motivate entrepreneurs to take it forward.
The other side of entrepreneurship
Are there any drawbacks to cultivating entrepreneurs and entrepreneurship? Is there an “upper limit” for the number of entrepreneurs a society can hold?
Italy may provide an example of a place where high levels of self-employment have proved to be inefficient for economic development. Research reveals that Italy has in the past experienced large negative impacts on the growth of its economy because of self-employment. There may be truth in the old saying, “too many chefs and not enough cooks spoil the soup.”
So, what’s in entrepreneurship for YOU?
Being a business owner can be extremely rewarding. Having the courage to take a risk and start a venture is part of many individuals dreams. Success brings with it many advantages:
You are independent
As a business owner, you’re your own boss. You can’t get fired. More importantly, you have the freedom to make the decisions that are crucial to your own business success.
You choose your lifestyle
Owning a small business gives you certain lifestyle advantages. Because you’re in charge, you decide when and where you want to work. If you want to spend more time on nonwork activities or with your family, you don’t have to ask for the time off. If it’s important that you be with your family all day, you might decide to run your business from your home. Given today’s technology, it’s relatively easy to do. Moreover, it eliminates commuting time.
You choose your rewards
In spite of high financial risk, running your own business gives you a chance to make more money than if you were employed by someone else. You benefit from your own hard work.
You choose opportunities to learn
As a business owner, you’ll be involved in all aspects of your business. This situation creates numerous opportunities to gain a thorough understanding of the various business functions.
You create freedom and personal satisfaction
As a business owner, you’ll be able to work in a field that you really enjoy. You’ll be able to put your skills and knowledge to use, and you’ll gain personal satisfaction from implementing your ideas, working directly with customers, and watching your business succeed.
Is it really so easy?
No, it’s not, because we live in a real world which have its up and downs, which means that a career in entrepreneurship have its downside as well
As the little boy said when he got off his first roller-coaster ride, “I like the ups but not the downs!” Here are some of the risks you run if you want to start a small business:
You face financial risk
The financial resources needed to start and grow a business can be extensive. You may need to commit most of your savings or even go into debt to get started. If things don’t go well, you may face substantial financial loss. In addition, there’s no guaranteed income. There might be times, especially in the first few years, when the business isn’t generating enough cash for you to live on.
You face a stressful life
As a business owner, you are the business. There’s a bewildering array of things to worry about—competition, employees, bills, equipment breakdowns, customer problems. As the owner, you’re also responsible for the well-being of your employees.
You face the commitment of extra time
People often start businesses so that they’ll have more time to spend with their families. Unfortunately, running a business is extremely time consuming. In theory, you have the freedom to take time off, but in reality, you may not be able to get away. In fact, you’ll probably have less free time than you’d have working for someone else.
For many entrepreneurs and small business owners, a forty-hour workweek is a myth. Vacations will be difficult to take and will often be interrupted. In recent years, the difficulty of getting away from the job has been compounded by cell phones, iPhones, Internet connected laptops and iPads, and many small business owners have come to regret that they’re always reachable.
You will do things you don’t like
When you start up, you’ll undoubtedly be responsible for either doing or overseeing just about everything that needs to be done. You can get bogged down in detail work that you don’t enjoy. As a business owner, you’ll probably have to perform some unpleasant tasks, like firing people.
So, should I DO it or NOT?
In spite of these and other disadvantages, most small business owners are pleased with their decision to start a business. A survey conducted by the Wall Street Journal and Cisco and Associates indicates that small business owners and top-level corporate executives agree overwhelmingly that small business owners have a more satisfying business experience.
Interestingly, the researchers had fully expected to find that small business owners were happy with their choices; they were, however, surprised at the number of corporate executives who believed that the grass was greener in the world of small business ownership.
There are several advantages that, generally speaking, come with success in business ownership as I have mentioned earlier:
- Independence – As a business owner, you’re your own boss
- Lifestyle – Because you’re in charge, you decide when and where you want to work
- Financial rewards – In spite of high financial risk, running your own business gives you a chance to make more money than if you were employed by someone else
- Learning opportunities – As a business owner, you’ll be involved in all aspects of your business
- Creative freedom and personal satisfaction – As a business owner, you’ll be able to work in a field that you really enjoy, and you’ll gain personal satisfaction from watching your business succeed
There are also a number of potential disadvantages to consider in deciding whether to start a small business, as I mentioned earlier:
- Financial risk – The financial resources needed to start and grow a business can be extensive, and if things don’t go well, you may face substantial financial loss. In addition, you’ll have no guaranteed income
- Stress – You’ll have a bewildering array of things to worry about, competition, employees, bills, equipment breakdowns, customer problems
- Time commitment – Running a business is extremely time-consuming. In fact, you’ll probably have less free time than you’d have working for someone else
- Undesirable duties – You’ll be responsible for either doing or overseeing just about everything that needs to be done, and you’ll probably have to perform some unpleasant tasks, like firing people.
The way forward
If you are you still interested following a career in entrepreneurship try this – identify five advantages of small business ownership. Next, rank these advantages according to their importance to you. Why did you rank them as you did? What factors discourage individuals from small business ownership? Indicate which of these factors might discourage you from starting a business. Explain why.
Finally contact us on our website chat, and one of our experts will answer some of the questions you have or put you in contact with me, Verdi