4 answers
Cameron
Student
Rock Hill, South Carolina
1
Question
Asked
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the pros and cons of entrepreneurship ?
im 15 in the 9th grade and i've wanted to be an entrepreneur but don't wanna jump into something that i don't know the pros and cons about.
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4 answers
David Loring
Attorney and project management
11
Answers
Seattle, Washington
Updated
David’s Answer
Being an entrepreneur versus working for someone else has the best and the worst of both worlds. You have a lot of freedom, but not necessarily a salary to rely on. Your work hours are not proscribed, but sometimes you'll work much longer than if you were working for someone else. You'll be able to explore interests that you might not be able to explore working for others.
I would suggest that you first try to figure out what your interests are because if you can work in an area or field that you enjoy, you'll likely do better. What are your personal strengths and weaknesses?? You can always working on strengthening weaknesses, but your natural strengths are probably more reliable. So, finding an area of work that utilizes your strengths more than your weaknesses may be an important consideration.
If you think you have some areas of interest, find some folks who work in those areas and ask them if you can speak with them for 30 or 60 minutes. DON"T BE AFRAID TO ASK. When you talk to someone who is working or has worked at something that you find interesting and might consider, you can ask them directly about the ups and downs of that particular area of work. You can also ask them for advice on how to prepare to work in that field and any other questions you may have.
And, know that whatever you choose to do, working hard, being focused and putting in the time are keys to success. If it were easy, everyone would be doing it. So, get ready for the long haul. Whatever you choose to do will likely take you years to accomplish. Don't expect to be a success overnight any more than expecting to win the lottery.
You will need to understand general business principles, as well as the particular details of your chosen area of work. So, if you can take a class or two, do some reading, etc., it can only help you achieve your goals.
I would suggest that you first try to figure out what your interests are because if you can work in an area or field that you enjoy, you'll likely do better. What are your personal strengths and weaknesses?? You can always working on strengthening weaknesses, but your natural strengths are probably more reliable. So, finding an area of work that utilizes your strengths more than your weaknesses may be an important consideration.
If you think you have some areas of interest, find some folks who work in those areas and ask them if you can speak with them for 30 or 60 minutes. DON"T BE AFRAID TO ASK. When you talk to someone who is working or has worked at something that you find interesting and might consider, you can ask them directly about the ups and downs of that particular area of work. You can also ask them for advice on how to prepare to work in that field and any other questions you may have.
And, know that whatever you choose to do, working hard, being focused and putting in the time are keys to success. If it were easy, everyone would be doing it. So, get ready for the long haul. Whatever you choose to do will likely take you years to accomplish. Don't expect to be a success overnight any more than expecting to win the lottery.
You will need to understand general business principles, as well as the particular details of your chosen area of work. So, if you can take a class or two, do some reading, etc., it can only help you achieve your goals.
Ann Newman
Sales
12
Answers
Phoenix, Arizona
Updated
Ann’s Answer
Alexandra has really important points!
I'll add to those with this thought. The best thing you can do to decide about entrepreneurship and be successful if that is your decision is to work for a successful entrepreneur. You are young, and someone that has been through a lot to get their business running successfully and that is willing to share will really help you build the foundation for whatever your business dream is. There's a reason why a lot of family businesses have their children go to work for someone else before they come into a family business. By working for someone else, you see different ways to accomplish tasks, you learn from different styles of leadership, and you get a taste of what you like and don't.
Think about what you'd like your business to solve.
Look for a entrepreneur in a similar type of business, but not necessarily competition. This will make them more likely to want to help you.
Be openminded.
I'll add to those with this thought. The best thing you can do to decide about entrepreneurship and be successful if that is your decision is to work for a successful entrepreneur. You are young, and someone that has been through a lot to get their business running successfully and that is willing to share will really help you build the foundation for whatever your business dream is. There's a reason why a lot of family businesses have their children go to work for someone else before they come into a family business. By working for someone else, you see different ways to accomplish tasks, you learn from different styles of leadership, and you get a taste of what you like and don't.
Ann recommends the following next steps:
David M. Somerfleck
Digital Marketing Project Manager
1
Answer
Naples, Florida
Updated
David M.’s Answer
First of all, you're correct to be hesitant, but I also want to encourage and congratulate you for your interest. My advice as someone who's worked in marketing (digital marketing to be specific) for about twenty years and also served as a mentor to nonprofit organizations for about ten years, is to read every book you can find (you should be able to find at least a few at your local public library for starters) by the people on "Shark Tank," then "Dragon's Den" (which is what the US TV program is based upon). They all have autobiographies (which are the most helpful since that tells you directly what their lives were like to where they are now) and business books as well. My favorites were by Barbara Corcoran and "Enter the Dragon" by Theo Paphitis (who was on "Dragon's Den in the United Kingdom). You can watch "Dragon's Den" on YouTube and also the Canadian version. Now, these programs do not always reflect total reality, but they can help introduce you to inspiring stories, help you learn about Minimum Viable Product concepts (where you develop a prototype or "rough draft" version of a product just to get opinions and find out what possible investors might think). You can also learn how to conduct yourself when pitching to possible investors, how to answer tough questions calmly and with proper decorum, know what to watch out for when fielding offers (such as royalty deals, franchises, and so forth).
As others have said the benefits of entrepreneurship are that you can do as you please, be creative and innovate at will. The downsides are that you must handle all the responsibilities financially, professionally, and build your own support system (and I'd encourage you to learn more about "Mastermind" type business groups but would advise to listen and gauge whether or not any group is really helpful for you before jumping in).
Another great way to learn more is to go to sites like Udemy and sign up for as many free business, startup, and entrepreneur courses as you think is good for you, and just take one after another. After five or six courses you'll start to see common themes, topics and ideas that run through each course. You'll also see how different personalities interpret and judge different concepts. Since it's free and just requires time and study, you have nothing to lose.
Let me know how things develop and good luck to you.
Read one book per month by one of the stars from "Shark Tank" and / or "Dragon's Den" using your public library
Sign up for one or two free entreprneurism courses on Udemy
Look for local "mastermind" groups in your local area that will permit you to simply attend and observe and listen and learn
As others have said the benefits of entrepreneurship are that you can do as you please, be creative and innovate at will. The downsides are that you must handle all the responsibilities financially, professionally, and build your own support system (and I'd encourage you to learn more about "Mastermind" type business groups but would advise to listen and gauge whether or not any group is really helpful for you before jumping in).
Another great way to learn more is to go to sites like Udemy and sign up for as many free business, startup, and entrepreneur courses as you think is good for you, and just take one after another. After five or six courses you'll start to see common themes, topics and ideas that run through each course. You'll also see how different personalities interpret and judge different concepts. Since it's free and just requires time and study, you have nothing to lose.
Let me know how things develop and good luck to you.
David M. recommends the following next steps:
Alexandra Grashkina-Hristov
International Tax Professional
155
Answers
Boston, Massachusetts
Updated
Alexandra’s Answer
Hi Cameron,
The answer to this question really depends on the area of work that you want to be an entrepreneur in but generally, the following pro and con points apply.
Pro
- you are your own boss and have freedom to decide how to run your business
- you can work flexible hours
- you can be creative
Cons
- certain employer provided benefits, such as health insurance, are hard to get if you are a small business
- you might not have many colleagues to discuss ideas with
- it is harder to compete with bigger businesses
The answer to this question really depends on the area of work that you want to be an entrepreneur in but generally, the following pro and con points apply.
Pro
- you are your own boss and have freedom to decide how to run your business
- you can work flexible hours
- you can be creative
Cons
- certain employer provided benefits, such as health insurance, are hard to get if you are a small business
- you might not have many colleagues to discuss ideas with
- it is harder to compete with bigger businesses