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what are the pros and cons of being an entrepreneur?
keyanna
age 18
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2 answers
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Katie’s Answer
Entrepreneurship is really hard! It is often a lonely project, without people to ask questions of. It's good that you're thinking about pros and cons now!
Pros:
- You set the agenda - what you do, what you focus on, when and where you work
- If you have a skill or an idea, you can bring it to life
- It's exciting and move quickly
- There can be really high highs
Cons:
- The risk is high. You may be tempted to say yes to things that you should really be saying no to, because you don't want to pass up a potential opportunity
- It's lonely at the top! Whether you're running something by yourself or have a team, there isn't often people you can go to for advice.
- Along those lines, the buck stops here! You are responsible for all decisions, and you have to live with the results.
- You have to be really self-motivated. No one but you is going to help you get out of bed and get to work.
Good luck!
Pros:
- You set the agenda - what you do, what you focus on, when and where you work
- If you have a skill or an idea, you can bring it to life
- It's exciting and move quickly
- There can be really high highs
Cons:
- The risk is high. You may be tempted to say yes to things that you should really be saying no to, because you don't want to pass up a potential opportunity
- It's lonely at the top! Whether you're running something by yourself or have a team, there isn't often people you can go to for advice.
- Along those lines, the buck stops here! You are responsible for all decisions, and you have to live with the results.
- You have to be really self-motivated. No one but you is going to help you get out of bed and get to work.
Good luck!
Updated
Joyce’s Answer
Entrepreneurship is the epitome of risk vs. reward. When you have a passion and think you can do anything it takes to succeed it is important to prepare! Often you are venturing into areas where others have never been and self-discipline plus self-motivation are key areas to focus on.
Pros:
-Seeing your vision come to life. Whether it is designing merchandise, opening a restaurant, building a studio, creating an innovative solution to a daily problem, etc. that vision board that you may have been adding to and looking at daily means everything when you see/feel/touch/smell it.
-Having control and not being micromanaged. You dictate the pace at which your business grows which means you can push hard as well as adapt to changing situations.
-The network you can build as an entrepreneur has no limit. Many have heard the term "Your network is your net worth" and this is true. Through rapid growth, you will meet people, build long-lasting relationships, and potentially build partnerships along the way.
Cons:
-Entrepreneurship is not for the weak. This is not a Monday-Friday 9-5 job. Especially in the beginning, you may be up for 24 hours straight working across time zones domestically and internationally to close deals, get clients, and satisfy your customer base.
-There are extreme highs and lows as an entrepreneur whereby one week is phenomenal in sales and the next week there is nothing. Therefore, you must be extremely dedicated to knowing every single number to determine where there may be an issue to be addressed.
-You must be 100% all the time, running on all cylinders. That means you are the go-to, fix-it-all, find a solution in 5 minutes all day every day.
That being said, it is very worthwhile and where there is a will there is a way. All the best!
Pros:
-Seeing your vision come to life. Whether it is designing merchandise, opening a restaurant, building a studio, creating an innovative solution to a daily problem, etc. that vision board that you may have been adding to and looking at daily means everything when you see/feel/touch/smell it.
-Having control and not being micromanaged. You dictate the pace at which your business grows which means you can push hard as well as adapt to changing situations.
-The network you can build as an entrepreneur has no limit. Many have heard the term "Your network is your net worth" and this is true. Through rapid growth, you will meet people, build long-lasting relationships, and potentially build partnerships along the way.
Cons:
-Entrepreneurship is not for the weak. This is not a Monday-Friday 9-5 job. Especially in the beginning, you may be up for 24 hours straight working across time zones domestically and internationally to close deals, get clients, and satisfy your customer base.
-There are extreme highs and lows as an entrepreneur whereby one week is phenomenal in sales and the next week there is nothing. Therefore, you must be extremely dedicated to knowing every single number to determine where there may be an issue to be addressed.
-You must be 100% all the time, running on all cylinders. That means you are the go-to, fix-it-all, find a solution in 5 minutes all day every day.
That being said, it is very worthwhile and where there is a will there is a way. All the best!