The Rewards and Challenges of Entrepreneurship
There are many reasons why it's worth pursuing your entrepreneurial dreams. Unfortunately, there are also many challenges that can block your path to success when launching yourself as an entrepreneur. So, how do you know if entrepreneurship is the right path for you? By considering both the rewards and challenges faced by entrepreneurs. Once you've considered the rewards and challenges of entrepreneurship, you can determine for yourself whether the rewards will outweigh any challenges you are likely to face.
To help you consider both sides of the issue, here are six rewards of entrepreneurship, followed by three challenges often faced by entrepreneurs.
Rewards of Entrepreneurship:
1. You can do what you enjoy.
When you're an entrepreneur, you have full discretion over what type of career you'd like to pursue. By choosing to do what you love, work can feel less like a grind and more like an adventure.
Are you an expert on a particular subject? Perhaps starting a consulting or tutoring business is right for you. Love to work outdoors? Enjoy working with your hands? Are you learning one or more skilled trades? Maybe starting a business in landscaping, automotive repair, home remodeling, construction, plumbing, electrical, or painting is your thing. Do you play the guitar or piano? Do photography? Plenty of opportunities in your area to provide these types of services to weddings, outdoor parties, festivals, coffee shops, restaurants, corporate events, etc. There are also many different types of franchises out there that may catch your interest, anything from restaurants to insurance and investments, and everything in between.
These are just a few possibilities out of an endless sea of options when it comes to entrepreneurship! You can literally take just about anything that you know and love to do, and turn it into a business - turn it into a way of life for you.
2. You can be your own boss.
Often, subordinate-boss relationships can be strenuous at best. By pursuing your entrepreneurial dreams, you will be your own boss, allowing you to avoid such encounters—that is unless you become the boss of others by expanding your business and hiring staff.
3. You can set your own schedule.
When working for yourself, fixed working hours become a thing of the past. In many cases, you can start late or take off early, without any repercussions. Flexible working hours can be very useful when you have appointments to keep or family obligations to fulfill.
4. You may be able to work from anywhere.
While not every entrepreneur will be able to work from anywhere, many do have the freedom to choose where they work. In some cases, this may mean working from home, while in other cases, this may mean working in a public space like a relaxing park or a lively coffee shop.
5. It fosters independence, responsibility, and creativity.
As an entrepreneur, most or all job-related responsibilities will be up to you—especially when you're just starting out. It will likely take a little creativity and a lot of determination to successfully manage your responsibilities and solve any new challenges that come your way.
6. Success brings a personal sense of pride and satisfaction.
Because workplace achievements will be directly related to your efforts, any successes that occur will likely become great sources of personal pride and satisfaction. It can be very rewarding to see your hard work paying off firsthand.
Challenges of Entrepreneurship:
1. You will likely have long working hours.
Though entrepreneurs don't often have a fixed schedule, they typically need to work long hours in order to succeed. In fact, most entrepreneurs end up working far more hours than their salaried counterparts—especially early on if they have little to no support staff.
2. You may feel financially insecure.
Pay can be inconsistent when working for yourself. This causes most entrepreneurs to feel financially insecure at some point during their career. As an entrepreneur, it's important that you carefully manage your spending, so you can withstand any dry spells that might come your way. It is also important that entrepreneurs begin with enough starting capital to keep their dream alive during the often-rough early stages of entrepreneurship.
3. It can be stressful.
As entrepreneurs must deal with many aspects of the job themselves, including the parts of the business they don't enjoy or fully understand, work can become quite stressful. Beyond your regular duties, you may need to handle additional tasks like sales, customer service, accounting, marketing, and invoice collections—that is unless you hire support staff to handle such tasks for you.
While there are many obstacles along the path of entrepreneurship, for those who can overcome the challenges, the rewards are unlike anything else life can offer. Hopefully, by reading through some of the rewards and challenges faced by entrepreneurs, you now have a better idea about whether you'd like to pursue your entrepreneurial dreams.