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In spite of the financial security a job offers, there are often situations when people are willing to give it all up. Frustration with the boss, no career improvement prospects, not liking the job or simply growing tired of doing the same old thing may lead someone to consider beginning his own venture. However, before you decide to become an entrepreneur, it is vital to realize that this has its own share of benefits and challenges.
When working for an employer, you receive a particular salary depending on the pay scale your organization fixes for your designation. To receive a larger salary, you have to either get a promotion or a new job. As an entrepreneur, there are no such limitations. You determine the amount of money you make, depending on the efforts you invest into your business. With meticulous planning, effective strategies and hard work you have an opportunity to earn much more than a salaried employee.
Doing What You Enjoy
When you are an entrepreneur, you have an opportunity to choose doing something that gives you joy. As a human resources manager, for example, you might only have one or two occasions in the entire year to indulge your passion for training. But if you launch your own corporate training center, you get to do what you enjoy all the time. Being an entrepreneur thus helps you fulfill your true potential. Besides, there is no one to veto your creative ideas, and you get to learn firsthand what works and what doesn’t, making for an intense learning experience.
Any business startup requires a certain initial financial investment. Depending on the size and nature of your enterprise, you may meet this requirement by using your savings, borrowing from family and friends or through a loan from a financial institution. Once you begin your business, it may take anywhere between a few months to a few years for you to begin making profits. During this period, managing your finances is often stressful especially if you have no other steady source of income. Unless you have a realistic financial plan before you launch your entrepreneurial venture, you may find yourself getting caught up in financial tangles.
Lack of Time
Although flexibility in work schedules is part of the appeal of entrepreneurship, it is often an unrealistic expectation, at least in the initial stages. As an entrepreneur, you have to work harder and smarter than you did as an employee. Besides, there is no supervisor to whom you can leave important decisions. According to Six Sigma Online, running an entrepreneurial venture requires so much attention that you find yourself working longer hours than as an employee. This may sometimes mean skipping holidays and the luxury of relaxing over the weekend.