Written by Fernando Maciá
If you are reading this article, it is because you are seriously thinking about becoming an entrepreneur, either to set up an online store or to offer some other service. Chances are you already have a fairly well-defined business idea in mind. Entrepreneurship is a stimulating challenge and brings with it many benefits, in addition to the undeniable satisfaction of creating something of your own from scratch. However, as with everything, it has its pros and cons, so it is advisable to weigh them both personally and professionally.
If you are thinking of starting a business, make sure you have the qualities to be a successful entrepreneur, as well as evaluate the advantages, disadvantages and risks that may arise from this exciting venture.
To begin with, and although it is a fundamental pillar, having a business idea is not everything. To carry out this idea is much more difficult than it seems, as it is influenced by innumerable factors that vary depending on each person and their situation, as well as their knowledge. Before you dive in, we invite you to consider the advantages and disadvantages of being an entrepreneur, so let’s take a look at what it takes to start and maintain a business today:
Advantages of being an entrepreneur
Greater autonomy and independence
Starting a business is characterized by an autonomy and independence that are incomparable to that of an employee’s occupation. Regardless of the work that is done, the freedom that comes with having your own company and making your own decisions is a great advantage that is taken into account when considering being an entrepreneur. Of course, the key to success lies in knowing how to value and make use of this freedom in our favor and that of the company, which is not innate in each of us, but develops little by little as we become more fluent in our new activity. Besides, let’s not forget that being your own boss also allows you to select the people you want to be part of your work team.
The possibility of higher income
This is another of the weighty points that is often key in the decision to undertake. Who doesn’t aspire to earn more money? Being ambitious is not a negative trait, nor is wanting to achieve economic stability and aspire to a higher standard of living.
The satisfaction of creating something of your own and seeing it flourish
Directly linked to success and considerably higher income is the personal satisfaction of creating something of one’s own and achieving one’s goals. Challenging and testing one’s abilities, taking risks and seeing an idea succeed is accompanied by a unique feeling of satisfaction and makes us feel invincible.
Contribute something new to your community and be rewarded for it
Finally, being a successful entrepreneur can enhance your status and open many doors. In addition, doing your bit for the community in which you live is also a positive point that cannot be ignored. Being of service to society through actions of various kinds can also be considered as a personal achievement of self-fulfillment.
Disadvantages of entrepreneurship
Knowing how to manage newly acquired autonomy
Autonomy also has its drawbacks, and that is that to be an entrepreneur you have to demand a certain degree of organization and discipline to avoid sinking yourself quickly and catastrophically. Also, unlike an employee, the responsibilities that are concentrated on you are much greater both in number and dimension. The keys to being a successful entrepreneur require us to know a little bit of everything: business administration and management, commerce, marketing, and, of course, to be an expert in our field. On the other hand, if you think you have completely eradicated the figure of the boss from your life, you are wrong, because from now on your bosses will be your clients and the Tax Agency, among others.
Inevitable economic risks
Another negative aspect of entrepreneurship is the inevitable economic risk we face. Every business or entrepreneurial activity requires financial means to get started, but there is no insurance here, because every entrepreneur risks failure by starting a new project and losing all his or her money. It is important to be prepared and to know how to evaluate the difficulties that could arise, as well as to organize our income in a responsible way until the business flourishes and reaches a stability that we consider sufficient. It is also a good idea to have a plan B up your sleeve, always ready in case things go really wrong and you are not left in misery.
Another negative aspect of entrepreneurship is the inevitable economic risk we face: every business or entrepreneurial activity requires financial means to get started, but there is no insurance here, because every entrepreneur takes the risk of failure when starting a new project, losing all their money. It is important to be prepared and to know how to evaluate the difficulties that could arise, as well as to organize our income in a responsible way until the business flourishes and reaches a stability that we consider sufficient. It is also a good idea to have a plan B up your sleeve, always ready in case things go really wrong.
Your free time always subject to your workload
Being an entrepreneur means sacrificing sleepless nights to get the business off the ground. Flexible hours could become your worst enemy, although it is true that in theory you are the one who sets your vacations and work days. But if there’s a problem or a lot of work and you’re the only one who can handle it, say goodbye to weekends and the 8-hour workday. You must always be willing to do everything in your power and more to drive the business forward. And sometimes that could mean a sleepless night or two.
