The Pros and Cons of Doing Business
Are you tired of carrying out the orders of your boss? If so, perhaps going into business would sound like a great idea to you. Doing business has its ups and downs. In terms of profit, business offers more perks as compared to employment. However, if you venture into business, you will have to carry a lot of responsibilities. If you are prepared for the best and worst, a business venture can be a good option.
Most of us focus only on the good things. This is why we get surprised whenever we run through the bad ones. As an entrepreneur, it’s important that you pay attention or check out the downsides of your business before you start. Doing so will give you an idea on what to expect from your business when things go wrong. Aside from knowing what to expect, you will also learn how to counter or prevent unfavorable things from happening.
No matter how hard we work, our business will still have its bad times. After all, there’s no such thing as a perfect business. This is why it’s always better to know what to expect from a business. Below are the advantages and disadvantages of a business whether you’re a newbie or professional.
We shall limit our discussion on three advantages of going into business. These three are usually what we want to have in our life. Regardless of your business, you’ll surely enjoy these benefits as an entrepreneur.
Going into business allows people to make more money out of their work. Unlike with employment, business has a higher reward ceiling in terms of earnings. In business, you can earn from a few dollars to millions depending on your success. If you are successful, you can expect impressive amounts of earnings.
Entrepreneurs have a higher chance at hitting financial success than being a simple 9 to 5 worker. You can find several reasons why they are close to success. One of the best reasons is because of the many opportunities that are open to entrepreneurs. If you are in business, all you need to do is choose wisely on which opportunity to pick. If you’re smart, you’ll end up with a perfect business. It’s a fact that a good business means more earnings.
Generally most of us are going into business because we are pursuing financial security. If not, then we would most likely pick employment instead of being into business. Despite its higher reward ceiling, being an entrepreneur can be quite demanding and at times frustrating.
You are the Leader
One of the best benefits of going into business is the fact that you are in control of everything. In short, you are the boss of other people. So instead of following orders, you are the one who’s giving them out. Being in control is a good thing, especially if you are the type of person who doesn’t like being ordered around. Instead of following orders, you’re the one who’s giving them to your employees.
Although being the boss of your company may sound cool, it actually comes with lots of responsibilities. As a leader, you should be able to work with your employees properly. You should also make sure that you provide their needs financially, emotionally, mentally, and physically. Leaders don’t just push their employees around. They help them become better workers. If you’re just into business to boss around, you’re not actually helping your company or yourself. Successful entrepreneurs are leaders, not bosses.
You Own Your Time
Lastly, being able to work out your own schedule is a good thing. As an entrepreneur, you can actually adjust your time frame according to your preference. It’s one of the reasons why businessmen can arrive late or go out early. However, you shouldn’t go home early if there are still problems that need to be addressed within your company. At the same time, you should be early to work if your company requires your presence. If everything is going fine though, you can always adjust your time to what suits you the most. In case you want to spend more time with your family, you can easily do so as you can tell your next in command to take over for you. It’s one of the perks of being an entrepreneur.
Successful entrepreneurs don’t spend their whole day at work. They also find time for themselves. As a family man, you can strengthen your bonds with your wife and kids if you spend more time with them. If you’re a single person, you can have fun with your friends or find the other half that will make your life complete. Regardless of your status in life, being an entrepreneur will make sure that you have enough time for yourself or for your loved ones.
As mentioned above, you need to know the disadvantages of going into business to avoid being surprised. In addition, it’s always better to know what to expect once things go wrong with your business.
As an entrepreneur, financial risks are your worst nightmares. More often than not, they are experienced if you are not doing the right things. Entrepreneurs who don’t have good business plans as well as proper execution, often fall into financial problems. In most cases, they lose their capital investments. Sometimes, they don’t earn enough to make a profit out of their business. These are crucial disadvantages that can break down a business regardless of its size.
Sometimes, you may find working as an employee as a better option. Unsuccessful entrepreneurs find that their income is unsteady and at times insufficient. It’s one of the financial risks that you’ll encounter as a business person.
Longer Working Hours
Once things go wrong, you’ll be required to stay late at work. As the leader, you need to make sure that you fix the problems before they go out of control. One way to make sure that you are in control of the situation is by addressing the problem. Normally, it doesn’t take long before you can fix an issue. In tougher situations though, your presence is needed for a longer period of time.
Good entrepreneurs don’t leave their men hanging or burdened with problems. They make sure that everything is ok before they leave the office. In addition, they are the last person to leave the place once everything has been settled. These are the marks of a good leader as an entrepreneur.
Firing of an Employee
You know what sucks about being a leader? It’s when you fire one of your employees. The fact that you’ll be cutting the source of income of a person can always be considered as a disadvantage. Nobody wants to fire someone from work. However, you don’t have to keep a person if you no longer require his service. In some cases, separating ways with your employees can be painful, especially if you really like your workers. Layoffs are the worst times in a company. It’s one of the disadvantages that are quite difficult to address. In fact, you can’t make improvements on how to fire an employee from work. While you can always say it in a nice way, there’s nothing good about getting removed from your work. As an entrepreneur, you’ll be doing some firing while you are running and managing your business.
If you plan to run a business, you should get yourself familiar with these pros and cons. The pros will get you moving while the cons will give you warnings and remain alert most of the times.