Entrepreneurship which is the practice of finding and company leadership starting a business opportunity, locating and consolidating the required money and materials and taking both the potential risks and rewards affiliated with the venture is where all who wish to make and enjoy great wealth should tune their mind and heart to.
Everything in life has two sides like the proverbial two sides of a coin. Entrepreneurship is fraught with dangers, perils, hazards and threats or risks just as it has booties, returns, compensations or incentives also known as rewards.
Here are risks and rewards of entrepreneurship which I would like discuss briefly in the article for the benefit and information of those wishing to embark on the great journey of entrepreneurship:
Risks of Entrepreneurship
Getting paid - The wages of the business enterprise would determine whether the entrepreneur gets paid or not. The entrepreneur will not possess the luxury of an assured paycheck like his counterparts in paid employment. Should the business does not make profit, you'll find nothing for the entrepreneur.
Sporadic Income - The start-up entrepreneur might not have enough business to provide him or her with steady income. His or her income may fluctuate from day to day or from month to month.
No Income - An entrepreneur may face a season within his or her business life when there would be no business at all or when customers have failed to meet their payment obligations and thus no income. Start-up entrepreneurs are often advised to save at least sufficient to cover 6 months expenses and income needs as part of their financial planning.
Having Security - Whatever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement funds account backed by their employer, the entrepreneur has to provide his or her own insurance and retirement security. Before moving from paid employment to full-time entrepreneurship, it is very important that aspiring entrepreneurs add as part of their financial planning, some element of insurance and retirement security through savings.
Rewards of Entrepreneurship
Passion - Passion they say sells. One of the greatest joys of entrepreneurship is working daily on the passion of your life. When one's work and daily pursuits are within the realm of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. In addition to being a reward on its own, passion ensures that one is dealing with boundless energy which leads to greater production.
Great Boss - Entrepreneurs work with the greatest boss on earth which is themselves. In paid employment, we meet all kinds of bosses - some nasty, some great and some boring. The greatest boss anyone could have is oneself. Entrepreneurship enables you work with yourself and that creates an unbeatable feeling which money cannot buy.
Hours - Among the immediate benefits of entrepreneurship is having control of one's life. Though the beginning of entrepreneurship could possibly be rough, the capability to be in charge and have the ability to set your times and schedules for your work and business is a reward of inestimable value.
Location - Where you live and work is one key factor to personal satisfaction. Entrepreneurship helps you to make this choice and not have to depend on someone else determining your office location which could be so far away from the place you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices happen to be are too costly for many workers to reside in. Several of such locations do not have residential areas. Employees are forced into long distance commuting and traffic hold ups that improve their cost of fueling and is the cause high blood pressure level resulting from hanging out in the holdup year in year out. The entrepreneur can even keep his location virtual, meaning he may work from the comfort of his own home using the internet. An entrepreneur may also chose to be mobile.
Everything in life has two sides like the proverbial two sides of a coin. Entrepreneurship is fraught with dangers, perils, hazards and threats or risks just as it has booties, returns, compensations or incentives also known as rewards.
Here are risks and rewards of entrepreneurship which I would like discuss briefly in the article for the benefit and information of those wishing to embark on the great journey of entrepreneurship:
Risks of Entrepreneurship
Getting paid - The wages of the business enterprise would determine whether the entrepreneur gets paid or not. The entrepreneur will not possess the luxury of an assured paycheck like his counterparts in paid employment. Should the business does not make profit, you'll find nothing for the entrepreneur.
Sporadic Income - The start-up entrepreneur might not have enough business to provide him or her with steady income. His or her income may fluctuate from day to day or from month to month.
No Income - An entrepreneur may face a season within his or her business life when there would be no business at all or when customers have failed to meet their payment obligations and thus no income. Start-up entrepreneurs are often advised to save at least sufficient to cover 6 months expenses and income needs as part of their financial planning.
Having Security - Whatever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement funds account backed by their employer, the entrepreneur has to provide his or her own insurance and retirement security. Before moving from paid employment to full-time entrepreneurship, it is very important that aspiring entrepreneurs add as part of their financial planning, some element of insurance and retirement security through savings.
Rewards of Entrepreneurship
Passion - Passion they say sells. One of the greatest joys of entrepreneurship is working daily on the passion of your life. When one's work and daily pursuits are within the realm of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. In addition to being a reward on its own, passion ensures that one is dealing with boundless energy which leads to greater production.
Great Boss - Entrepreneurs work with the greatest boss on earth which is themselves. In paid employment, we meet all kinds of bosses - some nasty, some great and some boring. The greatest boss anyone could have is oneself. Entrepreneurship enables you work with yourself and that creates an unbeatable feeling which money cannot buy.
Hours - Among the immediate benefits of entrepreneurship is having control of one's life. Though the beginning of entrepreneurship could possibly be rough, the capability to be in charge and have the ability to set your times and schedules for your work and business is a reward of inestimable value.
Location - Where you live and work is one key factor to personal satisfaction. Entrepreneurship helps you to make this choice and not have to depend on someone else determining your office location which could be so far away from the place you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices happen to be are too costly for many workers to reside in. Several of such locations do not have residential areas. Employees are forced into long distance commuting and traffic hold ups that improve their cost of fueling and is the cause high blood pressure level resulting from hanging out in the holdup year in year out. The entrepreneur can even keep his location virtual, meaning he may work from the comfort of his own home using the internet. An entrepreneur may also chose to be mobile.