Entrepreneurship which will be the practice of finding and starting a business opportunity, locating and consolidating the required money and materials and taking both the potential risks and rewards linked to 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 better 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 income of the business enterprise would assess whether the entrepreneur gets paid or not. The entrepreneur does not have the luxury of an assured paycheck like his counterparts in paid employment. If the business will not make profit, there is nothing for the entrepreneur.
Sporadic Income - The start-up entrepreneur may not have enough business to provide her or him 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 usually advised to save at least enough to cover 6 months expenses and income needs as part of their financial planning.
Having Security - What ever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement savings account supported by their employer, the entrepreneur has to provide his or her own insurance coverage 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. Among the greatest joys of entrepreneurship is working daily on the passion of your life. When one's work and daily pursuits will be in the arena of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. Besides being a reward on its own, passion ensures that one is working with boundless energy which leads to greater production.
Great Boss - Entrepreneurs work for 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 might have is oneself. Entrepreneurship enables you work for yourself and that creates an unbeatable feeling which money can not buy.
Hours - One of the immediate advantages of entrepreneurship is having control of one's life. Though the beginning of entrepreneurship may be rough, the capability to be in charge and also 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 just 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 possibly be so far away from in which you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices are located 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 increase their cost of fueling and will be the cause high blood pressure level as a result of hanging out within 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 could 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 better 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 income of the business enterprise would assess whether the entrepreneur gets paid or not. The entrepreneur does not have the luxury of an assured paycheck like his counterparts in paid employment. If the business will not make profit, there is nothing for the entrepreneur.
Sporadic Income - The start-up entrepreneur may not have enough business to provide her or him 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 usually advised to save at least enough to cover 6 months expenses and income needs as part of their financial planning.
Having Security - What ever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement savings account supported by their employer, the entrepreneur has to provide his or her own insurance coverage 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. Among the greatest joys of entrepreneurship is working daily on the passion of your life. When one's work and daily pursuits will be in the arena of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. Besides being a reward on its own, passion ensures that one is working with boundless energy which leads to greater production.
Great Boss - Entrepreneurs work for 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 might have is oneself. Entrepreneurship enables you work for yourself and that creates an unbeatable feeling which money can not buy.
Hours - One of the immediate advantages of entrepreneurship is having control of one's life. Though the beginning of entrepreneurship may be rough, the capability to be in charge and also 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 just 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 possibly be so far away from in which you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices are located 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 increase their cost of fueling and will be the cause high blood pressure level as a result of hanging out within 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 could also chose to be mobile.