In the simplest definition, entrepreneurship is the practice identifying opportunities that can be turned in business ventures. It involves locating and consolidated capital required materials and finances to generate an income while appreciated the risks and rewarded associated with the enterprise.
Life is like the two faces of a coin (with the good and the bad), and the same applies to entrepreneurship. An entrepreneur is fraught with perils, threats, or risk in a nearly equal measure as the returns, incentives or rewards of his or her business venture. The risks and rewards of entrepreneurship bear different element and below are some of the most notable ones.
The Risks Of Entrepreneurship
The returns of the business enterprise determine if the entrepreneur will have an income or not. As such, entrepreneurs can only enjoy the luxury of an assured paycheck based on their efforts to ensure the business makes profits. Falling short of this means there is nothing for the entrepreneur to take to the bank.
An income may be assured based on the entrepreneur’s efforts; however, what the business makes many not have enough to ensure that the owner has a steady income. Fluctuations are inevitable and can differ on a day to day or month to month basis.
As the curator and owner of the enterprise, the entrepreneur shoulders the burden of any and all liabilities of the business. If the venture is in debt, then it is the owner how should find a means of settling the debt or the company faces foreclosure.
Job security is often not an issue for the entrepreneur; however, that or retirement security is subject to a lot of dedicated efforts on the part of the business owner. As such, it is prudent to provide an insurance and retirement security when starting your business venture which should be part of the enterprise’s financial planning.
The Rewards Of Entrepreneurship
Working as an entrepreneur, like the founding members of Switch Lead, means that you wake up every day looking forward to working on your life’s passion. You pursue your innate desires and can do so with a hunger and enthusiasm that drives you to achieve your goals. It may be a reward, but it also avails boundless energy that only spurs greater production pushing you and your business enterprise towards success.
Working for or having a boss is full or unknowns. The boss may be nasty, annoying, tender, understanding and everything else in-between, yet you will never seem to find yourself on the wrong side of the boss’ graces. As an entrepreneur, you work for the greatest boss in the world, you. You set the rules and work for yourself, and this is a feeling that money cannot buy.
Work & Life
Entrepreneurship may always not have a rosy start; things may be rough in the beginning, but will eventually change put the effort into it. You set work schedules based on your goals and availability which is, in business, an invaluable reward.
While the risks associated with being a entrepreneur cannot be downplayed, they are just as well challenges that can be used to develop solutions that create immense satisfaction as you pursue your life’s passions.