Why go into Business?

Entrepreneurship is a way of life for many people. Being entrepreneurial entails being ability to find, launch, and sustain a viable and successful business, preferably a small one. People spend the majority of their life working for others. So why go into business?

Some people eventually advance to positions of wealth and power, while the majority of the population is stuck in uninteresting and low-paying employment.  On the other hand, a select minority choose to work for themselves rather than for others. They started their became entrepreneurs.

Being entrepreneural can be extremely rewarding, but make sure to assess possible returns against potential risks and losses.

Rewards of starting a business or becoming an Entrepreneur

Having an endless number of ways to make money

You will almost likely have an endless capacity to earn money when you operate your own business. The amount of money you make is determined by the amount of time and work you put into your business. Entrepreneurs who have amassed riches and status have done it via hard effort and having the right product for the right market at the right moment.

Owning your own enterprise

As the manager of your company, you make the decisions and accept full responsibility for them. The quality of these judgments will result in either a profit or a loss for your company. Being your own boss means you have complete control over your destiny. You have a clearer idea of who you want to be.

Tapping your creativity

A business usually begins with an idea. You will be able to channel your creativity and develop your ideas into goods and procedures.

Overcoming obstacles and achieving fulfillment

Starting a business is an accomplishment in and of itself. Running a firm puts an entrepreneur’s ability to secure and manage resources to the test. The ability of the owner to face problems and overcome difficulties determines the success of a business.

Establishing an entrepreneurial legacy

A family firm can leave a long legacy. It can provide work for some family members. It has the potential to foster an entrepreneurial culture that can be passed down through generations.

Risks of starting a business or becoming an Entrepreneur

Possibility of failure

There is always the chance of failure — a single bad management decision can bankrupt a company.

Unpredictable business prospects

Small businesses are subject to abrupt changes in the business climate. In a fast-paced operation, a small firm may lack the financial and organizational resources to adapt properly to new opportunities and their attendant issues.

Long hours of work

A potential entrepreneur must be willing to devote the most, if not all, of his waking hours to the business. In addition, family time and personal matters may be neglected.

Unwanted or unexpected responsibilities

The entrepreneur may eventually find himself saddled with managerial obligations that he did not anticipate.

Starting your Business

Remember that being an entrepreneur entails having a social duty to your employees as well as the society in which you operate. This implies you must pay a living wage, provide your consumers a good value for their money, and compete fairly in the market.

Keep in mind that business is inherently risky. Not everything will go as planned. When the unexpected occurs, don’t blame others, the government, a lousy business climate, or bad luck. Entrepreneurs that are successful learn from their mistakes. You are ready to join the ranks once you have made up your mind, laid out your goals, and are motivated to face the obstacles ahead.