Entrepreneurialism is well and alive, with 582 million growing and settled entrepreneurs around the world. So, if you want to head down to the entrepreneurial route, prepare to walk the money-making road alone. Entrepreneurship is an unassisted journey yet a mixed-blessing approach. That said, while your desire to be your own ‘BOSS’ gets a well-deserved response, you must be willing to accept the drawbacks that come alongside the desires.
Entrepreneurship will give you a hard time selling your unique idea and seeing success. But if you know the kit and caboodle of managing and financing your idea, you are set to jump on board. So, before you mull over becoming an entrepreneur, consider these ‘good and bad’ s of enjoying this money-making adventure.
Let’s acknowledge the positives at first about MGMT6012 Assessment Answers
The Advantages of Entrepreneurship
Have you been impatiently waiting to give your right arm to achieve something on your own? Finally, the wait concludes with you deciding to become an entrepreneur. A thoughtful way to open yourself to the world of “I want to do whatever I feel like” is to become an entrepreneur. No more professors putting your minds to pursue tertiary-level education, managers peering over desk, or bosses to describe your day’s work. Now that you are an entrepreneur, you are the BOSS.
Control feels and sounds different when you are the brain of your business. Being control gives you a sense of confinement while controlling makes you liberal. When you let your dreams control your steps, the heavy lifting required to take your venture off the ground feels much worthy. Although nurturing your business plan seems frustrating, it is still your dream that you are taking care of. Control simply means steering your company in the beeline of your goal, in your way, and your style.
Of the many traits that an entrepreneur exhibits, being resilient is the most important one. Entrepreneurship calls for a myriad of responsibilities. However, with the responsibilities comes the virtue of flexibility. In fact, flexibility is the driving force working actively behind every budding entrepreneur who takes pride in saying, “I will work whenever I feel like it”. Most entrepreneurs feel excited to work when and where they want to. The only commute they have to take is taking a stroll to the local shop or walking to the couch.
This is the supreme advantage of being an entrepreneur – all that money will slide into your pocket. So from scratch till the end, your success will come in the form of money, making you richer with every passing day. This is, in fact, the potentially motivating reason that builds entrepreneurs and keeps increasing the number. As Guidant Financial rolled out in their reports on ‘why’ entrepreneurship is gaining recognition, they stated that 19% of entrepreneurs were interested in packing the profits in their accounts.
Exciting and fulfilling
Entrepreneurship comes with never-ending ups and downs, making it one of the most exciting pursuits. Whatever goes into making and executing the idea is entirely created from your hard work. So, it feels contending to create something out of nothing.
With the continuous ebb and flow, entrepreneurship hardly feels monotonous. You mindfully prepare yourself for welcoming the roller-coasterish feeling, and with each milestone that you overcome, you grow as an entrepreneur.
Now let’s move on to the disadvantages of becoming an entrepreneur.
The Disadvantages of Entrepreneurship
Irrespective of your niche, the business will remain circled by risks. From sources of income to the fierce market competition to responding to the ever-changing needs of your customers, your business can develop a fault at any stage of action.
So, while you calculate all the earnings and profits on your own, you also suffer the loss on your own. And like the profits never get dissipated among team members, the loss is entirely yours.
Haven’t worked like a Trojan to date? Now you will have to as you have your burning passion of becoming an entrepreneur. But, unfortunately, entrepreneurs have to grind overtime within the allotted 24 hours. That is too much!
Entrepreneurship, especially in its budding stage, is awkwardly unmanageable as you have to wear many hats – of the Boss, the manager, and the team members. The herculean workload of hiring, investing, management, and finding space can sometimes outdo your endurance limits.
The scariest part of being an entrepreneur is dealing with non-regular paychecks. Making money regularly depends entirely on the performance of your business. So, rationally, you earn what you bring in.
Entrepreneurship is both terrifying and liberating. You can work like a BOSS and enjoy a sense of freedom. And by a fluke, you can work for 60 hours a week and still operate miserably, bringing in zero profits. So, if your idea does not work, your company does not bring in money.
Work-life balance becomes non-existence
When you work as an entrepreneur, it becomes challenging to fix a limit to work. As a result, drawing a line between work and life becomes tricky.
An entrepreneur’s entire work setup is different from that of a regular employee. For example, your bedroom is your working cabinet, and your phone is your work phone. The same is with a personal email, and there is no such thing as week-offs. And your time? That becomes a tale of yore because you realize that you are always on call, solving an issue.
You are always stressed
An entrepreneur ingrains the mindset of working without any retirement plan. While 71% of self-employed professionals enjoy greater career satisfaction, even this has a downturn. Entrepreneurial ventures bring in different kinds of stress with every passing day. Some days you procrastinate to meet the greater workload on the next day. And other days, you fall prey to heightened stress for not making a consistent income. On other days, the anxiety drips from your forehead because you feel that self-employment is ‘not secure’.
As an entrepreneur, you establish a career for yourself and a business for your customers to fulfill their requirements. But being one’s boss is not an easy feat. But with the correctly played roles and responsibilities, you take pride in yourself or choosing this adventurous job at the end of each day.
Therefore, entrepreneurship is a mixed blessing where you learn how to deal with stress and then come out of the problems even stronger. So, march ahead for the fighter in you still lives to see new heights. Wish you all the luck!
Author’s Bio: John Millar is an entrepreneur who has recently rolled out the MGT602 course. Students finding issues with finding MRKT310 Assessment Answers and MGT602 task answers can ping hir. He will provide you with MGT602 solutions at an affordable price.
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