Pros and cons to start a business
Slide 1
Pros and cons to start a
business
The way to entrepreneurial success is wide. There are
all kinds of intersections and offshoots that form
millions of combinations, and no one path is going to
be perfect for everyone
But, if you hope to make it to the final destination—
success—you can’t just run off blindly down any path
that looks interesting. Starting and running a
business requires good planning and policy.
Pros to start a bussiness
1. Independence
As a business owner, you’re your own boss. You can’t
get fired. More importantly, you have the freedom to
make the decisions that are crucial to your own
business success.
2. Lifestyle
Owning a small business gives you certain lifestyle
advantages. Because you’re in charge, you decide
when and where you want to work. If you want to
spend more time on nonwork activities or with your
family, you don’t have to ask for the time off. If it’s
important that you be with your family all day, you
might decide to run your business from your home.
Given today’s technology, it’s relatively easy to do.
Moreover, it eliminates commuting time.
3. Learning opportunities
As a business owner, you’ll be involved in all aspects
of your business. This situation creates numerous
opportunities to gain a thorough understanding of the
various business functions.
4. Creative freedom and personal satisfaction
As a business owner, you’ll be able to work in a field
that you really enjoy. You’ll be able to put your skills
and knowledge to use, and you’ll gain personal
satisfaction from implementing your ideas, working
directly with customers, and watching your business
succeed.
Cons of start a business
1. Financial risk
The financial resources needed to start and grow a
business can be extensive. You may need to commit
most of your savings or even go into debt to get
started. If things don’t go well, you may face
substantial financial loss. In addition, there’s no
guaranteed income. There might be times, especially
in the first few years, when the business isn’t
generating enough cash for you to live on.
2. Stress
As a business owner, you are the business. There’s a
bewildering array of things to worry about—
competition, employees, bills, equipment breakdowns,
customer problems. As the owner, you’re also
responsible for the wellbeing of your employees.
3. Undesirable duties
When you start up, you’ll undoubtedly be responsible
for either doing or overseeing just about everything
that needs to be done. You can get bogged down in
detail work that you don’t enjoy. As a business owner,
you’ll probably have to perform some unpleasant
tasks, like firing people.
4. Time commitment
People often start businesses so that they’ll have more
time to spend with their families. Unfortunately,
running a business is extremely timeconsuming. In
theory, you have the freedom to take time off, but in
reality, you may not be able to get away.
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