Entrepreneurship, which is the practice of finding and starting a business opportunity, locating and consolidating the necessary money and materials, and assuming both the risks and rewards associated with the venture, is where all who wish to make and enjoy great wealth must tune your mind and heart. .
Everything in life has two sides like the proverbial two sides of a coin. Entrepreneurship is fraught with perils, dangers, hazards, and threats or risks just as it has loot, returns, compensation, or incentives also known as rewards.
These are the risks and rewards of entrepreneurship that I would like to briefly discuss in this article for the benefit and information of those who wish to embark on the great journey of entrepreneurship:
Entrepreneurship Risks
be paid – The income of the commercial company would determine if the entrepreneur charges or not. The employer does not have the luxury of a guaranteed paycheck like his counterparts in gainful employment. If the business does not generate profit, there is nothing for the entrepreneur.
sporadic income – The entrepreneur who is just starting out may not have enough business to provide him with a stable income. Your income can fluctuate from day to day or from month to month.
no income – An entrepreneur may face a season in his business life in which there will be no business or when customers have not met their payment obligations and therefore no income. Entrepreneurs just starting out are generally advised to save at least enough to cover six months’ expenses and income needs as part of their financial planning.
have security – Everything an entrepreneur has comes from the business. Unlike gainfully employed individuals who may have a mandatory employer-backed retirement savings account, the employer must provide their own retirement insurance and security. Before transitioning from paid employment to full-time entrepreneurship, it is important that aspiring entrepreneurs add some element of insurance and retirement security through savings as part of their financial planning.
Entrepreneurship Awards
Passion – Passion is said to sell. One of the greatest joys of entrepreneurship is working daily on your life’s passion. When one’s work and daily occupations are within the realm of his innate desires, one works with enthusiasm, appetite and hunger which impel him to great action. In addition to being a reward in itself, passion ensures that one is working with boundless energy that leads to greater production.
big boss – Entrepreneurs work for the biggest boss in the world who is themselves. In paid employment, we encounter all kinds of bosses, some nasty, some great, and some boring. The best boss anyone could have is yourself. Entrepreneurship allows you to work on your own and that creates an unmatched feeling that money can’t buy.
Hours – One of the immediate benefits of entrepreneurship is being in control of your own life. Although the beginning of entrepreneurship can be difficult, the ability to be in charge and have the ability to set your own times and schedules for your work and business is an invaluable reward.
Rental – The place where you live and work is a key factor for personal satisfaction. Entrepreneurship helps you make this decision and not have to rely on someone else to determine the location of your office, which can be so far from where you reside, resulting in long daily commutes on public or private transportation. In Lagos, Nigeria, where most corporate offices are located, they are too expensive for most workers to reside. Some of those places do not have residential areas. Employees are forced into long-distance travel and traffic jams which increase the cost of fuel and are the cause of high blood pressure as a result of hanging out in the heist year after year. The employer can even keep his virtual location, which means that he can work from the comfort of his home via the Internet. An entrepreneur can also think about being mobile.
Regardless of the risks associated with entrepreneurship, it is still the way for all those who want to create wealth and find the greatest possible satisfaction in life’s pursuits.
Think about.