The Good and Ugly of Entrepreneurship
No coin has one side. The same goes for business. There is the good, there is the ugly. Let’s learn about the good and ugly of entrepreneurship and find out if it’s worth it.
The good side of entrepreneurship
1. Build long-term wealth
Whether you have kids, you're single, you're planning to have kids, or you're planning to build a family; one of the greatest things about having your own business is that you can build long-term wealth which can be passed on to your kids, your family, whoever you wish it to be passed on to. If you are like me you probably understand what it feels like to grow up in a poor family. Every parent wants their child to have a better life than they had. Therefore, creating generational wealth is one of the ways we can do that.
2 Financial freedom
I was a teacher for 13 years. I left my teaching job. For me, that was financial freedom. I wanted to be in charge of my time. I wanted to do things whenever I wanted and not answer to a boss. Teaching is something that will always be inside of me. I still do it on my own time. Having a business gives you that freedom. You can take a vacation whenever you feel like it and not when the boss says you should because you are the boss.
3.More time for yourself and family
When you are the boss of your business, you can have more bonding time with your family. This can pose a challenge with your 9 to 5 job. Sometimes at your 9-5 job, you get home and are tired. You just want to rest yourself until the next day for work. It can take away from your family time especially if your job is extremely demanding. When you are the boss of your business, you can take a break when you need to and bond with your family whenever you need to.
The ugly side of entrepreneurship
1. Time-Consuming
Entrepreneurship can be very time-consuming. It can be time-consuming especially if you are doing everything yourself and cannot afford to hire persons to share the responsibilities at the time, or you think you can do it better.
2. Incurring losses
In every business, at some point, you will lose money. For example, I am into real estate. If one of my apartment units goes down or needs repairs, then it means I will be losing money on that apartment until it goes back on the market. It doesn't matter what business you are in, at some point within your business you will incur losses.
3. Entrepreneurship is risky
Being in business is a risky venture. No one knows the future. We don't know how our business will turn out. As a result, when you do decide to get into business; when you do decide to trod the road to entrepreneurship, know that it is a risky business because not only are you losing, it can be a business that will fail at the end of it all.
4. It can be a lonely venture
If you are single, you do not have a partner to bounce ideas to, or you are a solopreneur, then the journey can be a lonely one. If you don't have that community to share your thoughts, to help push you forward, it can affect you mentally. we all need someone at some point in our lives.
5. It can lead to burnout
If you are a solopreneur you can get burnt out. When this occurs, you are unable to do anything. Your business will be at a standstill and there is no one on the back end taking care of your business while you recover.
Conclusion
In every business, there is a plethora of great things when it comes to entrepreneurship. It can bring you fulfillment. However, we can't ignore the ugly side of entrepreneurship.
Not everyone is meant to be a business owner. Author, Rabbi Daniel Lapin, said that we are all in business. As long as we are offering a service to someone else, we are all in business. We may not be the boss of the business, but we are all in business. As a result, if you are an employee, you can attest that everything is not always rainbows and sunshine. Overall, entrepreneurship can be a beautiful thing despite the ugly.
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