When you decide to start your business, you go through a wide range of emotions from excitement to fear. All the emotions are reasonable because starting a business is a big step. It takes your time and energy, and often time revolves around elevated risk factors. You want to make sure you know what business you want to start, your target audience and the purpose behind your business. You could be selling a service, selling a product, or simply providing consultations. No matter what niche you want to go in, there are always pros and cons to everything.
Pro: Be Your Own Boss
Owning a business comes with a major independence factor. You have the freedom to do a lot of things with your business. You can take time off whenever you desire, you can work at your own flexible time and so on. It also comes with creative freedom, you can perform different experiments with your business, implement new strategies, add cultural values and just overall you are able to unleash your inner creativity. When you own a business, you can dream as big as you want. The sky is the limit here because you do not have anyone putting rules and regulations on your goals. You have the freedom to set your goals and use your own strategies to achieve them.
Pro: You Choose Your People
Often in your 9-5 you might be stuck with people who you do not want to work with. Sometimes those people do not possess the soft skills necessary to work in corporations, and since you work with them, you also might not be able to grow professionally. But when it comes to having your business you can choose your own people, you choose who would be the best fit in your company and who would be able to serve your customers. This is a major pro of starting a business because the right team can skyrocket a business.
Pro: Financial Advantage
While starting a business comes with a big financial risk, it also pays it back once you dedicate full time and attention to your business. In your 9-5 job, your income is still limited even after several bonuses. But owning your own business makes big money, only if it is handled the right way and given full attention to. But with that you also need to know how to balance cashflow, when more cash comes into your hand, you tend to go out of place. So, make sure you know how to handle your finances.
Working for yourself comes with security, that means no one can fire you. Sometimes you also tend to have an inferior complex of not doing enough, and not achieving enough. Owning a business also eliminates that factor because you can achieve much more on your own. There are also several learning opportunities on your journey. So, you are not only learning but also interacting with people from all around the country which could help you grow not only professionally but also builds your confidence and gives you a sense of accomplishment. Now we will look at some cons.
While starting a business comes with the advantage of being your own boss, it also comes with the disadvantage of being burned-out. Meaning working long hours without any breaks. As a business owner, there are a lot of things which you have to take care of on your own. There are several tasks which you have to look at. Even if someone else is performing those tasks, you still have to keep a check on everything to make sure that everything is running smoothly. So, eventually burnout can happen and often you cannot even take a break from work because you have responsibility over everything and taking a break is not an option.
Starting a business means good money in the long term, but in the initial years of your business you might have to get used to not getting paid well, but just in the initial years. As we know, building a business is a long and tedious process, so obviously it would be unfair to expect a great outcome right away. Everything takes time, and so will your business. It will not generate that much money in the beginning, and at times whatever profit you might generate might have to go back into the business as well. So, make sure to consider this factor before starting your business.
Con: Feeling Lost
Being your own boss is an advantage, but that also means there is no real guidance. Being an entrepreneur, you would have to figure out so many things yourself and take big risks. It is obviously not easy to figure out everything on your own, sometimes you might feel so lost, but in such times, you would need to have a mentor with you. Having a mentor would make sure that you have someone to take advice from and can fall back to whenever you need a helping hand. Consultation and advising services are also available, which you can use if you are ever in need.
Now, the biggest of all factors; financial risk. You take several different risks when you choose to start a business, economic risk, operational risk, competition risk and so on. All these risk factors cannot be eliminated, you just have to work with them, take the risk, and be careful on your journey. Nothing in life comes easy so you would eventually have to take a risk with whatever you decide to do. Just make sure the risk is worth taking.
Now that you have a list of pros and cons, you can decide if starting a business is something you would want to do. Everything has Its pros and cons, but it is on you to decide which field is worth your time, energy, and risk. I hope this was helpful and gave you an insight into the ups and downs of owning a business.
13 thoughts on “Want to Start a Business? Here are the Pros and Cons”
Being your own boss sounds wonderful, but many people are unaware of the countless additional duties you must undertake, which is when burnout occurs. People would be better prepared to begin their own businesses if they were aware of all the downsides of launching one.
Very well constructed article. There are several cons and pros that come with starting your own business, but I’d have to argue that the pros slightly outweigh the cons.
Very well organized and structured article. I like how you perfectly highlighted the very great pros that come with building and starting your own business but also perfectly highlighted the cons. When starting a business, it can be easy to focus on the pros that we forget the cons of being so busy and just the risk factor of it all. Great post.
I enjoyed your article because of the areas you mentioned for pros and cons. Many times, people are so caught up in the pros that they don’t consider the cons, like burnout or feeling lost. Many business owners overlook these areas and fall behind because they are unprepared for these times. Great job!
The article is very interesting. Starting a business is very risky but it is very worth it. It’s important that people should start thinking about being their own boss and pursuing their passions.
Humna this a really great article. I’m definitely going to share with my friends considering the venture of entrepreneurship. It’s easy to say that the pros outweigh the cons here but I love how detailed you are about what it might really take to overcome and the real risk involved in starting a business. On the bright side the rewards can be great when those sacrifices are made.
This is a great article Humna you highlight the key points of what to expect going in to the business world. And your points are very valid making your business give you freed on how you wan to run it such how you do work, the people the business caters to, and most important what business you want to make. And your cons do bring the common problems one has to consider when start and owning a business.
Very interesting article, which will be of great help to me, who is about to graduate and enter the workplace, to make decisions about my future direction. Because I once had plans to start my own business, but there are a lot of issues that need to be considered.
Well said and the article is quite interesting. Motivational info for the entrepreneur’s..
I truly agree with pros and cons. Actually it depends on the personality of people to decide if the pros outweigh cons. Entrepreneurs enjoy being busy and owning their own business.
This is a very informative article. I thinks it’s great that the pros and cons for starting a business are clearly listed. The article is very well organized.
Very interesting and organized article! I like how you’ve listed all the pros first and then the cons and the fact that you’ve added a subheading makes it easier to find what the readers looking for specifically! I would also like to compliment the choice of image as it is appropriate for the topic and really helps communicate your purpose more! Great job, keep it up 🙂
I read your article carefully, it helped me a lot, I hope to see more related articles in the future. thanks for sharing.