The Rewards and Challenges of Being an entrepreneur.

Rewards:

\–        High degree of independence – freedom from supervision and   constraints

–        Develop and use a variety of skills and talents, expand your knowledge, and build your confidence.

–        Freedom to make decisions- to create your own path, set you own schedule, choose your own projects, and pursue your own goals.

–        Accountable to only yourself

–        Opportunity to tackle challenges

–        Feeling of achievement and pride- Personal Growth

–        Potential for greater financial rewards

 

Challenges:


–        Must be comfortable with change and uncertainty

–        Must make a bewildering number of decisions

–        May face tough economic choices

–        Must be comfortable with taking risks

–        Need many different skills and talents

–        Must be comfortable with the potential of failure

–        Risk of losing that investment if the business fails. Additionally, entrepreneurs may have to take on debt to fund.

–        Time Demands: Starting and running a business requires a significant investment of time, energy, and resources. Entrepreneurs may have to work long hours, sacrifice their personal time, and put their own needs aside to build their business.

References

Small Business Administration. (2018). Small Business Profile. Retrieved from https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf

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