Entrepreneurship which is the practice of looking for and opening a business opportunity, establishing and consolidating the required capital and materials and taking both the rewards and risks connected with the endeavor is where all who desire to make and enjoy great wealth should harmony their heart and mind to.
Everything in life has two sides like the recognizable two sides of a coin. According to Steve Silvers Empire Today , entrepreneurship is loaded with dangers, hazards, perils, and risks or threats just as it has returns, booties, incentives or compensations also acknowledged as rewards.
Risks of Entrepreneurship
Getting Paid – The revenue of the business enterprise would settle on whether the entrepreneur gets paid or not. The entrepreneur does not have the comfort of a guaranteed salary like his counterparts in paid employment. If the business does not make earnings, there is nothing for the entrepreneur.
Intermittent Income – The start-up entrepreneur may not have adequate business to offer him or her with stable income. His or her income may oscillate from habitual or from month to month.
No Income – An entrepreneur may face a period in his or her business life when there would be no business at all or when consumers have failed to meet their expense requirements and hence no income. Start-up entrepreneurs are generally advised by Steve Silvers Empire Today to save at least sufficient to cover six months income needs and expenses as part of their monetary planning.
Having Security – Whatever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement savings account backed by their employer, the entrepreneur has to provide his or her own insurance and retirement security. Before moving from paid employment to full time entrepreneurship, it is important that aspiring entrepreneurs add as part of their financial planning, some element of insurance and retirement security through savings.
Rewards of Entrepreneurship
Passion – One of the utmost joys of entrepreneurship is working every day on the enthusiasm of your life. When one’s daily pursuits and work are in the sphere of his or her instinctive desires, one works with passion, enthusiasm and hunger that drive to great achievement. Aside from being a reward on its own, passion guarantees that one is working with ceaseless energy which leads to greater production.
Great Boss – In paid service, everyone meet all kinds of bosses – some malicious, some great and some tedious. The greatest supervisor anyone would have is oneself. Entrepreneurship facilitates you work for yourself and that creates an invincible feeling which wealth cannot buy.
Hours – One of the instantaneous advantages of entrepreneurship is having charge of one’s life. Though the starting of entrepreneurship may be uneven, the ability to be in power and have the capacity to set your schedules and times for your work and business is an incentive of infinite value.
Apart from the risks linked with entrepreneurship, it is still the way for all those who wish to create capital and find the greatest probable fulfillment in life pursuits.