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Dec
03

The Risks and Rewards of Entrepreneurship

By

The Risks and Rewards of Entrepreneurship - Business ArticlesEntrepreneurship

When you go into business, you either take the plunge all by yourself or choose to form a partnership and work with other people. Entrepreneurship is a basic form of business that is convenient and easy to set-up. When you do business all by yourself, there are risks and rewards involved.

Let us examine the rewards of being an entrepreneur:

Total Control

If you are entrepreneur, you are the boss. You make the decisions. You are answerable to nobody.  If your business is doing well and you want to expand frontiers, you do not have to call a board meeting or take a vote. You have the final say. This saves you the stress of red mesh protocol and the bottlenecks usually associated with joint ownership.

100% Profit

The business is yours and so all the profits come to you. You do not have to share it with anyone. Your business might incur minimal operational costs. However, when all that is out of the way, you have the profits to yourself and can do as you please. You can rent office space or work from the kitchen table. You can put the money in savings or place yourself on a salary; it is your choice to make.

Easy Paperwork

The paperwork of an entrepreneur is not as complicated as when you have a partner or work for a corporation. You do not have to worry about payrolls, healthcare expenses, satellite offices, seasonal bonuses, out of station allowance and every other headache of corporate life. All that is required is to keep a ledger to track your income and expenses.

Less Tax

Filing taxes as an entrepreneur is much easier than if you are working for a corporation. You use a simple and straight forward task form when compared to the difficult ones that those in the corporate world fill in. In addition, you can leverage on tax deductions like cell phone and travel expenses. It is important that you keep your receipts, in case the audit boys give you a call.

The following are the risks of entrepreneurship

Unlimited Liability

This is the biggest challenge for the budding entrepreneur. This means if the business incurs severe losses and closes down, the personal assets of the owner are used to satisfy debts and liabilities of the business. This can leave an entrepreneur with nothing after working so hard to acquire so much.

100% Risk

An entrepreneur bears 100% risk of running a business. What this means is that he is accountable for all decisions made which have a direct bearing on any losses he might suffer during the course of his business activities. Risk bearing is greatly influenced by the uncertainties of an environment that he is powerless to oppose.

No continuity

With entrepreneurship comes a lack of continuity. Once the owner of a business dies or develops disinterest, the business dies as well. A successor is never considered as far as entrepreneurship is concerned. Besides, the children or next-of-kin might be interested in doing something else.

Categories : Blog, Tips/Articles

Comments

  1. terri lane says:

    Great information! Thanks for sharing this. If you are interested on business it is very important tht you also have background information and courses about it.

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