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Pros And Disadvantages Of Entrepreneurship

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Entrepreneurship

Entrepreneurship is a complex term that's often defined simply as running your own business (Post, 2017). It is also the activity of setting up a business or businesses, taking on financial risks in the hope of profit. Today, entrepreneurs are romanticized as being the cornerstones of a successful capitalist economy. But where did the entrepreneurship begin? Who were the first entrepreneurs? The first known trading between humans took place in New Guinea around 17,000 BCE, where locals would exchange obsidian (a volcanic glass prized for its use in hunting tools) for other needed goods – like tools, skins, and food. This early type of entrepreneurship continued for millennia. Hunter-gatherer tribes would trade goods from
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Rather than working for a company, they are branching out into becoming entrepreneurs and becoming their own boss. As this trend is growing at a fast rate, it is time to look at its advantages and disadvantages. Let’s start first with the advantages; First, it gives a great amount of freedom. When you have your own business, you will be able to make your own demands and set your own schedule, you dictate everything you do. Second, it can be exciting. When you have your own business, every day will be fun, enjoyable and filled with determination and skills. Third, it allows you to set your own earnings. The work that you do would be for something you own, which can be a huge advantage compared to when you are working as an employee for a certain company. Fourth, it offers flexibility. When you own a business you schedule your work and be able to have a quality time with your family. On the other hand, the disadvantages are; First, it dictates you a huge amount of time. Entrepreneurship is not easy, and for it to be successful, you have to take a level of time commitment that many people are just not willing to make. Second, it can be difficult to compete with other business. When you own a business, your business must be different in order to be profitable, and to have a solid customer base. Third, it does not guarantee 100%. Fourth, it comes with unpredictable schedule. Being an entrepreneur requires more amount of time and effort than being an employee (8 Advantages & Disadvantages of Entrepreneurship,
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