Running a business can really be financially rewarding but it also entails hard work and dedication. It has its pros and cons:
Advantages of having a business
1. You can earn big!
There is no limit on your possible income when you have your own business. It all depends on the effort and time you give into it. You can be rich when you are hard working and if you have the right product and the right location at the right time.
2. You are your own Boss
Because you are managing your business, you yourself are doing the entire decision making and also the one responsible for it. How your business grows depends on your decisions.
3. You can get creative
Do you know that a business most of the time comes from a creative idea?
4. You can reach your goals
Starting a business is an achievement by itself.
5. You can help others
Obviously you will be getting employees. Your payment to them will help uplift their lives. And as your business expands, you also help suppliers, contractors and others involve on your business.
6. You can leave behind a unique legacy to your family
You can hand over your business to your loved ones. First, it can give them a stable career. Second, they will also learn the life and outlook of an entrepreneur which they can also hand over to future generation.
Disadvantages of having a business
1. Possible losses
Of course the possibility of losing a business is there. There are people who fail because of poor decision making.
2. Constant change in the market and economy
Unfortunately, small businesses are easily affected on the sudden change of the economy. A business could struggle especially if it doesn’t have the right organization or enough funds.
3. Long working hours
Be ready to spend long hours for your business. Because of this you might need to sacrifice time for your family and personal interests.
4. Unwanted and unexpected responsibilities
You might wake up someday realizing you have a responsibility you cannot or would not want to handle.