N4 Entrepreneurship & Business Management 2. Advantages and disadvantages of entrepreneurship


Introduction Many of us dream of starting our own business. We all sense the benefits or advantages of having our own business, but what are these? Also, what are the downsides of having your own business?


2.1 Merits of an entrepreneur You reach your full potential


When working for a boss, limitations and restrictions will always be part of your work. Starting your own business allows you to reach your full potential by doing various things in the way you want to do them.


You reap profits


The benefit of working for a salary is that you know exactly how much money will be in your pocket at the end of the month. Even if you work very hard it might not change! However, if you work for yourself, additional profits earned through your hard work will end up in your own pocket. Unfortunately, there is another side to the coin, namely, if your business is doing badly, your own bank account and you will suffer.


PAUSE FOR THOUGHT


If making money was easy, everyone would be making lots of money!


You contribute to society and are recognised for your efforts Society generally respects business people for what they are doing. Not only do entrepreneurs generate jobs, they also contribute to various institutions such as schools and other community efforts. For example, they can offer student bursaries or subsidise crèches. They are then recognised as responsible entrepreneurs who strive to uplift their communities.


You gain control over your own destiny If asked, “Who is the person whom you trust most”? Your answer will surely be yourself. Therefore, why not take control of your daily work by working for yourself? Take the risk, without being reckless. Plan well before you start. Keep your head when things are going well and in doing so remain in control of your own destiny.


2.2 Reasons why entrepreneurs fail or succeed


Of the many different reasons why entrepreneurs fail a few important ones are listed below. The prospective entrepreneur must take a close look at them and try to determine whether he/she is lacking in the same areas. If it is indeed the case, keep them in mind when you are required to list them under personal strengths and weaknesses.


PAUSE FOR THOUGHT


“Honour your personal destiny and heritage and everything shall be given accordingly.” Prof. Lovemore Mbigi”


E-LINK


Watch this slide show by Sylvia Gruber a local based entrepreneur and what she believes are The Seven Start-Up Sins http://www.slideshare.net/ RAMPGrp/7-startup-sins-by- sylvia-grubler


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