does anyone know the disadvantage and advantages of an entrepreneur?

entrepreneur
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3 Responses to does anyone know the disadvantage and advantages of an entrepreneur?

  1. ninjapirateshark says:

    Entrepreneurship encourages competition and innovation, and as such is necessary for the growth of our economy, and improvement in technology and our standard of living.

    If you are a successful entrepreneur, you can also make a fortune!

    The only conceivable downside is that many entrepreneurs are not successful and can lose a lot of money; however, if you live in a modern capitalist country such as the US or Canada (or many others), this should not be a huge concern for you, as these countries have socioeconomic systems that are forgiving towards failed entrepreneurs, and make it relatively easy to start over again with a new and better idea.

  2. Deflator says:

    If you mean the advantages of becoming an Entrepreneur then some advantages would be:
    1. You control your own business
    2. Work when you want for as long as you want
    3. No one to report to, you’re your own boss
    4. You keep all the profits from business
    The disadvantages would be:
    1. If you want the business to be successful, you will have to put in a lot of work, probably 60+ hours a week
    2. It is hard to find finance to support start up businesses unless you have a very good business plan to show your bank manager, without that you mat have to “boot strap” it, which means you would have to work one or two jobs on the side to pay to finance your business.
    3. If your a sole trader you can (and will) be held personally responsible for any losses the business makes, if it goes bankrupt you could lose everything, house, car, wife….
    4. You make all the decisions and call the shots, which means lots of pressure.

    If you want to know the psychological advantages of entrepreneurs they would include:
    1. They tend to be very energentic and motivated people who will spend as much money and time as is needed in order to make their business profitable.
    2. They tend to be very charismatic and charming.
    3. The view themselves as being invincible and almost infallible (thus this is why they arethe people who start companies, they think they can’t lose)
    However the disadvantages of this are:
    1. They tend to make stupid mistakes because their belief in themselves is so strong they thing their way is always best, which is not always true!
    2. It is believed that entrepreneurs are driven by their need to succeed and gain recognition and esteem from peers. There is strong academic evidence that this may be caused by the lack of a parental figure, poverty or other such undesirable situations in the persons childhood. It’s not a disadvantage but not something to be envious of either.

    Hope that answered your question. There’s plenty of material out there on the subject anyway from school books to Havard Business Reviews. You could go to this site too for some idea of what the advantages/disadvantages are. It’s a bit crude but gets the points across

  3. mike says:

    disadvantage of being an entrepreneur is taking on the risk of the nature of the business world but an advantage is that which higher risk means higher reward. Also many people that own their own business only worry about the accounting profit or loss and not the economic profit or loss. You have to give up one thing to get something else. Owning your own business has an opportunity cost.