Owners of small business believe that they work harder, earn more money and are more satisfied than if they could work for someone else. Before launching any business venture, every potential entrepreneur must consider the benefits and loss of small business ownership.


Entrepreneurs.


Advantages of being an entrepreneur.


>>> Owning a business provides entrepreneur with an opportunity to achieve what is important to them. Entrepreneur want to become masters of their own destiny. They don't want to work for somebody else. Entrepreneur start a business because they realize great opportunities to make differences in a field that is important to them.

e.g. Establishing a recycling programme to preserve earth's limited resources.


>>> Too many people find their work boring, unchallenging, and unexciting but not entrepreneur. Entrepreneur' businesses become self-expression and self-actualization. They know that the only boundaries on their success are those imposed by their own creativity, enthusiasm, and vision. Small business owners and other entrepreneurs are among the most respected and most trusted members of their communities. These owners enjoy the trust and recognition they receive from the customers and the communities they serve faithfully.


>>> Most successful entrepreneurs choose to go into their particular business fields because they have an interest in them and they enjoy those lines of work. They have made their hobbies, work and are glad of what they do. It is obvious that the only business they always start is one in which they have a huge interest. The profit that comes from business is an important motivational factor in  the decision to launch entrepreneurial activity. People who own businesses are more likely to be millionaires than those employed by others.


>>> An entrepreneur can utilize local resources effectively since they are locally available. Local resources can be purchased easily, do not involve import permit, insurance, and any forex, and the procurement procedures are simple. They are comparatively cheaper and require less handling. Entrepreneurship gives an individual the opportunity to build equity, which can be kept, sold, or passed on to the next generation. Equity means an ownership interest in a business.


Disadvantages of being an entrepreneur.


>>> Although owning a business has many benefits and provides many opportunities, anyone planning to engage in the world of entrepreneurship should be aware of its potential drawbacks. Business failure can lead to financial ruin for an entrepreneur, and a small business failure rate is relatively high. Before reaching a decision, Prospective entrepreneurs should ask themselves if they can cope psychologically with the consequences of failure. It is estimated that 35% of new business fails before their 5th birthday.


>>> Business start-ups often demand long hours from their owners. The average small business owner works 52 hours a week, compared to 40 hours a week by a typical employee. Most entrepreneurs don't take vacations because they are too busy, the business demand makes achieving work-life balance difficult for entrepreneurs.


>>> Long hours and hard work needed to launch an entrepreneurial activity can take their toll on the other aspect of an entrepreneur's life. Business owners often find that their roles as husbands/wives and fathers/mothers take a back seat to their roles as a firm founders. A business requires them to make sacrifices, most often in the areas of family relationships, society, and friendship.


>>> Starting and managing a business can be a highly stressful one. Entrepreneurs often make significant investments in their firms. They are ready to leave behind the safety and security of a steady salary if employed or to mortgage everything they own to get into business. Failure may mean total financial ruin, and that may create intense stress and anxiety. Sometimes entrepreneur may unnecessarily bear the burden of managing alone because they can't bring themselves to delegate authority and responsibility to others in the firm, even if their employees are capable.


>>> Along the way to building a successful business, entrepreneurs will run headlong into many different obstacles, some of which appear to be undefeatable. In the face of such difficulties, discouragement and disillusionment are common emotions. Successful entrepreneurs know that every business encounters rough spots along the way, and they push their way through difficult times with lots of hard work to success.