Disadvantages Of Being An Entrepreneur

Introduction:
In this entrepreneurial project, the definition of an entrepreneur will be discussed as well as the qualities of a good entrepreneur and the advantages and disadvantages of being an entrepreneur. Entrepreneurs in South Africa and their contribution will also be looked at. One famous entrepreneur will be chosen and discussed as well as the business this entrepreneur created and their product.
1) Entrepreneurship:
Definition:
“Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult.”
-www.businessnewsdaily.com/2642-entrepreneurship.html (5 January 2015)

This will create good publicity for the business as well as help the community in which the business may function in. A survey of 146 entrepreneurs conducted by Harris Interactive and Ernst & Young revealed that 90 percent of entrepreneurs surveyed give money to charity and 70 percent donate their time.
Advantages and disadvantages of being an entrepreneur:
Advantages:
1. Freedom / control
If one has an employer and is not the owner of the business; one must meet all requirements of their employer and has very little freedom at the workplace or on the job. However, if one is an entrepreneur and starts their own business; they set their own schedule as well as make their own demands. What is done by an entrepreneur is set by the entrepreneur giving a sense of freedom.
2. Set Your Own Earnings
As a business owner, one has the ability to set their own wage and make an investment in their own company. As an entrepreneur, one gets to receive a lot of benefits from the work that is done. The entrepreneur may use their own skills to increase the profits of the business.
3.

Flexibility
Entrepreneurs can schedule their work hours around other commitments, including spending quality time with their families.

Disadvantages:
1. Time
A major disadvantage to entrepreneurship is that the amount of time that one has to dedicate to start their own business as being an entrepreneur takes commitment to be successful. Although one may have flexibility, they also have to dedicate a good amount of time to growing the business to a level where flexibility is achievable.
2. No Guarantees of Success
Entrepreneurs have to make some sacrifices along the way in order to have satisfaction and reach a feeling of achievement but it is also important to realize that success as a entrepreneur is not guaranteed.

3. Administration While making all the decisions can be a benefit, it can also be a burden. Being an entrepreneur comes with a lot of paperwork that can take up time and energy.

4. Loneliness
It can be lonely and scary to be completely responsible for the success or failure of one’s business.

5. No regular salary Being an entrepreneur often means giving up the security of a regular pay check. If business slows down, one’s personal income can be at risk.

Entrepreneurship in South