Entrepreneurship is becoming extremely popular. Being an entrepreneur is considered great for a number of reasons. In fact, it is becoming a craze nowadays but it is important to remember that every coin has two sides similarly entrepreneurship has certain limitations to it also. Let’s have a look at some of the limitations or dark side of entrepreneurship.
Competition: It is extremely important for any business owner to be competitive. Every entrepreneur should have certain uniqueness otherwise extremely difficult for customers to differentiate. Based on such uniqueness only businesses can win customers loyalty and in long-term be profitable for all stakeholders.
Administration: Initially it is extremely difficult to manage a new startup as few individuals or maybe the entrepreneur himself has to manage all functions of the business. So an entrepreneur has to put a lot of time, money and energy in managing the business.
Fear of failure: When you are solely responsible for the success or failure of your business slowly and gradually some may develop a fear of failing. It is difficult to solely manage all functions of the business.
Unpredictable income: Unlike a job where there is a regular source of income there is no such predictability in case of business. If the business is booming you may have a good income but if it slows down than your income is at risk.
Learning: It is said that an entrepreneur has to continuously learn new things because any major change in technology might make you outdated.
Work-life balance: It is difficult to maintain work-life balance because as an entrepreneur there is no fixed time bound work schedule. Further, an entrepreneur has to manage all the functions of the business so it becomes very tricky for an entrepreneur to maintain a balance between their work and personal life.
Health: As an entrepreneur has to fulfill so many responsibilities and also there is no time bound work schedule, health may deteriorate.
In the end, it is wise to consider both sides of being an entrepreneur. For people like me, advantages will definitely outweigh disadvantages and for some, disadvantages outweigh advantages. I pray that you will take the right decision based on your strengths and weaknesses.
May the force be with you. Always!