The decision to become an entrepreneur has a lot of benefits, however it comes with a price. Contrary to what you may think, the price of entrepreneurship is higher than the price of being an employee. In this article, we are going to discuss the price for entrepreneurship. By the price for entrepreneurship, I mean what is required from an individual to become an entrepreneur, and what is expected of that individual when he or she becomes an entrepreneur. Listed below are 10 prices for entrepreneurship.
- Double work to be done- one general feeling which is not true is that as an entrepreneur, you are free to do as you wish because you are your own boss; you can sleep as long as you want, instead of waking early in the morning and hurriedly getting ready to meet up with you job; also you can go to work when you like and can take a leave whenever you want to. This feeling or understanding is wrong, as a matter of fact, the truth is the actual opposite. As an entrepreneur, you are obligated to work twice as hard as you did when you were just an employee. How is this possible? For an employee, you have an agreed working duration; probably you may work 6 to 8 hours daily, and when it’s your closing time, you are no longer obligated to work. The reverse is the case for an entrepreneur because it is your own business. You are required to work full time to ensure that everything is going on fine and smoothly. So, one of the price an entrepreneur has to pay is that he or she has to work twice as hard as they did before.
- Capital and financial management- another price for entrepreneurship is the need to have a good capital to start your business. No business can work without capital, and most business are capital intensive, so to ensure you startup your business successfully, you need a good capital at hand. Also, entrepreneurship requires you to manage finances. It is not all the money you get from the business that would go back to the business. From your income, you would have to pay bills, pay workers, pay yourself, and roll over your capital. Your ability to manage your finances would determine how long you would be in business.
- Refined personality and good reputation- as an entrepreneur, you serve as the face of your business. Any prospective client you have would first of all assess your personality and character before deciding to patronize you. Also, they watch out for your reputation, and if you have a bad reputation, they would not want to align themselves with you. So, one of the price for entrepreneurship is to develop a good personality and character, and build a good reputation.
- Decision making- as an entrepreneur, you have the sole responsibility to make your business decisions. Doing this always would build your ability to make decisions, but also cause you to experience fatigue as you constantly have to decide and always tell your employees what to do and how to do it. However, you cannot escape it as it is one of the price for entrepreneurship.
- Stress- with the load of financial management, decision making, maintaining a good personality and reputation, and doing virtually everything that is required of you as an entrepreneur, you are bound to face severe stress. It is one of the price for entrepreneurship, however, you need to learn how to manage stress so it would not weigh you down and impair your health. You can read this article to know how to manage stress-Major Causes, Signs and Treatment of Work Stress.
- Physical, mental, and emotionally stability- another price of entrepreneurship is that you have to be physically, mentally, and emotionally stable. If you are not stable in these aspects, you would not do well as an entrepreneur. You cannot run a business when you are not physically fit, or when you have a mental disorder, or when you’re suffering from emotional crisis. Entrepreneurship requires you to be balanced in these aspects in order for you to run your business smoothly.
- Scheduling- because you would have a lot of task to complete and appointments to honour, you have to make and follow schedule. You also have to be committed to following schedule. Entrepreneurship requires you to possess the ability to manage your time and honour your commitments.
- Perseverance- to be a successful entrepreneur, you have to be patient with yourself and your business. This is important because every new business takes time before it dominates the market, because it is new and people have not fully started patronizing you. If you are not patient in the early beginning of your business, you may end up folding up. One of the price for entrepreneurship is that you need to persevere because you will experience hard times in business.
- Passion for business- a very important factor required of you as an entrepreneur is for you to be passionate about your business. A passionate entrepreneur has the ability to scale through the early difficult days of the business. Also, passion for what you do makes you an attractive entrepreneur or service provider, and attracts good customers to you. Starting a business you are not passionate about would become too difficult for you to operate when business pressure becomes much. Also, you would not deliver your best if your only aim is to make money and you’re not enjoying what you’re doing. Therefore, another price for entrepreneurship is passion for your business.
- Leadership and management skills- another price of entrepreneurship is for you to possess leadership and management skills. This is essential because as an entrepreneur, you are likely to employ people to work for you, and also you are going to have different types of clients patronizing you. Possessing a leadership and management skills would help you govern your team and employees and also manage the different types of people that would patronize you.
Just like everything has a cost, so does entrepreneurship. To become a successful entrepreneur, you need to pay the price of entrepreneurship.
Thanks for reading.