The Advantages and Disadvantages of Being Self-Employed.

Another advantage of being an entrepreneur is that their incomes are usually in a fairly high range. There are several disadvantages that accompany a high income though. As an entrepreneur, your level of income can be at it’s peak one week, then drop to rock bottom the next. The income is not always steady or reliable. It all depends on how business is doing. Also an entrepreneur typically has more overhead expenses than a regular employee. So even with a high income, after expenses some entrepreneurs may not be left with a lot of liquid cash to go home with, unless the entrepreneur can find a way to reduce their overhead costs.

One major disadvantage of becoming an entrepreneur is the impact it can have on your family life. Particularly when first starting out, there is barely any time for leisure or social activities. In the beginning most entrepreneurs cannot afford to hire employees, therefore they end up taking on the majority of hours themselves. This leaves no time for family or anything else. Being an entrepreneur can be very stressful at first, and really impacts the person’s environment. There is a lot of hard work involved, and anyone who would like to start their own business should really be prepared for the amount of stress their going to have to deal with, as well as the hours.

There are several future options for an entrepreneur. Fortunately in the business world there is an unlimited capacity for growth. An example of this is Mr. Singh’s growth in the art and framing industry (the interviewee). Even a person who starts out in a flea market can grow to become a gross production manufacturer. However growth can be limited at some points. There are factors such as competition, limited funds or the loss of a supplier that can limit the growth of a business. Business can be very risky, as there are many future options for an entrepreneur, there are also many limitations. This is why business as a secondary career plan, rather than a primary plan, would be more beneficial especially for a student who is just starting out.