Most people dream about entrepreneurship and owning their own company. The potential benefits can be enormous. If you’re already an entrepreneur, you realize this is true, yet you also recognize the demands, challenges and risks that come with entrepreneurship. If you’re coming from a more conventional business or corporate environment, you may not be fully aware of all the considerations associated with becoming an entrepreneur.
Not all business professionals thrive in an entrepreneurial environment, so we recommend honest self-reflection before making any decision to break out on your own. The advantages of entrepreneurship are real and highly desirable. You can:
However, research suggests that a majority of new businesses fail in just a few years. Entrepreneurship can be a double-edged sword. Great financial success, the freedom to make all your own decisions, and the satisfaction of achievement are the opportunities. Financial ruin, making poor decisions, and disappointment in knowing the failure was all yours are also possible outcomes.