The challenge for a “responsible” Business is to find ways to ensure that the Rewards it seeks are supported by sensible management of the possible Risks that confront it.
Top 5 Risks: No Income, Use up your Personal Saving, bad Employee/s, Miss Estimating the Market, Sacrificing your Personal Time & Health.
Top 7 Rewards: own Boss, Passion, Satisfaction, your Team, Flexible Hours, Financial Reward, Helping People.
Risk-Taking. Entrepreneur. Well that’s the hottest buzz in the career field. Many dream to become an entrepreneur, but very few dare to make that dream come true. The simple reason is that Risk-taking has become almost a synonym for entrepreneurship. If you wish to start your own business, you have to take Risk. No matter how well the Cash Flows, no matter how great your effort is or how much time you have invested – at the end of the day you can’t be sure about the turn over. Especially when you are just starting off you have to be prepared for the challenges – financial, physical, as well as mental.
A. Top 5 Risks of an Entrepreneur
Entrepreneurship can only be Rewarding with time. In the beginning, you can’t expect to escape the struggle. Let’s have a look at the Risk factors of being an entrepreneur.
1. No Income.
What other people will have, but you won’t as an entrepreneur, is the guarantee of a paycheck. After all, most of the people work for this financial security. If you are doing a job, you have to bid good-bye to it and jump into a field where your career has not yet been settled. Though you can only be successful if you have strong determination, it would be better to have a back-up plan, so that you can resume your work in case things don’t work properly in your venture.
2. Tapping your Personal Savings.
Leaving a job to start your own business may not be such a big deal – depending completely on your personal capital – when you are not sure about return on investment can be a little scary. When there is no external fund to depend on, you have to dive into your own Bank and/or Savings accounts. So try to opt for a Bank Loan, Government Grants, CrowdFunding and so on. Counting solely on your personal Savings should be your last choice.
3. Depending on a one or more Key Employee/s.
When you are starting off your business, it is obvious you can’t have a whole set of people working for you for every function you need. So you may hire only one or two persons – if at all possible. In that case, it is very important to ensure that your key employee/s is knowledge-able in the area you need + dependable and trustworthy.
4. Under-Estimating the Market.
People are quite often unpredictable. No matter how much research you have done, estimating popular interest in your business is a very speculative task. Even if you think the data is in your favor, things may turn upside down.
5. Sacrificing your Personal Time & Health.
Be ready to sacrifice your physical well-being & mental health if your wish to become an entrepreneur, because you can’t expect to have a specific working hours. Unlike other people who work from 9 to 5, you have to work 10, 12, 16 hours in the initial days.
B. Top 7 Rewards of an Entrepreneur
Entrepreneurship is not only about taking up Risks. So far we have discussed the negative (-) aspects. But starting your own business can definitely be Rewarding. In fact, it is the Reward only, for which people are ready to take up such high Risks. Let’s look at the Rewards an Entrepreneur can expect from his or her hard work.
1. You’re your Own Boss.
Some people don’t like a full time job, because they can’t tolerate anyone bossing around them – especially when they’re more competent than their boss or the boss is so hard to work for. If possess this thought, nothing can be more Rewarding than entrepreneurship – where you are going to be your own boss and do it the way you think is best – from your logic & instinct.
2. Passionate about your work
Most people work for the salary that they get at the end of the month. However, you will work for yourself, because you are passionate about what you do. Great results are produced only when one works passionately. So your way of working, your goals and your dreams will be their own magnificence – completely different from a plain old job – because you’re doing what you love to do.
3. Satisfaction in your Work.
Have you ever thought why life has become more stressful? The simple reason is, most people don’t enjoy what they do. They mostly work just for the paycheck for survival. Naturally they feel exhausted physically and mentally at the end of the day. When you are an Entrepreneur, you are not working to please somebody else. You are working to make your dream come true. So the satisfaction of creating yourself – will be the ultimate Reward for you !!!
4. Your winning Team.
You get to choose your own Team and work with them. If you’ve picked a good Team, they may motivate you when you’re down – from challenging circumstances. You’ll usually get to know them &their families and some will be more like friends.
5. Flexible Hours.
Owning your own business is hard work and often requires long, odd hours. In some cases, having your own business may allow you to have more flexible hours once you get good Cash Flow. And you can go to Conferences or other Business Travel.
6. Financial Reward.
There is no doubt that this is the ultimate Reward of. You have to struggle in the beginning, once, you starting getting some good consistent Cash Flow, you can expect to enjoy the choices that this Financial Reward gives you. You get the Reward for your hard work and you will feel good about it, because you did it yourself. You can now enjoy your Financial Freedom !!!
7. Helping People
is what it’s all about. You can help your Customers solve their problems. You can help your Team develop their abilities. You can make a significant contribution to bettering the world – if you choose.
Conclusion: If you feel the Risks are worth the Rewards you’ll never have a happier and more satisfying life.
Comments: Are there any other Risks & Reward that we should consider?
from Linked IN 03 July 15 enhanced by Peter/CXO Wiz4biz
For more Info, click on Starting a Business.