Learning Objective
Show Do you want to be a business owner someday? Before deciding, you might want to consider the following advantages and disadvantages of business ownership (Small Business Development Center, 2006). Advantages of Small Business OwnershipBeing a business owner can be extremely rewarding. Having the courage to take a risk and start a venture is part of the American dream. Success brings with it many advantages:
Disadvantages of Small Business OwnershipAs the little boy said when he got off his first roller-coaster ride, “I like the ups but not the downs!” Here are some of the risks you run if you want to start a small business:
In spite of these and other disadvantages, most small business owners are pleased with their decision to start a business. A survey conducted by the Wall Street Journal and Cicco and Associates indicates that small business owners and top-level corporate executives agree overwhelmingly that small business owners have a more satisfying business experience. Interestingly, the researchers had fully expected to find that small business owners were happy with their choices; they were, however, surprised at the number of corporate executives who believed that the grass was greener in the world of small business ownership (Cicco and Associates Inc., 2006). Figure 5.6 The Entrepreneur’s Workweek
Key Takeaways
Exercises
ReferencesCicco and Associates Inc., “Type E Personality—Happy Days—Entrepreneurs Top Satisfaction Survey,” Entrepreneur.com, http://entrepreneur-online.com/mag/article/0,1539,226838–-3-,00.html (accessed April 21, 2006). Small Business Development Center, “Pros and Cons of Owning a Business,” http://72.14.203.104/u/siu?q=cache:DFSPVtmg7j0J:http://www.siu.edu/sbdc/buscheck.htm+pros+and+cons+of+owning+a+business&hl=en&gl=us&ct=clnk&cd =1&ie=UTF-8 (accessed April 21, 2006). What are advantages and disadvantages of starting a new business?At the same time, consider the advantages as well as the disadvantages of owning your own company.. Advantage: Financial Rewards. ... . Advantage: Lifestyle Independence. ... . Advantage: Personal Satisfaction and Growth. ... . Disadvantage: Financial Risk. ... . Disadvantage: Stress and Health Issues. ... . Disadvantage: Time Commitment. ... . Try a Side Hustle.. What are the advantages and difficulties of a business start up?The top Pros were Work Environment, Flexibility/Freedom, More Responsibility, and Steep Learning Curve, and the top Cons were Lack of Structure, Low Compensation, Long Working Hours and Uncertainty / Instability.
What are 5 important factors when starting a business?Well, there are some important factors to bear in mind when launching a business.. A great idea. “No business can develop in the absence of a great idea. ... . Funding and budget. ... . What is your business plan? ... . Legal documentation. ... . Passion. ... . Find the right equipment. ... . Know when you need help.. |