Written by: Anirudh Mannattil
Henry Ford, Steve Jobs, Bill Gates... What do these three names mean or symbolise to you? For most of us, these people represent the power of entrepreneurship, motivation and relentless drive to achieve success, be it monetary or in the form of societal good. Indeed, they are visionaries who saw a better future for mankind and decided to build on their willingness to learn and grow by conjuring up new ideas and creating thought frameworks which are essential for many of us today. However, one might ask: Was this possible due to their drive, or was it the circumstances surrounding them back then which acted as a launchpad for them to soar high in the skies? While this query is one that truly cannot be fully answered, the issue of a balance between the benefits and drawbacks of starting a business, which is a form of entrepreneurship, might plague the minds of several potential entrepreneurs. Let's attempt to answer this question.
First and foremost, a major drawback to starting your own business could be the fact that you have to put in long hours and lots of effort. This means that it could be emotionally and physically tiring, to such an extreme that pondering over the growth of your business could lead to huge amounts of stress for you. Often, starting something new means that you have to be involved in it from the planning to the execution to the process of creating a retrospective, all of which require lots of time and effort. For instance, Elon Musk used to work for 120 hours per week when he was being stretched to his limits so as to ensure that Tesla can succeed, which has propelled him to the position of the second wealthiest man in the world. Hence, long hours and lots of effort is indeed a con of starting a business, contrary to popular belief that being your own boss can lead to better work-life business.
Additionally, another lesser known issue which can be a stumbling block for several new businessmen who are wide-eyed and eager but inexperienced is the lack of guidance. Being independent and ensuring that one can stand on his own foot sounds relatively simple on paper, but it is much harder in action. From managing finances to sourcing out for development opportunities to even convening with other business owners, there is a huge workload to be tackled and a mentor does not exist to guide you. Instead, new entrepreneurs are thrown into the dark jungle and the only emotion which keeps boosting them forward is the flame-torch which they possess (their drive and passion). However, finding such a mentor is key to success and searching for the best match is a difficult, long and tedious process. While Mark Zuckerberg and Bill Gates may have achieved considerable success doing so, many new entrepreneurs fail, leading to almost 90% of start-ups collapsing within the year they are launched. Therefore, it is critical to understand the effects of lacking a mentor in the business space as a novice businessman.
So, is it all gloom and doom for young potential start-up founders looking to leave their mark on the world? Not quite, as we explore some of the benefits of starting your own business.
Definitely, a key benefit each business owner will educate you on should you have an opportunity to chat with them will be the freedom of controlling your own income; being your own boss. This means that you can allocate your work hours, control your own flow of work, and solely depend on yourself. While this requires an array of skills and a large motivation, it is indeed possible and those who can succeed in achieving this notion will gain greatly from doing so.
Furthermore, there is great potential to gain substantial financial reward by investing in yourself as a business owner. While there might be an initial investment which you might consider to be huge and difficult to pay off, should your core idea take off, the benefits are enormous. Your network of consumers and customers will continue expanding, as what we have seen over the years from several technology giants such as Google and Apple. Releasing new products, buying smaller businesses, employing talented workers and constantly learning, upskilling and updating yourself will lead to a boom in business profits. Indeed, this makes launching a business an amazing idea, doesn't it?
To end off, the key message is that whether starting a business is suitable for you depends on the fit between ideal qualities of a business owner and your personality. While business owners have a large appetite for risk and attempt to embody the traits of a modern leader, this might not appeal to everyone, which is alright as each person should be a great fit for some role suited best for them rather than shifting oneself to meet the requirements of a career. Let's hope that businesses can grow and continue to produce great inventions and lay the foundations for the next great revolution for mankind to progress forward!
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