Entrepreneurship involves the development of a business around an innovative idea, with the aim of regional or international growth. The entrepreneur in this case will need to find avenues to increase the capital base in order to realize the objective. The entrepreneur is also charged with the responsibility of protecting the idea through measures such as patents in order to capitalize on the venture.
The advantages of entrepreneurship include:
The entrepreneur gets the chance to participate in a venture that they enjoy. This increases the chances of success in the venture since the individual is passionate and dedicated to work for the venture.
Entrepreneurship offers flexibility to the entrepreneur allowing them to participate in family and social activities.
An entrepreneur has the capacity to set a salary that they believe is commensurate to their input and this helps improve the level of motivation to achieve more.
The disadvantages of entrepreneurship include:
Entrepreneurship offers no guarantees with regards to a regular paycheck especially when the business is at its formative stage.
Schedules are highly unpredictable and the entrepreneur will be required to respond to changes in the market or customer requests almost immediately. This may at times force one to work longer hours.