Dr jay feldman entrepreneurship is the art of starting a business, finding and consolidating the money and materials required and taking the risks and rewards. This is what all people who want to make and enjoy great wealth need to do.
Like the two sides to a coin, everything in life has two sides. Entrepreneurship comes with risks, perils, hazards, threats, and dangers just like it has rewards, booties, compensations, or incentives.
These are the risks and rewards associated with entrepreneurship that I’d like to briefly discuss in this article. This is for those who wish to embark on the wonderful journey of entrepreneurship.
Entrepreneurship Risks
Getting paid The income of the business enterprise will determine whether or not the entrepreneur is paid. An entrepreneur is not entitled to an assured salary like those in paid employment. The entrepreneur is not rewarded if the business doesn’t make profits.
Sporadic income – A start-up entrepreneur might not have enough business to generate a steady income. His or her income could fluctuate from one day to the next or even month to month.
No income – Entrepreneurs may experience a period in their business that is not productive or where customers are not paying their obligations. This could lead to a loss of business or a reduction in income. As part of financial planning, start-up entrepreneurs should save enough money to cover at least six months’ expenses and their income requirements.
Security An entrepreneur’s business is the source of all his or her wealth. Contrary to people who are paid, and may have a retirement savings account that is backed by their employer but not for entrepreneurs, the entrepreneur must provide their own insurance and retirement security. It is crucial that potential entrepreneurs include insurance and retirement security in their financial planning before they transition from paid employment to full-time entrepreneurship.
The Rewards of Entrepreneurship
Passion – They say passion sells. Entrepreneurship is about living your passion every day. This is one of the greatest joys. If one’s daily pursuits and work are within the realm of one’s innate desires, then one is able to drive great action with passion, appetite, and hunger. Passion is not only a reward in itself, but it also leads to more production.
Great Boss – Entrepreneurs work for their greatest boss, which is them. We all meet different bosses in paid employment – some are terrible, some great, and some are boring. Oneself is the greatest boss. Entrepreneurship allows you to work for yourself, which creates an unbeatable feeling that money can’t buy.
Hours Having control over your life is one of the immediate advantages of being an entrepreneur. Although it may seem difficult at first, being able to control your own time and set your schedules for work and business can be a great reward.
Dr jay feldman happiness is directly related to where you live and work. Entrepreneurship allows you to make the decision and not depend on others to determine your office location. This could lead to long commutes in public or private transport. Lagos Nigeria is a place where many corporate offices are. It is too expensive to live in. Many of these locations don’t have residential areas. Long distance commutes and traffic jams force employees to travel long distances. This increases their fuel costs and can lead to high blood pressure. Entrepreneurs can work remotely from their homes using the internet. Entrepreneurs can also choose to be mobile.
Entrepreneurship is still a viable option for those who want to make a living and have the most joy in their lives, despite the potential risks. remotely from their homes using the internet. Entrepreneurs can also choose to be mobile.
