Aspects of Entrepreneurship as a Future Career - Essay Example

Aspects of Entrepreneurship as a Future Career Entrepreneurship as a career has received high recognition globally to be important for the socio-economic prosperity. As an entrepreneur, one has the chance to enjoy certain benefits such as the money, freedom, independence and job satisfaction. However, entrepreneurs also stand to lose certain benefits they could have earned by working for or with other companies. Entrepreneurs must, therefore, expect and be ready to endure all the drawbacks that come with their career including its responsibilities, working on extra and long hours, stressful working conditions as well as missing those benefits from a company (Alstete 584). In this paper, the main focus will be to confirm the contemporary aspects of entrepreneurship and relate how they can apply to me as a future entrepreneur. Independence An entrepreneur is usually a self-employed individual, hence enjoys enormous independence. The independence enjoyed by an entrepreneur is usually experienced as they launch ventures. Entrepreneurs have the flexibility and ability to multitask (Bharadwaj 1). Given their strong sense of responsibility, entrepreneurs can handle and deal with the basic requirements of starting up businesses on their own. Here, their independence may allow them not to seek professional assistance, which many opt for, and as required by the prerequisites, especially when it is a company involved. Entrepreneurs exercise their independence right from the point of being cognizant of the opportunity, resource gathering, network creation or building, goal setting as well as strategies implementation. An entrepreneur is highly reliant, and this helps them to avoid many of the business odds that come during its early stages. As an independent individual, entrepreneurs are jacks-of–all trades, making them single-handedly able to bring up a business from a scratch to operation. Job Satisfaction Research shows that many entrepreneurs record higher and significant job satisfaction than those in the wage employment (Naude 1). Such entrepreneurs usually receive satisfaction from for being self-employed as they have total control over their venture and its resources. Many people in wage employment usually record high rates of stressful working conditions where they receive frustrations from their employers, unsatisfactory salaries, and threats of possible loss of jobs. In such cases, theres usually lack of job satisfaction as they have little or no control over the operations of the company to force them to work in their favor. Unlike in entrepreneurship, however, where one is an own boss, sets own salaries, full control of time and other resources and always assume power by being in charge, such frustrations are usually not experienced. This is one aspect that makes entrepreneurship look a lucrative venture that nearly everyone would want to set a journey to pursue. As an entrepreneur, one does not have to complain about the lack of employment as they are considered potential employers, instead. Entrepreneurs assume full control of their ventures, in most cases, and act as employers as they will need people to assist in the operation of the business as it grows with time. As such, as an entrepreneur, one is considered a potential job creator, and such people usually receive the highest job satisfaction as they are the ones to set the job and working conditions for their employees. Risk and Lack of Company Benefits In as much as there are a lot of benefits or advantages of freedom and job satisfaction enjoyed by entrepreneurs, they also are faced with numerous risks in their ventures that they need to deal with. As such, an entrepreneur is expected to be must be a risk taker, and this is usually very key for the success of any one who would like to take on this career. The first risk that any entrepreneur must take, which is usually forgotten by many, is the risk of abandoning the route to employment. When deciding to be an entrepreneur, a person must be ready to forgo getting employed and any pay packs that come with it, however, lucrative they may be. As one decides on this career, they must be able to make their newly acquired venture to be more lucrative than the employment benefit, so they dont regret having lost greater opportunities in the employment sector. Employment is known to have certain benefits such as a steady paycheck, which includes the risks that an entrepreneur stands to deal with (Demers 1). Another risk involves an entrepreneur sacrificing their capital to support the startup of their venture into their career. In entrepreneurship, a bigger part of the starting capital is usually self-contributed; hence an entrepreneur must be able to risk their life savings to take on this course. While doing so, it is not definite that the capital sacrificed will be recovered. Therefore, an entrepreneur must be ready to bear any loss that may come to the operation involving the capital. Another important risk involving entrepreneurship is that of the devotion of personal time and health on the venture to ensure its operation and success. As an entrepreneur, in as much as one may have key employees running the business for them, their personal contribution to it must be felt. This will mean that an entrepreneur must devote much of their time and health to the business, neglecting other alternatives opportunities or activities that the time could have been employed to. Responsibility Entrepreneurs must be ready to take responsibility for operating the business. The responsibility counts in terms of the resources theyll have to pump into the venture to keep it operational as well as the day-to-day responsibility of ensuring a successful operation of the same. An entrepreneur must see to it that they assume the legal responsibility that may link their venture such as tax issues as well as establishment under legal foundations (Scarborough Chapter 15). The responsibility of an entrepreneur may see him working even longer hours to ensure all are in order with the business. To a devoted entrepreneur, every time is a work time, and theres no time to say no, so long as they can offer the services or products to their clients. Entrepreneurs, therefore, offer their responsibility in terms of dedicating time for their career as well as ensuring all is one to safeguard and take care of all operations involving the business at whatever cost. In a nutshell, it is very clear that entrepreneurship is a lucrative career with both its ups and downs that one must be aware of before embarking on the decision to pursue its course. As an entrepreneur, one can gain independence and freedom from all the hustles of job hunting as well as the struggles and frustrations posed by employers and unpleasing employment conditions. At the same time, entrepreneurship as a career may seem to be very risky as on will be required to take care of the starting as well as operating capital, which might mean draining ones pockets. Risking steady paychecks as well as other company benefits are also involved including the need to devote time and responsibility in the venture for your career as an entrepreneur to be a success. Works Cited Alstete, Jeffrey W. "Aspects of Entrepreneurial Success." Journal of Small Business and Enterprise Development 15.3 (2008): 584-594. Web. Bharadwaj, Badal Sangeeta. "Successful Entrepreneurs Declare their Independence." Gallup 23 September 2014: 1-4. Web. Demers, Jayson. 7 Risks Every Entrepreneur Must Take. 3 October 2014. Web. 9 December 2015. . Naude, Wim. Happiness and Entrepreneurship: New Research Insights. 3 May 2012. Web. 9 December 2015. . Scarborough, Norman M. Essential Entrepreneurship and Small Business Management. 7th. New York: Pearson Prentice Hall, 2013. Web. Read More