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Through exceptional focus, entrepreneurs are able to transform concepts into companies, yet it takes effort on their part to relinquish control to professional managements.
Cons of being an Entrepreneur
The greatest draw-back of being an entrepreneur are the personal and professional risks to financial stability and reputation if the new venture does not succeed, and the lost time invested in the venture if it fails. These are all lost opportunity costs that an entrepreneur could have invested in other, potentially more profitable and successful ventures. Even successful entrepreneurs struggle with staying focused despite the intense pressure to succeed and long hours needed to get a business into a financially viable condition to run smoothly. There are more sacrifices required of entrepreneurs today than ever before as globalization is forcing many of them to travel across multiple continents every given month to get their companies up and running. These trips include supplier qualification visits to verify that a key supplier can provide the necessary raw materials and components necessary to grow the business. There are also customer visits that must be done in person in the early days of any new business so that trust is established and maintained. Underlying all these factors is the role of the entrepreneur being the most responsible member of any management team when it comes to the success or failure of any...
The personal costs are quite high as a result of these many demands, and the level of cooperation and support an entrepreneur gets from his family and management team is also critical. When a new venture begins to falter however there are also an exponential set of demands on entrepreneurs to liner up emergency financing and investment capital to pay expenses, including payroll. With so many demand son entrepreneurs, only those that are the most focused and passionate about their potential business ideas succeed and can overcome the many obstacles and challenges every company faces on its pathway to growth. Above all else, entrepreneurs must also stay unbiased in their assessment of growth, staying focused (Burmeister, Schade, 340) on market opportunities and market conditions to ensure their companies continually grow over time.
References
Katrin Burmeister, Christian Schade. "Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias. " Journal of Business Venturing 22.3 (2007): 340. ABI/INFORM Global. ProQuest. 21 Apr. 2008
Jim Olsztynski. "The pros & cons of going into business for yourself-part 1. " National Driller 1 May 2003: 18. ABI/INFORM Trade & Industry. ProQuest. 20 Apr. 2008
Rose Trevelyan. "Optimal optimism. " Business Strategy Review 18.3 (2007): 18-22. ABI/INFORM Global. ProQuest. 22 Apr. 2008
Noam Wasserman. "The founder's DILEMMA. " Harvard Business Review 86.2 (2008): 102-19. ABI/INFORM Global. ProQuest 22 Apr. 2008.
Burns (2007) indicates that the text is about that which motivates the actions and decisions of the entrepreneur, including the influence of personal social networks, family and personal background. Moreover, the text reports itself to be about the tasks of management which are associated with the entrepreneurial approach as well as how decisions are make, how risk is balanced and most essentially how there is a clear distinction between
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