The Rewards and Penalties for an Entrepreneur

      All of careers in business fields have their own rewards and penalties, and an entrepreneur is not an exemption for that. The question about the rewards and penalties for an entrepreneur is a very good one especially when you are about to start your first business. Being an entrepreneur is very risky. When you are in a business, you are not always in the top. There are times that your business needs to experience failure or bankruptcy in order to innovate it and change the old techniques. This riskiness is the reason why you want to know the rewards that an entrepreneur may have. Those rewards becomes your motivation to continue achieving your desired goal despite of many obstacles that you encounter. Some of the rewards that an entrepreneur may receive in their chosen career are the following.
Rewards
1. Being the boss. Since they are the founder of their own businesses, they can meet the greatest boss they have ever known, themselves. Entrepreneur are also working for their own. 
2. Passion. Entrepreneurs are usually happy and satisfied with their works because they are doing what they really want. Those businesses that they founded are usually product of their passion and wants. They are lucky because their passion are their profession.
3. Creativity. The natural trait of an entrepreneur, creativity,S sometimes becomes their reward. In the fast changing environment, unique ideas, originality and creativity are required. The world now is fast-changing and advancing. That is why, people and things also needs to evolve and cope up with these changes. Since entrepreneurs are creative, they were actually in demand especially in the field of business as they are the innovators of the new ideas that can solve an existing problem in the community. 
4. Building an enterprise. Having your own enterprise and managing your own empire is a reward itself for entrepreneurs. Actually, having an enterprise is one of the desired goal of an entrepreneur. 
5. Own schedule. Being self-employed means having your own time. Following a schedule is very stressful when you are a worker. But, if you are an entrepreneur, you have your own time. No one will monitor your attendance. There is no deduction to your profit if you are late or absent.
6. Business from home. Since entrepreneurs are usually the owner of their businesses, they have the power to work in home. This probably is one of the greatest rewards that an entrepreneur can receive as he can enjoy working at home and have a greater chance of working productively as home’s ambiance is very relaxing and enjoyable. 
7. Financial Freedom. They have the freedom to enjoy their profits as their profits are not limited. They do not work for anyone but themselves, so having an insufficient salary is not a problem for them. They could spend all of their profit if they want. 
8. Getting industry award or good publicity. Since entrepreneurs are pioneers of their own enterprise, they were usually known in the society. Sometimes, they were recognized by the community due to their exemplary and creative deeds. They will be known and have a chance to have a good publicity. This is very favorable to the entrepreneurs as good publicity attracts more investors, business partners and customers.
Despite of these rewards that an entrepreneur may have, he is not safe from the risks that he may encounter along his path of success. These penalties are the following.
Penalties
1. Funds to start a business. Investing to something that you are not sure of is probably one of the greatest nightmares of entrepreneurs. They were very courageous to take the risks of spending their money just to start their businesses. 
2. Full responsibility. Entrepreneurs have the freedom to their works, but this also means that they are responsible to every activities of their companies. This becomes their liability because they are in charge of everything in the company, even its failure. Entrepreneurs own all profits but they also own all liabilities. 
3. Loneliness and Insecurity. Entrepreneurs usually work on their own. They shoulder all of the responsibilities in their companies. Because of that, they tend to feel alone and insecure. They do not work with their employees and thus entrepreneurs encounter difficulties on building relationships with their people. 
4. Working for long hours. Although entrepreneurs have their own schedule, they tend to work for long hours. Their reward for their selves are the achievements in their business. That is why, they always work and work and work in order to achieve that goals. 
5. Uncertain income levels. Incomes of entrepreneurs depends upon the level of their performance. Sometimes, when their enterprise is not doing good, their incomes decline. This certainly means that they do not have a fixed income. Sometimes entrepreneurs do not receive any income at all. 
6. Survival. Running a business is very hard, You should pay attention to every details of it. Sometimes, the management, funding and other processes in a business were not maintained. This is the reason why some businesses experience bankruptcy after several years of foundation. 
7. Competition. In order to attract more customers, entrepreneurs need to become competitive. They need to compete with the other businesses in order for their products to standout. This competition sometimes lead to stressful moments as entrepreneurs think and think of what strategy should they use in order to become one step ahead of their competitors.
Encountering penalties and having rewards in the careers of entrepreneurs are inevitable. However, in order for their businesses to survive, they should learn the art of balancing the penalties and rewards that they confront. 

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Comments

  1. AnonymousApril 6, 2023 at 11:31 PM

    it has been very helpful , am studying for an exam and this has helped better m understanding

    ReplyDelete

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