Starting a business is not something that comes easily as some people might think.
It requires a lot of time, effort and resources to be put in, in order for the business to succeed.
Contrary to some peoples’ beliefs, a business might not always excel as you would have hoped.
This can be due to some external factors which are beyond our control.
Nevertheless, in this blog post, I will be enlightening you about a few of the merits and demerits of starting and managing a business venture.
THE MERITS OF STARTING A BUSINESS:
- Flexible employment: This is one of the greatest advantages of owning your own business especially if you’re not into the 9 to 5 working hours because you get to decide your own working hours.
- Extra source of income: Owning a business provides an extra stream of income which can improve a person’s financial status considerably especially if you’re planning on becoming a millionaire.
- Self-employment: Owning or managing your own business encourages you to be your own boss. You get to make the rules yourself and you are not answerable to anyone.
THE DEMERITS OF STARTING A BUSINESS:
- Competition: This is something that a lot of business owners fear because they have to be competing with other similar businesses in order to gain control of the market.
- Risks and Losses: Another disadvantage of owning a business is that you will suffer losses at certain times throughout the market period. Also, as a business owner you will need to take a few risks which may make or mar your business.
- Debts: During the period of running a business, you may run into debts as a result of loans you took in the past or as a result of bad decisions that you made concerning your business.