February 8, 2023
A photo showing the business plan for a startup (Source: www.techbooky.com)

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.


  1. 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.
  2. 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.
  3. 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.


  1. 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.
  2. 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.
  3. 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.

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