What Are the Advantages and Disadvantages of Entrepreneurship?

advantages-disadvantages-entrepreneurship Credit: Geri Lavrov/Moment/Getty Images

Entrepreneurship is attractive to people because it allows them to be their own boss. However, entrepreneurs face many challenges such as obtaining start-up capital and not having a regular salary.

An advantage of entrepreneurship is the ability to set a personal schedule. Entrepreneurs can choose what hours to work and have the flexibility to adjust work hours to spend more time with family. In addition, unless they have partners, entrepreneurs have complete control over business decisions. If a business is profitable, the ability to earn more money is larger than it would be working for another company.

One disadvantage of entrepreneurship is being responsible for all aspects of the business. An entrepreneur must handle everything from sales to accounting to product development, even if these tasks are not favorites. Alternatively, an entrepreneur must find, hire and manage employees to complete the tasks. In addition, if business slows down, the entrepreneur's income decreases.