Q&A - What are the main drawbacks to an entrepreneur of starting a business
There are many potential drawbacks to being an entrepreneur.
The harsh truth is that setting up a new business is a lot worse than many people imagine. In the odd, exceptional case, the start-up process runs according to plan and smoothly. Other entrepreneurs pretend that things are going well, when the reality is very different.
Running a business means that an entrepreneur will:
- Face occasional loneliness and isolation. This is often the case for home-based start-ups.
- Be unable to blame others when things go wrong – the buck stops with the entrepreneur
- Probably be under financial pressure – earning little or sometimes nothing as the business tries to establish itself. Entrepreneurs often find themselves unable to draw income or profits out of the business for several years
- Have to work much harder than in a conventional job – average working of 70+ hours per week is common. This puts a great strain on family and social life
- Probably suffer from higher stress levels (albeit, the stress is of a different kind to that suffered by people who are employed by others)
- Have to rely on multi-tasking rather than call on an established network of specialists (available in a larger business)
- Usually have to work whilst sick, and not get sick pay.
- Experience a roller-coaster of emotions
Put simply, starting a new business is not for the faint-hearted!
Join Jim Riley and the tutor2u BUSS4 team for an intensive day designed to prepare students for the challenges of BUSS4 in June 2015. Each of the five workshop sessions introduces and builds effective essay planning and writing technique. We do this in the context of looking at both Manufacturing in the UK (Section A) and core topics for Section B including leadership, change management, technology, strategic choice and globalisation.