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| Business mentoring |
Starting a new business venture is definitely exciting, but
it is not all about fun and excitement because this process also comes with
some risks and a lot of uncertainty. Whether you are planning to start the
business on your own or you have a partner to do it with, you need to know the
advantages and disadvantages of putting up a business. This way, you will
remain realistic about the chances of your business to survive and grow.
ADVANTAGES
One of the basic reasons you may want to start a business is
to gain both professional and personal benefits from it. Having your own
business means having the flexibility to choose your own hours, work setting,
and pace. What’s more, this will allow you to pursue the career that’s close to
your heart. Although it may seem complicated at first, undergoing business mentoring will make things
easier for you.
When it comes to the financial aspect of running a business,
a new business always has the potential to generate huge profits. Of course,
this will still depend on how you handle the business. but for as long as you
stay committed and dedicated to meeting all the needs of your business, there
is no doubt that it will be profitable and stable in the end.
DISADVANTAGES
As a beginner entrepreneur, you can start with a lot of
energy and enthusiasm. But you have to prepare yourself also for the demands of
running a business, which could sometimes be overwhelming actually. In your old
job, you may have had to work 40 hours a week, but for your business, you
should be ready to spend more to make sure you address all the issues that may
arise.
There are some costs also that come with putting up a
business. Needless to say, you have to allot money for the establishment where
you will conduct business, plus all the necessary tools and equipment. You also
need to hire people to help you around, which means you have to be ready to pay
for their employee benefits and salary.
Perhaps the scariest thing about having your own business is
the lack of guarantee that it will succeed. Many people hesitate to pursue this
path because they cannot afford to spend out large amounts of cash and effort
as well for something that doesn’t have any certainty.
CONSIDERATIONS
Just like in career planning, putting up a business should be done step by step. There are dos
and don’ts also which entrepreneurs have to take into account. You cannot just
invest in something without a proper business plan. Take the time to know the
industry you are targeting and get the help that you need. Rushing things will
almost always result in something undesirable, so you had better take it one
step at a time.
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