Advantages and Disadvantages of Entrepreneurship in Nigeria
1) Autonomy– The need for independence and the freedom to make decisions is one of
the major advantages. The feeling of being your own boss is very satisfying for many
entrepreneurs. Challenge of a start-up/feeling of achievement – For many
entrepreneurs, the challenge of a start-up is exhilarating.
The opportunity to develop a concept into a profitable business provides a significant feeling of achievement, and the entrepreneur knows that he or she is solely responsible for the success of the
Financial control– Because it is often stated that entrepreneurs have financial independence, one might get the impression that they are wealthy. Many are not necessarily seeking great wealth, but they do want more control over their financial situation.
They do not want a boss who can unexpectedly announce a layoff after they
have dedicated years of work to a company.
If self-employment were easy, the number of self-employed people would be much higher. In fact, it is one of the most difficult careers one can choose. A few of the disadvantages are described below:
Personal sacrifices – Especially in the early years of a business, the entrepreneur often works extremely long hours, possibly six or seven days each week. This leaves almost no time for recreation, family life, or personal reflection.
The business consumes the entrepreneur‘s life. This often results in a strain on family relationships and a high level of stress. The entrepreneur must ask how much he or she is willing to sacrifice to make the business successful.
Watch out for part 2