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Pros and cons of starting a new venture

by on April 25, 2017 in Business, Latest News, Lead Article, News you can use, Nuggets, Small Business, Startups

Pros and cons of starting a new venture

Not all business ventures are fated to succeed. In fact, statistics tells us that nearly 50 percent of new businesses fail to even make it to their fifth anniversary.

When going into a new venture, you’ll need to do your research and draft your own pros and cons list to help you decide if pushing through with that venture would be both beneficial and fulfilling.

To help you out, here are some of the common pros and cons of starting a new venture.

PROS

1. You have creative freedom.

You have the freedom to express your ideas, talents, and creativity in the form that you want, and in the structure that you think best suits what you had envisioned.

2. It’s about finding your passion.

For most entrepreneurs, starting new businesses is all about their passion in life, which include providing products and services that are both useful to consumers and meaningful to entrepreneurs.

3. You work at your own time – for the most part.

Being your own boss, you can set your own schedule and daily routine, on your own terms. That is, of course, if you don’t have any meetings with potential investors to attend to.

4. There’s a feeling of satisfaction.

Starting a business that you’ve thought of yourself and calling the shots on how to bring that idea into a reality can give you that feeling of personal satisfaction over what you’ve accomplished.

5. You set your own goals

When you’re working on a new venture, you’ll have the opportunity to set your own goals. This includes determining how much profit or income you’d like to make, as well as the level of success that you’d like your business to achieve.

6. You’ll need to learn finance management.

If you fail to manage your funds correctly, you might find yourself in the red even before you’ve made any profit on your new venture. Managing this fine balance can be very time consuming and you may need to seek external advice in the short term. Tracking the value of your business is incredibly important in your long term plans.

7. You will grow professionally and personally.

With the weight of your new business on your shoulders, you’re thrown into a challenge that presents risks and benefits that can help you to grow both professionally and personally. Additionally, you’ll be able to develop better control on your emotions and attachments as you work on different aspects of your new business venture.

8. You call the business shots.

When you’re working for a corporation, you have a boss who tells you what to do and what to play up. By starting your own business, you decide which part of the business and your personal response to business stimuli needs more of your focus.

9. You choose your own projects.

As opposed to being assigned projects, when you’re starting a new venture, you’re taking up the entire business plan as your project. By doing so, you’re also applying your passion and strengths in order to find entrepreneurial success.

CONS

1. It can be mighty frightening.

Being exposed to anything new can be scary, especially when you think about all the risks involved in starting a new venture.

2. Financial risk.

It may take several months or even years before you start seeing a steady flow of income, so there are definitely financial risks that you’ll need to consider when starting a new venture.

3. A lot of studying up is involved.

This is especially true when your new venture is something that’s completely out of your comfort zone – and it can be overwhelming.

4. The responsibility lies on your shoulders.

As the source of the business venture, you are the one responsible for every success and failure. That can be physically and mentally trying.

5. You’ll need to learn finance management.

If you fail to manage your funds correctly, you might find yourself in the red even before you’ve made any profit on your new venture.

6. It’s both time-consuming and stressful.

You’re starting something new that will definitely need a lot of your energy, and it can be very stressful. Be sure not to overwork yourself, though, lest you find yourself waking up in a hospital bed, hooked up to an sp02 pulse oximeter.

7. You will have to find a work-life balance.

It’s tempting to just work whenever you want to when it’s your own business, but a work-life balance has to be accomplished in order to not waste any time, resources, and income opportunities.

8. It can affect relationships.

Starting a new venture takes a lot of work, and this might lead to loss of time with your family or significant other.

There’s a lot of risk in starting any kind of venture, especially when it’s your first, which is why it’s important to thoroughly examine its pros and cons. By educating yourself about the advantages and disadvantages of starting a new venture, you’ll be better able to determine if this is definitely something you’d like to do.

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