Entrepreneurship: A One Stop Shop!
The main reason why we have all come to college is so that we obtain the knowledge and the skills we need to obtain that 9-5 job. Many of us will go on from DeSales University to work for a big company, branch of government, school and a multitude of workplaces and do just that. However, many of us may gloss over the opportunity to work for ourselves and pursue the world of entrepreneurship for our career. Entrepreneurship comes in all different shapes and sizes, it can be a company you create for extra work on the weekends or even your full-time job. In today’s blog we are going to talk about all the advantages and disadvantages of starting your own business.
Advantages of Entrepreneurship
You cannot talk about the advantages of entrepreneurship without first talking about being your own boss. If you’re the sole owner, you control all aspects of your business. Which is such a freeing, yet a little bit overwhelming prospect. Your logo, social media presence, organization, accounting records all come down to you. Thus, your business is almost a professional extension of yourself in company form.
Not only do you obtain the freedom of running your business however you like, the federal government is encouraging you to start your own business. Assuming you work over the table, when you file your taxes there is a special schedule that allows you to deduct all necessary and required business expenses. This means all your starting equipment and supplies needed to get your business going might even help you get a refund on your tax return.
In addition to getting special rules applied to you during tax season, entrepreneurship also allows you to turn a hobby or some other aspect of life that you enjoy into a source of income. For example, as someone who grew up as an avid listener of music, I had the opportunity to pursue music for my fulltime career. However, after much discernment, I decided to study finance and accounting here at Desales University and am going to be a Financial Advisor for MassMutual Greater Philadelphia starting in the spring of 2021 post-graduation. I still wish to share my love of music with others, and as result I started my own Disk Jockey Company. While it’s still very new and the future for my company is very uncertain. JF Enterprises gives me an outlet for that passion and an opportunity to develop in a way never thought prior.
Disadvantages of Entrepreneurship
Just how creative freedom is one of the biggest advantages of entrepreneurship, it also can be interpreted as a disadvantage. The discipline and organization needed to start your own business is a lot. It's recommended you have a strong support system, online/written calendar, and/or even a partner to keep you accountable.
Locating the initial investment of your business can be a little difficult as well. Depending on the scale of your business, you may have to receive a loan from a bank which would require the drafting of a detailed business plan (which is heavily recommended either way!!). The experience gained from meeting with an investor is priceless and can show how strongly you believe in your idea so that it may become reality.
If you have an idea for your business that you believe would flourish, you should absolutely take that opportunity to make it a reality. Now is the time to take well thought out and calculated risk that could blossom into something you never imagined it would be. As famous actor Shia LaBeouf would say:
“Don’t let your dreams be dreams. Just do it!”