Becoming an entrepreneur is very difficult and those who succeed are the ones with the desire to succeed. Starting up a business by yourself is extremely difficult as there is so much to do. The role of being an entrepreneur is very big because all the responsibility is on the proprietor’s shoulders. The start up of the business is the hardest job because that contains many factors that are essential for the business to operate. If the start up is not correct then the business will fail. The start up of a business includes finding the necessary finance, finding a location, finding workers and machinery, determining price etc. the role of being an entrepreneur is to do all of these by performing some sort of research of how he/she will do it.
Once the start up is complete and the business is operating, the entrepreneur has to do the marketing side of the business- selling the product by creating ‘product awareness’. Also, the proprietor has the job of motivating himself as well as workers. The entrepreneur has also got to keep the stakeholders of the business happy. The entrepreneur also has to keep tabs on his rivals and try and be one step ahead of them. The entrepreneur also has to train employees and find a suitable way of recruiting them. Also, he has to monitor the progress of workers as well as the business as a whole.
The main rewards of becoming an entrepreneur is that you would be making good money because the risk that you took would have paid off. As well as money, you would also get tremendous recognition for your achievements. For example, Kuldip took a big risk in opening his own business and the merits he has received, apart from money, is recognition for his achievements and that recognition has gained him a good reputation and status in society. The reputation of Kuldip has reflected upon his business and now the company has a good reputation.
The greater the risk, the greater the rewards as long as it pays off. As well as recognition from others, success would greatly motivate the entrepreneur and give him/her the sense of personal achievement that would spur them on form more success.
Those were the rewards of being an entrepreneur, however those rewards only count if the business succeeds. The bad thing about being an entrepreneur is that everything is a risk and if that risk does not pay off then the entrepreneur would be in deep trouble. Not only would there be financial trouble but the entrepreneur would get a bad reputation which could haunt him/her in the future if they decide to open a business later. It is a big risk being an entrepreneur especially if you are a newcomer in the market with no experience. Kuldip was okay because he was familiar with the market but a proprietor that is inexperienced in the market could encounter many problems and those problems could de-motivate him and the employees.