Josh Baazov | Risks and Benefits of Entrepreneurship

As Per Josh Baazov, All those who want to amass and enjoy great wealth should focus their minds and hearts on entrepreneurship, which is the practice of identifying and launching a business opportunity, locating and gathering the necessary funds and materials, and accepting both the risks and rewards associated with the venture.

According to Josh Baazov, Like the adage "there are two sides to everything," everything in life has two sides. Entrepreneurship is rife with perils, risks, hazards, and threats, as well as booty, returns, compensation, and incentives, which are also referred to as rewards.

For the benefit and information of people desiring to start their own business, I'd like to quickly explain the following dangers and benefits of entrepreneurship in this article:

Entrepreneurship Risks:

Receiving Compensation

Whether or not the entrepreneur is compensated depends on the commercial enterprise's revenue. Unlike his peers in paid work, an entrepreneur does not have the luxury of an assured paycheck. The entrepreneur has nothing if the company is not profitable.

The startup business owner might not have enough customers to earn a consistent living. The amount of money he or she makes may vary from day to day or from month to month.

No income

In accordance with Josh Baazov, An entrepreneur may experience a time in the course of his or her business life when there would be no revenue at all or when clients had not complied with their financial obligations. As part of their financial preparation, new business owners are typically encouraged to save at least enough money to cover their expenses and income requirements for six months.

Security

An entrepreneur gets all of his or her money from the business. Unlike those in paid employment who may have a mandated retirement savings account supported by their employer, the entrepreneur must provide his or her insurance and retirement.

Aspects like insurance and retirement security through savings should be included in potential entrepreneurs' financial planning before transitioning from a paid job to full-time entrepreneurship.

The Benefits of Entrepreneurship:

They claim that passion sells

 

As Per Josh Baazov, Working every day on the project you're most passionate about is one of the best parts of being an entrepreneur. One works with zest, appetite, and hunger that inspire great action when one's work and everyday hobbies are in the sphere of his or her inner wants. Passion ensures that one is working with infinite energy, which results in increased production in addition to being a reward in and of itself.

Great Boss

 

Business owners report to the best boss there is—themselves. We encounter a variety of employers in paid employment, including some who are unpleasant, admirable, and dull. One's self is the best boss anyone could have. Working for oneself is made possible through entrepreneurship, and this produces an experience that money cannot replace.

Hours 

Being in charge of one's life is one of the immediate advantages of being an entrepreneur. Even though starting a business might be difficult, having control over your professional and personal calendars and being able to set your hours is an incomparably valuable reward.

Location

One important element of personal pleasure is the area in which you live and work. Entrepreneurship enables you to make this decision for yourself instead of relying on someone else to choose your workplace location, which may be rather far from your home and need a daily commute in either public or private transportation. Most corporate headquarters are located in Lagos, Nigeria, however housing there is too expensive for most employees to live there. 

Conclusion

Josh Baazov says Some of these places lack residential areas. As a result of being stuck in traffic jams year after year, employees are compelled to commute a long distance, which raises their fuel costs and contributes to high blood pressure. The business owner can even maintain a virtual office, allowing him to conduct business online while relaxing in his home. A businessperson has the option of being mobile.

Despite the risks involved, entrepreneurship is still the best option for anyone looking to build money and experience the highest level of fulfillment from their endeavors.