The Tribune

Some people identify from an early age that they were meant to become an entrepreneur, while others find themselves starting a business due to life changes such as parenthood, retirement or losing a job. Others may be employed, but are wondering whether the role of a business owner/entrepreneur is right for them.

Owning a business has both its advantages and disadvantages. Each entrepreneur must weigh the pros and the cons carefully to decide whether or not the risk is worth the reward. Nonetheless, there are a number of benefits to starting a business:

Advantages of small business ownership

Independence: Entrepreneurs are their own bosses. They make the decisions. They choose the hours and to whom to do business with.

Financial gain: Owning your business removes the income restraint that exists in being someone else’s employee. Many entrepreneurs are inspired by the mega-millionaire entrepreneurs we see today, such as Steve Jobs, Elon Musk, Jeff Bezos and Mark Zuckerberg.

Control: It enables one to be involved in the total operation of the business - from concept to design to creation, and from sales to business operations to customer service. This ability to be totally immersed in the business is very satisfying, and this level of involvement allows the business owner to truly create a dream of their own.

Prestige: It offers the status and prestige of ownership. When someone asks: “Who did this?”, the entrepreneur can answer: “I did.”

Opportunity: Entrepreneurship creates an opportunity to help the local economy by contributing to society as a whole.

Disadvantages of small business ownership

Much like the little boy said when he got off his first roller-coaster ride: “I like the ups but not the downs.” Well, there are certainly a few downs to owning a small business.

Time commitment: At the beginning, it is likely there may be few employees, which may result in the owner handling most of the duties - everything from purchasing to banking and advertising.

Uncertainty: Even though the business may be successful at the start, external factors such as downturns in the economy, new competitors entering the marketplace, or shifts in consumer demand may affect growth for a while. And sometimes even entrepreneurs who follow a comprehensive planning process may never be able to anticipate all the potential changes in the business environment.

However, from an overall perspective, determine start-up costs. Can you commit on your own, or will you need to secure other financing? Research the marketplace. Evaluate the competition using the SWOT (strengths, weaknesses, opportunities and threats) analysis and evaluate if this specific business will weather. Be sure to outline your business goals, including what you wish to accomplish and what will you consider a success?

Ultimately, there will be many questions and uncertainties, especially when starting a business. All of the answers will not automatically be available.

However, despite potential challenges, most small business owners I am sure will be pleased with their decision to become an entrepreneur. Nothing of value comes easy, and when businessmen are able to manage the challenges, the rewards can be worth it both professionally and personally. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail.com

Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, international award-winning author and certified life coach.