Question

Advantages and disadvantages of starting and running a business

Answer 1

Advantages of starting and running a business

1) You are your own king and master. You have all the freedom to decide on the strategy and pan accordingly to take the business to greater heights

2) The profits of the business in the event of good times would all be ploughed back to the entrepreneur after paying off the debts if any

3) Once the business establishes itself, then there is a self sustaining system for the entrepreneur.

Disadvantages

1) Just like good times, business can go through a bad phase. The entrepreneur is liable to any debt and in the event of full equity, he is fully exposed to the risks of the business down turn.

2)

There is never a comfort zone in business as competitors always catch up and hence the business has to constantly evolve in the face of external and internal challenges

3)

As business also provides employment to a large segment, the business is also liable to the employees benefit and their care.