Advantages and Disadvatanges of Being an Entrepreneur

Student’s Name
Institution
Instructor
Due Date
Economics (Entrepreneur Project)
What are the advantages and disadvantages of being an entrepreneur?
An entrepreneur is their boss due to the desire for autonomy. The only person that an entrepreneur can be answerable to is the client. Besides, an entrepreneur decides to choose their team for a project to be successful. Flexibility regarding time-management is another thing that entrepreneur enjoys. They decide when to begin a project or work on a task. However, being an entrepreneur is its challenges. Being the final decision-maker is a challenge; if a mistake is made in a project, the entrepreneur incurs the entire loss. Thus, it is such a high-risk involvement. Also, self-inspiration is another challenge. No one is responsible for the undone task; hence, it makes one wake up early for a lagging project or holds meetings during holidays.
How do you think you and your business fit into the small business economy?
I believe that I am the best in delivering the services that I offer, plus the products. I am always committed to my work. Thus, my small business economy suits me because I hope to improve and expand the entire enterprise.
How did you fund your business from the beginning?
Capital for a start-up is always a challenge to every interested entrepreneur. Though when one is committed to something, they can always look for solutions. I also got my first capital from my first employment. I started working for a firm while I was in college. It was a part-time job, which lasted for two years, and I saved finances. That is where I got my start-up.
What can be your worst nightmare in your small enterprise economy?
Considering that my business depends on my customers, it can be the worst scenario when they withdraw their loyalty. That means they will eventually fail to seek my services and the products that I offer.
What are you doing to maintain your customer base?
Holding a customer base means maintaining their loyalty. For such to be possible, I must ensure that the quality of my services and products is excellent and attractive to them. Again, my employees are responsible for the entire business procedures. It is equally my role to motivate them for their immense support.
If you are provided with a chance to enter into a business merger with a fellow entrepreneur, what would be your choice?
Entering into a merger means diving responsibilities, enhancing market share, expanding business and profits. It is a good idea, but when one is ready for such advancement.
What entrepreneurial tactics have you realized to hold you to your small market economy?