As we are discussing Entrepreneurship, it is better to know about the challenges and the rewards of this career before anyone choose this as a career path. These also make entrepreneurs aware of the situations they have to handle in the Entrepreneurship career. In entrepreneurship, an entrepreneur who meets the challenges happily gets the rewards in return.

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Challenges of Entrepreneurship

• Managing funds to start the Business: The sourcing and management of the fund are the major concern in the entrepreneurship. The entrepreneur has to take the entire pressure to make arrangements for the supply of funds to run the business. The entire arrangement to make the fund available i.e. generating invoices timely or follow-up for receiving the payment from the client is on the shoulder of the owner.
• Full Responsibility for the Business: Being the entrepreneur as there is freedom, there is also the liability to handle everything. There is sole responsibility for the success or failure of the business.The entrepreneur has to take care of each and everything on his own. The earning from the business is all yours and the liability are also yours.
• Feeling alone and insecure: As the entrepreneur has to shoulder all the responsibility alone and manage everything single-handedly, feeling insecure or lonely is obvious.
• Work for long hours: The entrepreneur becomes responsible for completion of the work within the deadline what he cannot outsource to other. In that case, the working for long hours becomes a daily schedule for the entrepreneur. Normally, there are no fixed working hours for the entrepreneur.
• Uncertain income levels: The earnings of the entrepreneur depend on the performance of the business. When the business is not doing well, the earning from the business is not secured. The security of regular earnings is also not there.
• Survival: There is always the risk of failing unless and until the venture is managed keeping in mind all the factors related to the running of business. Due to the inadequate funding or the inefficiency of management or other factors, almost four out of five small ventures fail during the period of first five years.

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Rewards of Entrepreneurship

• Being the boss: The most significant reward of entrepreneurship is working for your own. The entrepreneur becomes the decision maker and sole responsible person for the A to Z activities of the business. Starting from the initial plan to do and finally to do what had been planned, everywhere the role of the boss is prominent. It is a matter of huge self-satisfaction.
• Do what you enjoy: There is a saying that if you want to be happy with the profession, ‘do what you love or love what you do’. Entrepreneurs are the luckiest persons in the profession, who do the things what they love to do. This also ensures that the job will be done well.
• Be creative: The society is getting advanced day by day. Still, there are so many problems that need to be sorted out. The problems are old. The solution is also there. That is why creativity is required. The problems can be solved if one can think differently to solve it. This is actually what entrepreneurs do. The new ideas of the entrepreneurs bring the new ways to solve the existing problem.
• Building an enterprise: Building an enterprise is itself a very rewarding achievement. The joy of being the creator is indescribable in words. The person who creates in his/her own hand can better understand the glory of it.

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• Own Schedule: The rewarding achievement of being self-employed is that the entrepreneur can set his own schedule. The schedule of work is something which makes either energetic or tired. There is enough flexibility to set own time. There is nobody to ask why you are late or why you are leaving early or why you are taking leave? Therefore, the other commitments can also be fulfilled timely.
• Business from home: The greatest luxury probably anyone can think of is staying at home and work. The entrepreneurship allows that. Moreover, the atmosphere of home helps to keep up a certain desirable state of mind that is hardly expected from any other profession while working. Also, managing work from home is the most comfortable part of the job.