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What are the advantages and disadvantages of using your own money to set up a business?
Financial risk. The financial resources needed to start and grow a business can be extensive. You may need to commit most of your savings or even go into debt to get started. * Stress. As a business owner, you are the business. There's a bewildering array of things to worry about-competition, employees, bills, equipment breakdowns, customer problems. As the owner, you're also responsible for the well-being of your employees. Time commitment. People often start businesses so that they'll have more time to spend with their families. Unfortunately, running a business is extremely time-consuming. Financial risk. The financial resources needed to start and grow a business can be extensive. You may need to commit most of your savings or even go into debt to get started. * Stress. As a business owner, you are the business. There's a bewildering array of things to worry about-competition, employees, bills, equipment breakdowns, customer problems. As the owner, you're also responsible for the well-being of your employees. Time commitment. People often start businesses so that they'll have more time to spend with their families. Unfortunately, running a business is extremely time-consuming.
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoSmall businesses have their advantages such as less bureaucratic procedures, few stirrup costs, less running costs than big companies do and they make it easy to interact with customers. However, they also have disadvantages like less bargaining power, small budgets and less recognition from customers in distant locations.
Wiki User
∙ 9y agoThe advantages of being a businessman is that they get to network and meet many different people from all over. The experience that come with being a businessman is great. The disadvantages of being a businessman is that it can be very long hours and they are away from home often.
Wiki User
∙ 10y agoIn this process you pay a solicitor to give you advice. Its advantages are that you get quality andtheprocess is usually simpler. its disadvantages are that they have a capped budget and there is no legal aid for certain cases. Also, it can be time consuming and expensive
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