What are the pros and cons of being an entrepreneur?

QUESTION:

What are the pros and cons of being an entrepreneur, and would you encourage someone to do it?

ANSWER:

by Steve Hoffman, Cofounder of Founders Space

The pros are that you can make your own fortune, as well as gain the satisfaction of starting and growing your own business. You have the opportunity to create a company from scratch the way you think it should be. You also have a chance, although slim, at changing the world.

The cons are that it’s extremely risky. Don’t fool yourself. Over 90% of startups fail. And it’s a heck of a lot of work and stress. You really have to have the right personality for the job. If don’t, it can become the worst experience of your life.

Would I encourage someone to do it? Yes, if that person has a good understand of who they are. You need to know your risk tolerance, abilities, and the market you’re entering.