All over the world, people are breaking free from the traditional employment model and choosing to achieve business success as entrepreneurs. Will you be the next?

Let’s start by covering 12 of the most commonly mentioned benefits of being an entrepreneur to inspire you on your journey:

1. You can choose your own hours.

2. You are free to travel.

3. You can take vacation or sick days when you need them.

4. If there are necessary tasks that you don’t enjoy or don’t have time for, you can outsource them.

5. You can select your own employees.

6. Learning to be a better boss also teaches you to be a better employee.

7. Your innovative ideas have a chance to shine without restriction.

8. You do not need to wear a uniform or follow the company dress code.

9. Enjoy greater job security than most people.

10. Entrepreneurship teaches you the benefits of hard work.

11. You can always feed your curiosity by learning more about all aspects of your business.

12. Your ambition can always lead you to greater heights and business success.

As you can see, entrepreneurship is becoming popular because it comes with a whole new lifestyle for those who are willing to do it.

Of course, entrepreneurship is not all sunshine and freedom. According to the American Small Business Association, one-third of small businesses fail in the first two years and more than half fail in the first five years.

Not surprisingly, the challenges of entrepreneurship represent the flip side of the advantages we discussed earlier:

1. Choosing your own hours can be a waste of time without the proper time management skills.

2. Even while traveling, it may be necessary to handle work-related crises, because you are basically always “on hand”.

3. There are no paid sick or vacation days, so you need to decide how much each day off is worth to you.

4. You are responsible for completing any tasks that you cannot afford to outsource.

5. Hiring employees means you must learn to conduct interviews, defend workers’ legal rights, and coordinate payroll.

6. If you don’t already have the leadership skills to lead others, you will take a crash course once you hire freelancers or employees.

7. You should limit all of your innovative ideas to those that have the greatest potential to help you achieve business success.

8. Failure to maintain a professional appearance in person and online will likely reflect poorly on your business.

9. You are responsible for financing your business, even if you are operating at a loss.

10. Only results pay off, not time, so you may work hard and still end up disappointed.

11. You must be familiar with every aspect of running your business, including those that may not interest you, to ensure that everything runs smoothly.

12. Only you can motivate yourself to achieve business success.

In short, let’s say that with freedom comes responsibility. If you can’t handle one, you’re not ready for the other yet.

Of course, I don’t think people should give up their dreams. Just make sure you arm yourself with knowledge and understand what you’re getting into.