Entrepreneurship: Benefits and Challenges

What are the advantages and disadvantages of entrepreneurship?

Entrepreneurship is based on the ability to make a living by working on your own initiative, typically by following your passions. Entrepreneurs need to coordinate and align their skills and resources to form a profitable and sustainable business. But, more than that, they need to operate within fast-paced environments and situations that require inspiration, adaptability, self-initiative, and analytical thinking. What are the benefits and challenges of being able to work on your own initiative (building and operating your own company)? By contrast, what are the benefits and challenges of working for someone else in a job?