The Pros and Cons of Starting Your Own Business

At times, the vast majority of people want to quit their jobs in the corporate world and start their own business.  While it might be easier said than done and can seem rather intimidating, if you work hard and are true to your passions, it can be very rewarding.  That said, it’s not without risk and that’s not new to anyone out there working nine to five.  So what are some pros and cons of starting your own business?  Let’s take a look.

The best pro of starting your own business is that you get to do what you love.  Pursing your passions can translate into happiness in your day-to-day job and routine and not just transform you work life but your life overall.

If you start your own business then you can control your own destiny.  You are the final decision maker and don’t have to report into a boss who has the ultimate power in the end.  Your goals are your goals alone and you are in charge of making them happen which gives you a sense of freedom in your work life.

For the most part, another pro is that you’ll have job security if your business flourishes.  When no one is above you in the chain of command, no one can fire you.  You’re your own boss.  No one can tell you what is and isn’t right for your business.  You’re the final decision maker as to who you hire, as to the vision of your company, as to how to reach your goals and if you do make a go of it, no one can tell you how to run it but yourself.

When you start your own business, again, you’re the boss and the one who gets to make the decisions meaning you decide who you bring on board and you get to be the one delegating responsibility.  You can also do things differently than a boss you’ve had before whose decision making you didn’t agree with.  Since it’s your company, you get to decide its goals and values and the employees you choose to hire are by your own will.  You create the team that surrounds you, no one else.  You get to distribute responsibility according to the strengths and weaknesses of your workers.  You judge where they excel and where they don’t and what projects and tasks to distribute to them.

While it’s not all about money in the long-run, when business is booming, so is your bank account.  Employees typically work for a set salary and if they do indeed get a bonus, it’s the company’s decision as to the dollar amount.  Raises are often hard to come by as well.  However, when you own your own business, there’s no managers or shareholders that hold your earning potential in their hand; rather you do.

Another pro is that you have complete freedom and flexibility.  You choose the hours you work and in turn can choose to have a better work/life balance if that’s important to you.  You’re the one who makes up the rules as you go along.  You choose how your day goes and you set the deadlines for yourself and your employees.

Additionally, when you’re in control of your own destiny, the sky’s the limit.  If you work hard and are motivated and determined, you have the power to make your business grow and thrive.  You can explore new avenues and opportunities that you might never be able to in corporate America.

That said, there are cons in starting your own business as well.  If you are yet to be in a position to hire employees, then there’s no one there to take over difficult situations or brainstorm with and so when a pressing issue arises, you are the only one who can handle it.

Another con is that you have to make the tough calls.  You decide what is and isn’t right for your business.  You make the hiring and firing decisions.  You decide what customers to target.  You decide what new avenues to pursue and doing that with no one to bounce ideas off of can be a very difficult challenge to face.

Especially at the beginning of a new venture, you may have to say goodbye to hobbies and vacation time.  It might be difficult to spend time with your friends and family in the beginning as your main focus is success and you need to devote yourself and all your time and efforts into achieving that success often at a great personal cost.  If you’re away when things go awry, even greater problems can occur when you’re not there to put out the fires.

While you do control your own destiny and financial success, there’s no guaranteed paycheck.  You might not make money right away or have to tap into your own personal savings to make a go of it at first if you don’t qualify for a small business loan.  It might be difficult to cover the expenses and startup costs you need to make a go of it.

Also, it might take more time than you think to get up and running.  To get your business to where it needs to be, you need to focus all your time and attention on it in the beginning and your idea might not catch on right away or you may find it difficult to tap into the marketplace and get consumers interested in what you have to offer.

Lastly, the most difficult challenge you may face is added stress.  As I said, while controlling your own destiny is a pro, it can also be a con.  You may find yourself under great pressure at the onset of any new venture, whether your placing it upon yourself or your successful competitors are doing that for you.  You might find yourself very overwhelmed at times but if you take a step back and relax, than you might find that things run smoother than expected and that in the end the pros outweigh the cons.

So what have we learned here today?  If you’ve started up your own business what are the greatest pros and cons that you’ve faced.  How have you dealt with adversity in the face of being an entrepreneur but more importantly, how have you enabled your business to flourish in the face of obstacles and challenges?  Leave a comment and let me know your thoughts.  Let’s start up a conversation and dialogue flow!

Here are some articles you might want to check out regarding the pros and cons of starting your own business:

“Pros and Cons of Owning a Business”: http://www.hostway.com/web-resources/no-category/pros-and-cons-of-owning-a-business/

“Pros and Cons of Starting Your Own Business”: http://www.news.com.au/finance/generations/generations-starting-your-business/story-fn7ki9pl-1226580286762

“Pros and Cons of Starting a New Business”: http://www.creativepathtogrowth.com/pros-and-cons-of-starting-a-new-business/

For more information on the real estate services provided by Emerge212, check out our official website here: http://www.emerge212.com

Until next time...