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...

Why You Should Take Risks in Business

Many entrepreneurs are scared of taking risks in business and that seems like a perfectly normal reaction.  But most entrepreneurs start off by taking a risk merely in starting up their own businesses or leaving a consistent corporate job to do it so it seems strange that once they do so, they are averse to risk-taking.  Most entrepreneurs view risk-taking as an occupational hazard of sorts.  However, that way of thinking is merely simplistic and wrong.  In reality some risks in business are actually quite beneficial and should be embraced if you want to grow and get a competitive edge.  Of course some risks are simply bad and not worth taking but there are many that are actually worth it.

First off, otherwise unforeseen opportunities come from risk-taking.  While we tend to view risk as negative and often dangerous, at certain times, it’s simply not.  Taking on roles in the business community that might seem challenging or out of your area of expertise, often allow you to learn and grow your skill set.  Often it allows you to make bigger career moves then you ever imagined and so for entrepreneurs, they should see risk as a way their businesses can actually grow and meet and exceed challenges that put them ahead of the competition.

Risk taking shows confidence and helps you stand out from the competition.  Instead of remaining with the status-quo, choose to do something unique and not just come up with a unique idea but a unique way to market that idea to your target audience.

Entrepreneurs learn from risk.  By taking risk, they learn what does and doesn’t work for their business and it’s always important to keep an eye on what isn’t getting the job done.  Don’t be so rigid in your business plan.  Often risk allows you to go off course and that’s important and eye opening and shows you the path to long-term success.

Additionally, success doesn’t just fall into your lap.  You have to go out and get it and seize it and often taking risks is the best way to go about it.  In order to be successful in business, you have to go out and grab opportunity by putting one foot in front of the other on your journey.  While often it’s scary to leave your comfort zone, you must in order to reach your intended goals.  It’s an experiment of sorts and you have to be willing to explore new avenues that might seem risky.  Leave your safety net behind at times no matter how unsettling.

Embracing risk helps you overcome your fear of failure.  If you take a risk and succeed, then your confidence grows.  Of course, risk-taking doesn’t always lead to success but like I said above, there’s always a lesson to be learned in it.  While it might take baby steps to embrace risk, that’s OK.  Go at your own pace and make smart judgment calls about which risks are worth taking and which aren’t.

Taking risks also affords you the opportunity to open up your talents, interests and ability to dream big.  If you are constantly afraid of venturing into uncharted territories, you can’t see what lies beyond playing it safe.

Also, risk allows you to feel powerful and proactive.  When you take control as an entrepreneur and make the choices about your business, it will only help grow your confidence.

Lastly and most importantly, risk taking is exhilarating and makes you feel alive and often work can become monotonous and a bore.  When you take risks, you are opening yourself up to a whole new world of possibilities and for entrepreneurs those possibilities help their businesses grow and thrive.

So what have we learned here today?  Have you been more averse to taking risks when starting up your business or did you embrace them?  What risks did and didn’t work for you?  Leave a comment and let me know.  Feedback is always welcome!

Here are some articles you might want to check out about why you should take risks in business:

“3 Risks Every Leader Should Take”: http://www.businessinsider.com/risks-every-leader-should-take-2014-7

“Take a Risk: The Odds are Better Than You Think”: http://www.forbes.com/sites/margiewarrell/2013/06/18/take-a-risk-the-odds-are-better-than-you-think/

“4 Reasons Why You Should Take Risks”: http://washingtontechnology.com/articles/2010/10/11/insights-scheessele-risk-taking.aspx

“Leading in Business is About Taking Risks": http://www.nytimes.com/2014/04/28/business/international/leading-in-business-is-about-taking-risk.html?_r=0

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

Until next time…

Why Competition is Good for Business

Entrepreneurs just starting out often fear their competition and that’s a normal reaction but while it might sound strange, competition is actually good for business.  In fact, it’s exactly what drives successful brands.  When you’re not challenged, you might find yourself complacent and lacking innovation.  It’s important to realize that there are other businesses out there that might be doing things better and so by keeping a close eye on them, you can actually learn from them so let’s talk about how entrepreneurs can, in fact, do that.

The first thing to realize is that competition promotes creative thinking.  If you’re working in a crowded market, you can’t succeed by doing what everyone else does.  Studying the competition can show you what they might be doing wrong and therefore, enable you to do it better which will distinguish your company from all the rest.  Creative thinking is what fosters success.

Keeping an eye on your competition enables you to provide better customer service.  It is often rare that your idea is completely unique and so others out there might be focusing on the same product or service.  Look at how your competitors treat their customers and come up with innovative ways to do it better, whether it is through inventive and original marketing plans or other unique ideas.

As I mentioned, it’s easy to get complacent but paying attention to the competition will keep you on your toes and push you out of your comfort zone and drive you to be different than all the rest.  Competition forces you to constantly review your strategies and keep an eye on your strengths and weakness and allows you to make both better.  Competition will only make you try harder in the long-run.

Paying attention to the competition can provide valuable insight into the current state of the market you are trying to target.  It also helps you see what is and is not working. 

Competition validates your ideas.  By paying attention to it, you can garner a better idea as to what other companies are coming up with similar products and services.  Competition can make you see whether or not what you’re offering to your customers is unique or not.

Keeping a close eye on the competition forces focus and differentiation with others.  Without competition, it’s easy to lose focus on your core business model and core customers.  Competition forces you to think differently and think outside the box.  It pushes your company and your ideas to be the very best they can be.  In essence, competition helps you build a better business.

Another key benefit to focusing on the competition is that it helps you identify potential threats to your business.  The best way to learn what does and doesn’t work is by paying close attention to your competition.  If you see them edging into your space or copying your ideas, you can work to rebrand yourself and make your ideas more unique so they stand out in the marketplace.  By looking at the competition’s game plan, it will allow you to decipher what plans and strategies you offer could be detrimental to your business.

While this might sound strange often the competition can take customers who are not a good fit for your business out of your hair.  You can’t please everyone and if you try over and over again to target a market and find it’s not working, then it’s best to just let it go so you focus all your attention on the customers that want your products so that you can service them better and maintain their loyalty and build mutual trust with them.  Let your counterparts pull their hair out trying to please people that simply can’t be pleased.

Competition makes you more inclined to vigorously seek knowledge and research your target audience.  As I said, the competition keeps you on your toes and so you must be knowledgeable about what is going on in your industry.  Industries not only change long-term but they change daily and so you must keep up with and be aware of that change at all times and your competition will drive you to do that.

If you have employees, competition drives them to work harder.  They bring previous experience with them as well and then you have an extra set of eyes keeping a watch on your competitors.

Lastly and most importantly, competition allows for business development.  All the experiences you garner by paying attention to your competitors are the best tools to help you develop your brand.  You can always be learning so never lose sight of the competition because they can indeed teach you something that will allow you to reach your own goals for your business, become more successful in the long-run and eventually surpass them.

So what have we learned here today?  Do you share the same ideas on competition being good for business or do you feel it’s not?  What have you learned from paying attention to the competition and how has it helped your business grow and thrive?  Let me know your thoughts and feedback!

Here are some articles you might want to check out about why competition is good for business:

“5 Reasons Why Competition is Good for Your Business”: http://www.forbes.com/pictures/fgdi45eekll/5-reasons-why-competition-is-good-for-your-business-2/

“Competition is Good for Business”: http://smallbusiness.foxbusiness.com/entrepreneurs/2012/09/24/competition-is-good-for-business-plans/

“Why Competition May Be the Best Thing for Your Business”: http://www.inc.com/magazine/201311/jill-krasny/more-competition-is-better-for-start-ups.html

“12 Reasons Why Competition is Good for Business”: http://www.m4bmarketing.com/12-reasons-why-competition-is-good-for-your-business/

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

Until next time…