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Advantages and Disadvantages Of Self Employment

Starting your own business is an exciting, rewarding, challenging and risky step in your life. There are many businesses that start up and fail, while many others go on to be great successes. The difference between whether your business will enjoy success or failure is determined on your idea, determination, self-motivation and your ability to staying focus. And although these are critical elements of success, there are factors that could cause your business to fail such as the economy, poor planning, bad service/product and lack of demand/market. So there are advantages and disadvantages of being your own boss.

Becoming your own boss requires a lot of planning, a bit of risk taking and a great deal of commitment to your goals. While setting up a business in a field or niche you are passionate about makes it a whole lot easier for you to get better at being your own boss, not all wannapreneurs are prepared for the hard work and dedication required to establish a successful business. Being self-employed may seem overwhelming at times, but in the long run, you’ll realize that that the benefits far outweigh the disadvantages.

If you are still thinking of what you stand to gain or lose by quitting your 9-5 job and starting up your own business; here are some of the pros and cons of being your own boss.

PROS:

1.) You Determine Your Earnings By being your own boss, there’s no limit to how much you can get paid! The fact that your salary is not capped by an employer and you get to keep all the profits to yourself—down to the last cent makes being the boss a worthwhile endeavor. How does being the first to get paid sound to you?

2.) Pursue Your Own Ideas Another objective of entrepreneurship is pursuing your own ideas. Working for a corporation can be restrictive. You have specific duties and responsibilities on a job. However, these responsibilities may not represent your true passion. You may want to start your own gym, for example, if you are a fitness buff. Entrepreneurs control their own destinies, which is another motivating factor for starting a business. You make all the decisions as an entrepreneur. For example, as an Internet marketer, you design your website the way you want it. You also write your own advertising copy if you enjoy being creative.

3.) Flexibility When you are working for yourself, you set your own schedule. You can easily create working schedule that fits well with your personality. If you want to work really hard one day, and take a rest the next day, that’s perfectly fine when you are your own boss. You can even choose to work all night and sleep all day if that’s what suits you best. It’s basically all about efficiency and productivity on your part.

You can come and go as you please and generally work whatever hours suit your business. However, planning your visits to potential customers or suppliers and prioritizing are important in managing your time, so self-motivation is vital for staying focused. While your schedule is flexible, you will probably find that you work longer hours than you did in your paid job.

4.) You Control Your Decisions Another advantage of being your own boss is that you get to make all of your decisions concerning your business. There’s no power drunk boss or saucy co-worker tell telling you what to do or how to execute your job. By being your own boss and choosing the business you want to set up, you can also pick and choose the types of jobs you accept.

5.) Accountable For Achievements Being your own boss can truly make a difference when you start your own business. While it’s easier to mix in with the rest of the employees when you work in a large corporation and feel like it doesn’t even matter whether you show up to work or not, being self-employed makes you really matter in your business and helps you maximize your potential because the success of the business rests on your shoulders.

6.) You Can't Get Fired Another great advantage of being your own boss is that you simply cannot get fired! You may change your mind set about certain business prospects, but that would just be shifting the focus of your business, you’d never be firing yourself. This comes as a welcome relief and takes a considerable amount of burden off your shoulders because you don’t have to worry about a disgruntled employer suddenly taking away your only source of income in the name of cutbacks even when you are doing an excellent job.

CONS:

1.) No Paycheck Security The most apparent con of being your own boss is that you will no longer have the security of a steady pay check at the end of the month. In as much as it feels safe knowing that you have money coming in at a certain time of the month, you’ll need to be a risk taker and be more than willing to sacrifice that steady paycheck for the chance to become your own boss.

2.) Financial Risks Involved When you start your business, your capital might come from bank loans, your own bank account or even friends and family. Depending on the type of business you start, it can be easy to go into debt and empty your savings due to startup costs.

While startup costs may be minimal for an internet-only business offering marketing services, opening a physical store comes with significant costs for obtaining a building, purchasing inventory and equipment and obtaining any licenses and permits necessary.

The first few years of your business might not bring in as much revenue as you'd like, as you have to get your business known to customers and establish a reputation. Any profit you do make may go toward paying other costs, and a steady paycheck is likely not in the picture. This makes it important to avoid taking on too much debt while still having enough resources to operate and cover your expenses for these initial years.

3.) Grunt Work One of the cons of being your own boss is that you’ll do a lot more work than an employed person. You’ll have to work day and night in the beginning to set up your business, to create a network of clients, to build a website and to build a portfolio. Even simple tasks such as paying for utilities and purchasing materials for your business will be done by you most of the time. You will be responsible things you never had to worry about when you had a boss who did all of that.

4.) Poor Service Reduces Profits With a regular day job, you can maybe have one bad day and your boss tells you to be better next time; but being your own boss means that a bad day equals no money and in the worst case, a lost client. You have to be willing to give your very best each day to make sure your customers are satisfied with your service.

5.) It's All On You Being your own boss can be a really exciting experience, especially when everything seems to be working out just the way you want. However, one of the cons of being your own boss is that everything depends on you. Work only starts when you start and stops when you do. Your business gets to suffer if anything happens to you. Everything comes to a standstill if you fall sick or go on a vacation.

6.) Risk Of Failure One of the biggest disadvantages of business ownership is the risk of failure. The U.S. Small Business Administration reports that the number of small businesses lasting one year is around 80 percent, but this falls to around 50 percent by the five-year mark. Reasons your business might fail can range from lack of market need or capital to poor pricing strategies and heavy competition.

To increase your chances of success, you'll need to know your market well, have a solid business plan, obtain sufficient funding and stay flexible so you can adjust your business strategies to outsmart your competitors and offer what customers really want.

Conclusion

While business ownership has its risks, there are also several strengths of owning a business. Having full responsibility means you're the boss. You have freedom in how you run the business and the ability to choose the hours that work for you.

If you do things well, you can also reap all the financial benefits from your business since there's no limit to how much you can expand and how much you can profit. As you get more established, gain steady customers and master the running of your business, you'll likely be less stressed and get to enjoy the major benefits of business ownership. You will surely find being your own boss far more rewarding than you can imagine.

It was a great marine salvataje enterprise, with more than 50 years in Venezuelan market, it mayor stock holder was the The Smith International, based in Holland.

At first it was great had the best boss ever MS Veronica Brandon then we got a new DM then my boss left so naturally everything went south. But what I enjoyed most was my customers and co workers.

To be work conscious time conscious and to be a team player

Nothing never happen

I did my own thing had the job I was doing at the start of the day

The people,I start work ing for them 30 years ago!

really a good company good pay , good benefits, lots of schooling, working with people from all over the United Sates, lots of job safety and a laid back working atmosphere.

The payment was good,the people were respectful.