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The Pros and Cons of Owning Your Own Business

June 16, 2018 553 views

Part 2 ~ Acey Gaspard’s Guide to Starting a Small Business – Made Simple

Owning your own business can be one of the most rewarding experiences in your life. Like all good things, there are pros and cons.

For some people, owning and operating their own business is the only way to go. For others, a job works well for them. People are unique, and although they have similarities, no two people are the same.

Everyone Is Different

You can have two people who get along very well. One wants to put in his eight hours and go home with nothing else to do or worry about. He has no desire to create, advance, or be in control. The other person dreads the eight-hour workdays and wants to run the show, be in control, and have added responsibilities.

Both of these are legitimate ways of looking at things. You don’t want to be in the wrong working environment. If you are, then you’ll be unhappy and stressed out. Be sure to choose the right work environment.

The Pros and Cons of Owning Your Own Business

Let’s have a look at the pros and cons of owning your own business. These are some of the main points that will help you get a better idea of what’s involved.

Pros

  • You’re in control, directing your business your way.
  • You can create your own working environment.
  • You’re the boss.
  • You can manage your time better to suit your personal life.
  • You have no real limit to how successful you’ll be.
  • You have no limit on the amount of income you earn.
  • You can operate the business the way you want.
  • You can hire people to take care of the tasks that you find tedious or don’t like.
  • It’s prestigious to own a successful business.
  • You gain business knowledge and experience that you can use for the rest of your life.
  • You have more freedom.
  • You can contribute and create.
  • Financial gain.
  • Flexible hours (in some cases).

Cons

  • If there’s a problem, it falls in your lap. There’s no one to blame but yourself; it’s your business, and it’s you at the controls.
  • Start-up phases take time to complete.
  • You may not get paid for long and uneven periods.
  • You may have to put in a lot of extra-long hours.
  • There’s pressure to perform. If you don’t, you could be out of business quickly.
  • Usually, a substantial investment of time and money is required.
  • You don’t get paid directly for the extra-long hours you put in.
  • You must be able to adapt to change quickly.
  • You can’t just put in your eight hours and go home; if there’s a problem or essential unfinished business, then it’s your job to attend to it.
  • Increased responsibility.
  • There are no guarantees that your business will succeed.
  • Increased liabilities.
  • It may be tough to get motivated at times.
  • If you set up the business incorrectly, you could end up with a 16-hour-a-day job rather than a company that runs itself.
Considerations

If the thought of being in control and running your own business drives you and exhilarates you, and if you have no problem dealing with the cons listed above, then owning your own business may be the right path.

If a lot of responsibility, dealing with problems, long work hours, no steady paycheck gives you a scary feeling in your gut, then running your own business may not be for you. You might be better off looking into improving your current job situation.

Whether owning and operating a business is right for you, it’s your decision, and you’re the only one qualified to make it. Take time to research and consider what’s best for you.

I once heard a saying that I really liked. I believe it was from John Maxwell: “You can live your life any way you want, but you can only live it once!”

Action Steps
  • Consider the pros and cons listed above and see which are more relevant to you personally.
  • If you do decide to open your own business, take a long and hard look at the cons and prepare in advance how you will deal with them.
  • Are the pros good enough for me?
  • Do the pros far outweigh the cons for you or are the cons more than you are willing to risk?

Acey Gaspard’s Guide to Starting a Small Business – Table of Content 

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