Every now and then you come across an entrepreneur that can’t wait to tell anyone that will listen “my life is great, I don’t answer to anyone, I love my job.” I love my job? Is that even possible?
Well, if you are an optimist, then yes and a pessimist would say there is no chance of that being reality but as with most things the truth lies somewhere in the middle. When it comes to starting your own business and working for yourself, there is great risk. But with great risk comes the possibility of great reward. Every person has a different tolerance to risk and you will need to determine whether the risk is worth the potential reward.
Establishing your own business is not for everyone and you should fully understand the risks, liabilities and long hours ahead if that’s the path you decide to go down. But let’s have a look at some of the obvious pros, cons and myths about being a business owner.
TURN YOUR PASSION INTO PROFIT
PRO – Running your own business is the kind of opportunity that allows you to do the kind of work that you enjoy the most.
CON – You may not enjoy what you do so much when things are tough and you are the last person to be paid or have to put your own money in to keep the business going during lean times.
MYTH – All business owners are successful and make plenty of money. The reality is that nearly 50% of all small businesses fail.
WORK WHERE YOU LIKE, WHEN YOU LIKE
PRO – You’re your own boss. Slept in this morning? Never mind, you don’t have anyone to call and explain your lateness too. Need to take off early ? No problem. And did we mention you can say goodbye to peak hour traffic?
CON – The buck now stops with you. So enjoy the opportunity for the occasional late start, early finish or change in work location but just remember Newtons’ ‘Law of Motion’ …. for every late start or early finish there will be an early start or late finish.
MYTH – As a business owner I will have my staff do all the work whilst I sit back, rake in the money and spend more time on holidays than at work. This really is a fantasy as most business owners are committed to long hours, have high levels of stress and spend their holidays emailing and taking calls.
ANSWER TO NOONE
PRO – You will be free to make your own decisions and have the ability to build a team that you enjoy working with.
CON – You now have to make all the tough decisions on your own and take responsibility for the consequences of those decisions.
MYTH – I’ll do what I like, when I like and if people don’t like it they can leave. Running your own business is like being in a constant state of compromise to balance the needs of the business, your staff, your clients and yourself.
So whilst business ownership can be extremely rewarding it is often a double edged sword. Always be mindful that starting your own business presents a world of challenges that you need to be prepared for to maximise your chance of success. Expect to work hard and to lead by example … because if you want to succeed no one should care more about your business than you.
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