At times, many corporate employees consider quitting their jobs and starting their own business. While it can seem rather intimidating, if you work hard and are true to your passions, entrepreneurship can be very rewarding. Of course, starting your own company does not come without risk, and it can take a considerable level of commitment to get your business off the ground. Knowing the pros and cons of starting your own business may help you evaluate if now is the right time begin a journey in entrepreneurship.
The Pros of Starting Your Own Business
The first pro of starting your own business is that you get to do what you love. Pursing your passions can translate into more than just happiness in your day-to-day job and routine – it can transform not only your work life, but your life overall.
If you start your own business, 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. You are clear on your goals, and in charge of making them happen. This can translate to a sense of freedom in your work life.
If your business is successful, you will be secure in your position. When no one is above you in the chain of command, no one can fire you. You’re your own boss. As the founder and head of the company, there also will likely be significant financial upside should your business succeed.
You choose who you work with. In a corporate environment, depending on your seniority (and the company), you may have little to no control over who you work with. When you start your own business, you decide who you bring on board, and you delegate responsibility accordingly. You create the team that surrounds you – both based on the skill sets you think are needed, and on the personalities and value sets that are complementary to your own. You distribute responsibility according to the strengths and weaknesses you perceive.
Lastly, 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.
The Cons of Starting Your Own Business
That said, there are also cons – or certainly challenges – to starting your own business. If you are yet to be in a position to hire employees, then you are on your own! There is no one to take over difficult situations, to brainstorm with, or to handle administrative duties. When a pressing issue arises, you are the only one who can handle it.
Another con is that you have to make tough calls. You decide what is and isn’t right for your business. You make the hiring and firing decisions, which customers to target and what new avenues to pursue. All of this is empowering, but may also feel overwhelming. You have to learn to be confident in yourself and the decisions you make in pursuit of your vision.
Especially at the beginning of a new venture, you may have to say goodbye to hobbies and vacation time. In the beginning, it might feel difficult to spend even small amounts of time with your friends and family as you focus on making your business a success. If you’re away when things go awry, even greater problems can occur since you won’t be 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 may have to tap into your own personal savings to launch your business. It might be difficult to cover the expenses and startup costs required to breakthrough.
Also, it might take more time than you think to launch. To get your business to where it needs to be, you may need to focus all of your time and attention on getting it started. Also, while you know how great your idea is, it may take some time before others realize it too.
Lastly, the most difficult challenge you may face is added stress. While controlling your own destiny is a pro of owning your own business, it can also be a con. You may find yourself under great pressure at the onset of any new venture, whether you are placing it upon yourself, or external factors (like a strong competitor) is doing that for you.
If you’ve started up your own business: what are the greatest pros and cons of starting your own business? How have you dealt with adversity in the face of being an entrepreneur? How have you enabled your business to flourish in the face of obstacles and challenges?
Here are some additional articles you might want to read regarding the pros and cons of starting your own 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 Emerge212 and how we help entrepreneurs establish and grow their businesses, visit our website: https://emerge212.com.