Advantages of
being your own boss
1. Money: You’re in
charge of your income. You earn much more than your employees. The entire
results of your work: overtime, sweat, pain, investment comes directly
proportional back to you, no fees deducted, you earn what you work.
2. Freedom: You get to make
all of your decisions, no one else is telling you what to do. You don’t have to
report to anyone except for yourself. Even though you may work overtime, but
you can basically make your own hours and never get yelled at for being late,
you can decide to work really hard one day and take half day off the next day.
You get no worry about your career because you never get fired.
3. Benefits: You may get
no paid vacation, but if your business is a successful, well-oiled machine you
can do what you want and you deserve to do what you want for all the hard work
you’ve done! Ultimately this can mean more time with your family. Also, if you
have enough wealth from your business you can afford what you need when it
comes to healthcare options and you aren’t tied down to what a company is
offering you.
4. Responsibility: As
your own boss you will always have responsibilities, but if your business is
successful the responsibilities become less of a burden. Things eventually fall
into place. Part of it can be fun! You want to be your own boss so you can make
the decisions. You decide how to market your product. It’s a big responsibility
because you’ll either fail or succeed, but it’s a fun responsibility because
you’re in charge!
5.More
freedom – there’s nobody telling you what to do
6. More self-confidence – it’s prestigious to be your own boss
7.Less stress (once you’re up and running)
8.No limits – you can aim as high as you like
9.You can control how much you earn, and how much you invest
10.You can create your own working environment.
6. More self-confidence – it’s prestigious to be your own boss
7.Less stress (once you’re up and running)
8.No limits – you can aim as high as you like
9.You can control how much you earn, and how much you invest
10.You can create your own working environment.
Disadvantage of being your
own boss
·
Responsibility and
stress
·
Crazy, long hours
(while you’re setting up)
·
No paid holidays
(while you’re setting up)
·
Uneven salary (while
you’re setting up)
·
You have to deal with
all sorts of problems – there’s no one else to blame
·
You can't be lazy and
still get paid!
·
You won’t get paid
extra for overtime!
·
Your pension fund and
medical aid are paid by yourself
·
There’s pressure to
perform
·
There may be
uncertainty – there are no guarantees
·
You may feel isolated
or lonely
·
You will need to
motivate yourself
Advantages of working for someone else
The greatest advantage of being employed by somebody else is
the financial security and the additional benefits such as paid holidays, a
guaranteed pension and possible bonuses. You also have the advantage of knowing
how much income you will take home each month and can manage your finances to
live within your means.
Try before you buy- As an
employee, getting regular income, you have less financial pressure. That’s why
you can expose yourself to a few industries and roles before locking yourself
into a business or industry. Trying several roles is a great way to learn more
about what you enjoy, what’s important to you and what you’re great at—before
you risk your own capital in a venture.
Save, save, save- An almost guaranteed paycheck is one of the
perks about working as an employee. The trick then is to keep your eye on the
ball and save as much of your salary as you possibly can.
Make mistakes on
someone else’s tab- The sooner you
accept that mistakes are part of your growth process, the sooner that you’ll
stop wasting time dwelling on them and spend more time learning from them.
Disadvantage of working for
someone else
· The daily commute
· Only having a set amount of holiday to
take each year
· Childcare means you either work shorter
hours or pay someone else to mind your children
· You're a cog in a machine and you have
little freedom to make your own choices
After review my findings I would prefer to own my
own business.