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So, you are thinking about leaving your job and opening up your own business? 

It’s okay to be nervous about taking the plunge. More than 500,000 new businesses set up in US every month but few achieve success. What all the great entrepreneurs have in common is consistency, hard work and lots of patience. Share on X

Are you the rare “dreamer to achiever” type of person?

Read on.

Being your own boss: Pros And Cons

When you are your own boss it is both a blessing and a curse. You always have to think twice about your decisions, as you are the one in charge of your future. 

So, should you continue as an employee, or start your own business?
Let’s take a look at the pros and cons, that may help you decide.

Advantages of being an employee:

• A certain amount of money is usually guaranteed by the end of the month
• You are given an objective each day, and when you are done you are allowed to go home
• You get holidays
• Some jobs also come with perks like health insurance, paid sick leave, Christmas bonuses and other benefits.

Disadvantages of being an employee:

• You don’t know if or when your salary will rise, as that is controlled by somebody else
• Your boss could fail to appreciate your true worth and pay you less than you deserve
• You may be stuck with the same standard of living for quite a while
• You may not enjoy your job, but feel forced to continue because you have to pay the bills

Advantages of owning a business:

• You get to work in a field you actually enjoy
• Your work determines your future (not your boss), making life more exciting
• No one can fire you (huge bonus!)
• Your boss is AWESOME – because that’s what you are

Disadvantages of owning a business:

• No paycheck promised by the end of the month
• Your workload increases, and you may be overworked for a long time
• You could be forced to take huge financial risks
• You may not be able to take a vacation

In short, when you are an employee – there is no risk (other than being fired), and no great rewards either. If you run your own business, both the risks and the rewards are of your own making. Share on X​​​

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What are the possible returns for all your hard work? 

When you have a job, you may get a fixed salary that you can rely on. If you open up a new business, your income could be less than the salary from your current job. At least in the beginning when you are just getting started.

But if you think long-term, the hard work you put into it, can lead to an outcome that far exceeds the advantages of your previous job – in every way possible! 

With dedication and a good strategy, you can climb the stairs of success and turn your company multinational. I don’t think it’s even necessary for me to tell you about the lifestyle of the founder of an MNC. 

The choice is yours. 

You can work for somebody else in a company with a fixed salary, or struggle for a few years for the chance to have a great life. Maybe you’ll even have the honor of seeing your name in the history books.

And remember, working hard for money is called stress, but working for something you love is called passion.

Tips before getting started

First, check if there is a market for your product or service, then come up with a proper plan. 

The startup costs are a common concern for most newbies, and you might want to look into that before you get going. It’s hard to calculate the exact startup costs for a new business as it varies from place to place and with the business type. However, you may be able to come up with a rough estimate. 

But whatever the cost is, make sure you get the best for the price and don’t let any of the money go to waste. And remember – you don’t have to jump in with both feet.

Start small. 

Then you will also find it easier and cheaper to adjust things around when you need to. In fact, Steve Jobs started his Apple Company in a small garage in California. 

So, start small and be thirsty for success.

How to deal with the pressures of running your own business

​​Now, if you do decide to start your own business, don’t let all the pressures around it stress you, but let it work as a motivation. Find ways to tackle all the rocks in your way, rather than moaning about them, and do not give up. 

“There is no set path.” – Vanessa Van Edwards

Don’t worry if the business isn’t proceeding the way you imagined it would, but rather change plans depending upon the new circumstances. 

You are now an entrepreneur and you shouldn’t be afraid of taking risks, so when an opportunity arises – grab it! Soon you will find yourself growing as a leader, and your business will also grow right before your eyes.

So what are you waiting for? 

Grab the pen and start writing down all of your business ideas and plans, and make every second count from now on. 

“Dream big. Start small. But most of all, start.” – Simon Sinek.

Recommended reading:
How To Overcome The Obstacles To Your Goals
Here’s Why You Should Never Give Up!
​Work Smarter, Not Harder

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