People dream of becoming business owners. While this idea isn’t attractive to many others, we’re here to ask the question of the pros of becoming a business owner outweigh the cons.
Business ownership in the US is drastically changing in recent times. Thanks to many factors, up to 50% of all US businesses operate from home according to this FAQ about small businesses. That means you can be a business owner without an office.
So with all that said, let’s look at both pros and cons of doing that.
Pro: You Control Your Destiny
The old chicle that we’re the masters of our own destiny is only possible if you start your own business. Unless you happened to inherit millions, then you will need to work to ensure survival. But by being employed in a company, nothing will guarantee if the company will continue working or you’ll face the sack.
But by launching your own business, all the cards are in your hands. If you mess it up, you’re the one responsible for it. If you find great success, then you’ll be the one reaping the rewards and benefits. So if you want to take control over your destiny, consider becoming a business owner.
Con: The Initial Investment
No doubt you’ve heard that being a business owner doesn’t come without risk. More so, it makes significant funding to get up on your feet as a startup. But is it that serious? Entrepreneurs are tasked with securing funding for their startups.
The funding is necessary for starting business operations. If you own a patent and prototype for a product, then how will start production without money? This is one of the challenges business owners face at the beginning.
Considering that plenty of failed startups exist, the last thing you want is to fail because of failing to secure investment for your business.
Pro: Potential To Achieve Greater Income
Everyone wants to be Jeff Bezos. Although, some people also see the potential in rewarding employees for the company’s success.
But regardless, you could very well become the next Jeff Bezos if you launch a successful business. While nothing guarantees your idea will be a success, you have a much bigger chance of that through entrepreneurship than employment.
The potential to achieve greater income is exactly why many wish to become business owners.
Con: Long Hours
This one depends on a lot of things. At first, you will most certainly have to put in the hours. In most cases, business owners sacrifice a lot of things in life to make sure their businesses are successfully up and running. But it’s safe to say that not every person has the guts to do it.
The long hours’ bosses have to put in at first are enough to put off a lot of people from trying to become entrepreneurs. Not only that, but business owners have to work more whenever a problem occurs. In many cases, bosses sacrifice their free time to deal with these issues.
If you happened to notice that your business is losing revenue, then you better put in the hours to fix it. Business ownership might help you achieve financial freedom, but it does come with its own challenges.
Pro: Do Something You Love
A huge reason why people want to become business owners is the fact that they want to work the job they love. Quite a lot of people choose career paths different from what they studied at college.
This might be a good thing, but it might also be bad. You might end up grateful for choosing a different career path, or you might end up depressed. So one way to solve that is to work the job you love by starting your own business.
Con: Takes Time to Learn
Nothing prepares us for business ownership. While we do know that the mitochondria are the powerhouse of the cells, we have no idea how to register a business, how to run one, or even how to do our taxes. Entrepreneurship is something that we have to learn on our own. They don’t teach it at school, and they certainly don’t teach it at college.
So the significant learning curve associated with becoming a business owner can be a scary thought. Luckily for you, there are all kinds of free resources online that prepare you for it. Take the necessary time to read and learn exactly what it takes to launch a successful business. If you put in the hours, it will no doubt be worth it.