What are the advantages of getting into your own business?

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coachingcorner eNotes educator| Certified Educator

For a worker, the advantages of owning his, or her, own business are many - biut there are disadvantages too. One advantage is that for certain individuals (perhaps those who are unconventional, creative, impatient or particularly driven) working for a big company doesn't suit them. Large multi-nationals, by their very nature, need careful and thorough organisation including rules and discipline which can be a bit arbitrary - not every rule apples to every employee and bright go-ahead types can find this very suffocating. Running their own business gives them freedom but that also includes the freedom to make mistakes which can be life-changing. A wrong investment can lose a man his home, his career and sometimes even his reputation or family. A mistake at work can be forgiven, allowances made, re-training offered, a second or third chance. But when an owner is on borrowed money he can find banks a lot less accommodating. They will just take his house or other capital right back.

Working hours are another consideration. Owning a business can sometimes mean putting another person in as manager, seemingly giving the owner more free time. True, he can take time off to take advantages of significant life moments, or great weather, or for caring responsibilities because he has the freedom to make up the time however and whenever he sees fit - perhaps working from home, but employing others is very expensive and in the early days it often doesn't work out like that. Owning a business can give the opportunity to take advantage to jump in and grab an opportunity without recourse to bosses and meetings, but some prefer the security and peace of mind that a company career brings.