The major reward of running one’s own business is the independence and the pride. When you run your own business, you do not have to answer to anyone else. When you succeed, you do not have to wonder who should get the credit. You know that you are the one who is mainly responsible for that success. This is a very good feeling.
The major challenge of running one’s own business is that everything depends on you. This is a position that can be rather uncomfortable. There is no one above you that you can turn to in order to have a decision made for you. All important decisions come down to you. That can be very stressful.