There is very good reason to start a business – and, of course, there are other good reasons not to. This is why it is important to weigh the pros and cons for you, as the situation is unique, and advice that worked for the company himself an entrepreneur may not be with your own.
Let’s look at general pros and cons of starting a business
starting a small business :. Pros
being your own boss has quite a few perks, as we will learn below.
- Job Security :. When you’re the boss, you are never in danger of being fired
- Decision-making Power If you decide to make any changes to your small business, there is no one above to tell you that you can not, and little or no red tape when it comes to to implement the changes.
- Retirement Value Building a successful business and then sell it at the end of the process can give you a boost in your retirement (in addition to the 401K many business structures allow you to open).
- Self fulfillment of Working for yourself gives you a sense of pride in your work, allowing you to find personal and professional satisfied. You are the master of your own destiny!
- Community :. owning your own business and becoming entrenched allows you to connect to the community in a way that a worker does not
One important thing to keep in mind is to come true, safety and tolerability of your role as a small business owner can bring you is a reality only with hard work, dedication and perseverance.
starting a small business: Cons
However, starting a business is not a walk in the park. There are disadvantages to starting your own business as well, which we will discuss below.
- Financial Risk Starting a small business involves some amount of startup capital, will need to find investors, borrow or dip into your own account – neither of which is without risk.
- Workload It has been said that the decision to become an entrepreneur is not just a career, it is a lifestyle. This could not be more true; if you think you’re going to limit your role as a small business owner to 40 hours a week, you’re in for a surprise.
- Slow Initial Business Statistics show that most new businesses do not start to recover its investment for something like 2 years after they began. Are you ready to go without income in these uncertain times?
- Decisions Responsibility Great to let you make your own decisions about products or pricing; not so great when it comes to reminders or let a friend or family member turning down.
It is clear that the decision to start a business or not to start a business is one that needs to be done carefully and thoughtfully, family and the future in mind, to determine whether it is a decision you ‘ again ready to follow through and help through dry.
With hard work and determination, business dreams can become reality!