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Is working for yourself better than working for someone else
#futurebusinessowner
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Amy’s Answer
I would love to give you my POV. I ran my own business my whole adult life basically (20-40). It allowed me and my husband to raise our child, not daycare, be home as needed & flexibility. It was awesome. Downside: We never knew when we would get money in, we had no health insurance, and he got chronically ill and passed away in 2016, insurance would have helped tremendously. Then for the first time, I went to work for a huge company. I have always felt like a hostage because I have to be there certain hours etc. BUT!!! I know when and what I will be paid, I have insurance, a 401K and honestly, at least now that my child is raised, I wouldn't want to work for myself, I like the security.
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Alec’s Answer
This is a great question. There are many ways to answer this, but one way to think about this is what is your risk tolerance and how hard are you willing to work. Working for a company out of high school or college can be tremendously rewarding and will have an immediate financial benefit. Your working hours for a company are relatively controlled, known and likely won't be overly burdensome. Additionally, working for a company, your area of expertise will be centric to the job/role.
Starting a business, which is what working for yourself is, has tremendous risk with little certainty of success and financial stability. You will also need to know not only the skillset core to your service/product, but you will also need to know, or hire, areas of accounting, tax, planning, marketing, sales, et al.
Working for yourself or for a company can be equally rewarding. It really is about where your passion is, and what your goals are.
One other thought, risks are relative. As a younger person, your ability to take financial risk is a bit easier than if you are older and have a family, mortgage, et al.
Starting a business, which is what working for yourself is, has tremendous risk with little certainty of success and financial stability. You will also need to know not only the skillset core to your service/product, but you will also need to know, or hire, areas of accounting, tax, planning, marketing, sales, et al.
Working for yourself or for a company can be equally rewarding. It really is about where your passion is, and what your goals are.
One other thought, risks are relative. As a younger person, your ability to take financial risk is a bit easier than if you are older and have a family, mortgage, et al.
Updated
Nikia’s Answer
Both answers so far make very important points. I would like to add that it can be very difficult to start a business unless it's dealing with something you're very passionate about. So unless it's something you're willing to put a lot of work into (as Alec mentions), it can often be a failed effort.
Alternately, just because you're passionate about something doesn't mean you need to try to make a business out of it. Oftentimes, a hobby or small side business can be just the thing to keep your life content with an otherwise unexciting, but consistent, job.
Alternately, just because you're passionate about something doesn't mean you need to try to make a business out of it. Oftentimes, a hobby or small side business can be just the thing to keep your life content with an otherwise unexciting, but consistent, job.