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What are The Pros and cons of working for your own business ?
My Name is Fabrice and Im 18 Years old
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Kim’s Answer
Hey Fabrice, what an inspiring question to ask! Embarking on the journey of starting a new business as a semi-retired person has granted me valuable insights into the pros and cons of working for others versus working for yourself. Each person's experiences in life and unique personality will shape their own list of pros and cons, but for now, let me share mine with you to help broaden your perspective.
Throughout my career, I've been fortunate enough to work for various large corporations, non-profit organizations, and small businesses, as well as pursuing my own entrepreneurial ventures. These opportunities have enriched my understanding of both how companies operate and how I, as an individual, excel in different work setups.
So, let's dive right into my personal list of pros and cons of working for your own business. Remember, embarking on this journey is not only about creating a successful business, but also about self-discovery, growth, and empowerment.
PROS:
- Freedom, freedom, freedom! You'll have the amazing privilege to work in a way that best suits you, make your own decisions, define the core of your work, and choose what matters most to you.
- You won't need to adhere to protocols or business interests that conflict with your beliefs.
- You are your own boss, answerable to yourself and your customers (though this may change if you expand to include employees, stakeholders, or regulatory agencies).
- You can't be fired or let go due to biases, unhealthy practices, or arbitrary corporate decisions.
- You have the power to implement your ideas and drive change across all levels of your business.
- Your work becomes an inseparable aspect of your life, giving you a sense of purpose and accomplishment.
CONS:
- Your decisions directly impact the success or failure of your business, which can be intense at times.
- You're in charge of securing your own paycheck and, if applicable, paychecks and profits for others.
- The work-life balance can be difficult to strike, as your business requires constant time, energy, and attention. Therefore, it's crucial to take care of yourself and maintain sound health.
- You'll need to hone exceptional time management skills to thrive, as the workload can often be more than you initially anticipate.
It's always wise to gain experience in diverse settings as you start your journey. These opportunities will sharpen your skills and provide ample room for self-discovery. Wishing you the absolute best of luck, and may you find great success in your pursuits!
Throughout my career, I've been fortunate enough to work for various large corporations, non-profit organizations, and small businesses, as well as pursuing my own entrepreneurial ventures. These opportunities have enriched my understanding of both how companies operate and how I, as an individual, excel in different work setups.
So, let's dive right into my personal list of pros and cons of working for your own business. Remember, embarking on this journey is not only about creating a successful business, but also about self-discovery, growth, and empowerment.
PROS:
- Freedom, freedom, freedom! You'll have the amazing privilege to work in a way that best suits you, make your own decisions, define the core of your work, and choose what matters most to you.
- You won't need to adhere to protocols or business interests that conflict with your beliefs.
- You are your own boss, answerable to yourself and your customers (though this may change if you expand to include employees, stakeholders, or regulatory agencies).
- You can't be fired or let go due to biases, unhealthy practices, or arbitrary corporate decisions.
- You have the power to implement your ideas and drive change across all levels of your business.
- Your work becomes an inseparable aspect of your life, giving you a sense of purpose and accomplishment.
CONS:
- Your decisions directly impact the success or failure of your business, which can be intense at times.
- You're in charge of securing your own paycheck and, if applicable, paychecks and profits for others.
- The work-life balance can be difficult to strike, as your business requires constant time, energy, and attention. Therefore, it's crucial to take care of yourself and maintain sound health.
- You'll need to hone exceptional time management skills to thrive, as the workload can often be more than you initially anticipate.
It's always wise to gain experience in diverse settings as you start your journey. These opportunities will sharpen your skills and provide ample room for self-discovery. Wishing you the absolute best of luck, and may you find great success in your pursuits!
Updated
bronte’s Answer
In addition to the guidance given before, it could be beneficial to ponder over what values hold the greatest significance for you while making this decision. For instance, there's often a balance to strike between financial stability, which comes from working for others, and the freedom that self-employment offers. Similarly, you might want to think about whether you relish taking complete responsibility for your venture's success or prefer sharing the responsibility with team members or supervisors. There are numerous online quizzes available that can assist you in identifying your top values. This could be a fun and enlightening exercise!