Updated: Mar 12
You may think about breaking away from your boring job and setting out to build your own business and become your own boss – but would the drastic change really make you happy in the long-term?
When you’re considering breaking away and finding happiness as an entrepreneur, there are some things to think about – the advantages and disadvantages in both.
One advantage of being your own boss is that you get to set your own hours and make decisions about what you’re going to work on at any given time. But there will also be those times when you have to be the one to do all the work, both fun and boring.
The buck stops with you and the success of your business and personal future depends on how you handle the freedom that being an entrepreneur affords. When you work for an employer, you’re usually given a certain task or set of tasks as your responsibility. As an entrepreneur, you’ve got to know it all or be willing to learn.
Your income as an employee is predictable – you get a paycheck at certain times of the month. Even though you may have put yourself out much more and expended much more energy on a project, you still get the same amount on your paycheck.
You may also work during predictable hours and can enjoy your weekends and holidays as your own time. There may be health insurance involved – and today, that’s very important with the rising costs of health care and the major catastrophes which can occur. And there’s the retirement account, although it’s likely worth much less in the scheme of things than it used to be.
When you’re an entrepreneur, you have the possibility of gaining a large amount of wealth from the work you do building your business. It’s much easier to get excited about the bottom line of your own business than one where your well-being is dictated by the “powers that be.” The energy of that can be tremendously empowering.
There’s no cap on how much you can make when you run your own business. If you have the ideas, the time and the know-how, you can chart your own destiny of success and take it as far as you want to.
While becoming an entrepreneur can be stressful and you’ll have to wear many hats (CEO, accountant, administrative assistant and CFO), you’ll love the challenges that each position brings – because it’s your own business.