I had it both, a business and regular job. From my own experience, here are pros and cons of having a business.
1. Freedom. This is a big one. While you still have clients, to whom you have to deliver services, you don’t have a boss, who can fire you overnight.
These days you can get fired for anything.
I worked in corporation in an IT field. A major, well known fortune 500 company, who was our client, decided to do some changes to be more competitive and fire thousands of people. Part of this master plan was also to stop outsourcing, which affected our company too and thus many people got fired.
In today’s language you won’t hear “getting fired” anymore, you will hear reducing workforce, layoff people. But politically correct euphemism doesn’t change fact, which is that company simply fired you and you will no longer receive salary.
Anyway, having a business means having a freedom, since you don’t have to worry to be fired. You can take holidays as you see fit, you can work when you want and what you want. You don’t depend on other people policies and decisions anymore, especially not on some incompetent boss actions.
2. Money. Sure, there are jobs which pay well. If you are in your 20s and making over six figures or more, you should think twice if entrepreneurship is for you. Still, entrepreneur can earn more than 99% job takers.
But you should not go into business “just because” of money. You should be passionate about what you do and have other reasons. Money is just a side perk. Don’t go into business just because you want to be rich.
When you get your big payday from own business though, after time and time of taking risks and fighting, there are not many things, which feel as good.
3. Self actualization. When you have your business, you build for yourself and you give orders. When you have a job you build for somebody else and you take orders.
You don’t like something when you have a business? You make a change. You don’t like something when you have a job? In most jobs you can just complain, have no power over such things at all, or risking of losing a job, if you push for changes.
Looking at what you built and achieved against all ods, will fill you with pride and self actualization, like little jobs can.
All is not milk and honey though. There are cons, which are well worth of considering before starting a business.
1. Anxiety. This is a big one. If you can’t cope with uncertainty, having a business is not for you.
When you have your business, you can forget about peaceful nights, parties and “enjoying” a life in general until you get your big payday.
There will be times when you doubt in yourself, question if you are going the right way and having a feeling of not moving forward at all. There will be countless sleepless nights, waking at 2am and thinking what to do next day. There will be time, when each day will feel like a struggle.
2. “Hard work“. This might be, or not might be the real con. If you pick the right business, you will be passionate about it anyway and enjoy working hard, or should I say long.
Working smart is what is more important, but be ready to pull 14-16hrs (sometimes more) per day including weekends.
Is it possible to work less than that? Yes, but it will take more time to succeed and if you are not ready to work that long, you might prefer to do a regular job instead.
3. Siding a career. If you start your business, you side your regular job, which means in case your company fails, you won’t have polished CV as your peers will. Still, there are companies, which will be happy about entrepreneurship experience, since you show them you have a balls for taking risks and making decisions.
Keep in mind though, that not all businesses succeed. Indeed, many of first time entrepreneurs fail, especially those who don’t have any (working) experience.
But then again, many of them bounce back on their feet, go into another business and succeed. Then they look back at their achievements and get filled with pride and self actualization.
Unlike some regular beta job guys, order takers and TV watchers, who wake up one day and realize it’s too late to do something with their life.