The advantages and disadvantages of being your own boss are described here in this article. The image of a ‘Boss’ which has been created in the minds of people and the way it haunts them is something known by everybody of us. But when you ask someone about their job and they in return tell, “I am my own Boss”, how fascinating and happening does it feel! Being your own boss implies no workload, no getting grilled up by senior, no fear of losing job and no tension of a day off. But, being your own boss is something which requires a lot of commitment, dedication and consistent hard work. It is not so easy to be an entrepreneur after all. Hence, it is not the substitute over having someone stand everyday on your head telling you what to do and how to do it.
Therefore, like two faces of a coin, this has its own advantages and disadvantages.
5 Advantages of being your own Boss
The advantages of being your own Boss are described below in detail:
1. You Own All Of Your Money
The main and foremost objective of working is money. When you are your own boss, whole money earned out of business is all yours. Whatever it may be but getting paid first is a whole lot of exciting. There is no fear of salary being cut off or getting demoted. The money you earn is distributed according to you. You decide the amount to be given to employees or to be invested. Hence, this ‘keeping all the profits to yourself’ thing is what encourages a business man to aim for a higher star and keeps him motivated. This is the biggest advantage of being your own boss.
2. You Get to Make All your Decisions
One of the most advantageous factors of being your own boss is being on your own terms. May it be making guesses about some investment, or figuring out what to do with finances. You need not to ask anybody to follow your own instincts and settle on on your own. The contentment you get after you take the risk and spend the money following your own impulse and making profits on your own self cannot be describes in words. Getting to make decisions again has always been proved a factor of motivation even for the employees who work for others. Its effectiveness automatically increases when it comes to businessman himself. It encourages him and helps you grow. With every good decision, an entrepreneur earns, and with bad ones, he learns.
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3. Time Doesn’t Concern You
Every person has his own different capacity according to time. Somebody is productive at night, the other is an early riser. When working for somebody or on a 9 to 5 job, the ones not suitable for that time are unable to give hundred percent of their work and prove themselves. But when you are own boss, this doesn’t concern you. You set your own working hours. Deadlines are something what you decide now. Entrepreneurs work according to their own scheduled time which suits their capability, work efficiency and personal life. It is perfectly okay if you want to work all night or word all day long. That’s the perk of being your own boss.
4. You are Answerable to your own self
When you are your own boss, there is no superior to deal with. You are absolutely away from irritability of having a boss and dealing with him. For any decision you make for your business, whether good or bad, it is you whom you are answerable to. There is nobody to warn you or oppose your decisions. You need not to worry about what other people think and how do they see your decision. With the answerability comes the best part, where you are liable foe your own achievements. This whole thing helps to improve your own job satisfaction. Being happy from what you do is the best part of this job.
5. You are not constantly worried about impressing someone
In an ordinary job, bosses are those haunting figures whom there is a great need to impress in order to run your work life smoothly. From superior to HR, you have to be nice to everybody and keep them happy in order to get your work done and sustain the office. But, when it comes to entrepreneurship, you need not to constantly worry about keeping someone happy and impressed. You do you work in your own way. It really doesn’t matter how you are doing it or whether it is right in opinion of your boss unlike in the corporate world.
Being your own boss is something what gives you encouragement, Independence: financial, social and personal as well as an urge to do more and more for your very own self. The exciting part about this is you getting to take risks, having new experiences throughout your like and a social upliftment which is priceless.
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5 Disadvantages of being your own Boss
The disadvantages of being your own Boss are described below in detail:
1. No Financial Security
When you are your own boss, you earn what you actually earn yourself. As the business cycle rotates, there are times in the business when a businessman has to face losses. There may be times where there is no profit to keep to yourself and even you have to pay your debts from your pocket. There is no security as to the salary being credited in your account at the end of each month, bonuses and even paid vacations unlike the jobs. This is the most apparent disadvantage of being your own boss which is very likely to every “being your own boss” situation.
2. Truckloads of work to do on your own
Once you are your own boss, you are going to have truckloads of work to do by yourself. Even the planning of setting up a business requires a lot of hard work and time. And when it comes to implementing it, it takes your days and nights, your money and even your personal life. It is no secret how the personal life of Steve jobs; the epitome of business world was so devastating. Unlike employees, there is no fixed time and work to do. All successful businessmen have worked their ass off to reach where they are today. There is a wrong image of businessmen working whenever they want, instead they work round the clock to earn profits.
3.Commitments ensure your Goodwill
When you work on your own, “Being your own boss” is a myth. Being able to run a business implies, your Customers, your Employees, Your Clients are your bosses. Whether nobody is in charge of your deadlines in your office, but your clients are so. Every work you do has to concern satisfaction and contentment of your customers and your clients. Your commitment to all these ensures goodwill and creditability of your business.
Unlike an employee where you need not to concern about who the clients of a business are or who all are the other employees f your business, a businessman has to keep check on all of its employees. He has to give them a reason to work with him.
In Business, word is considered to be the most powerful asset, the commitments you make to credit lenders, allies and other people in business are then being on those words makes you a successful boss.
Hence, being your own boss is not a piece of cake but requires a loads of works which follow.
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4. You pay out your Money and responsible for every thing you do
Being your own boss is not that easy how it seems to be. It feels like the most ideal thing but is not. Unlike other employees, it is you who worries about spending money every time it is needed as it goes out of the bosses’ pocket and not that of the employees. It is on you how you spent your money wisely. Even if the company goes in profit of the position of insolvency, it is the owner whose personal assets are sold in order to fulfill the debts. Moreover, for everything what happens out of a bad decision, the businessman is the sole person who is blamed. For other employees, a bad day means getting grilled by the boss for the work not done properly, but if you are your own boss, it means no money for the day. Hence every work a boss does has to be perfect.
5. You are the Only Person You Have
When you are your own boss, technically there is no one to guide you with your work. There may be advisers, but it is you who have to make the final decision. Sometimes it feels to be lonely when you get stuck in a situation where you have nobody to direct you with something. Everything in the business depends upon you. It is you who begin the work or put it to an end. And if anything happens to you, it is the whole business what suffers. Hence, being your own boss comes with its own pros and cons which cannot be disregarded. In order to be a successful businessman, there should be a burning desire, an unbeatable passion and consistent will to win. But it is necessary to be clear about both the faces of coin before jumping into anything so that best of it could be made.