A business gives you the opportunity to be your own boss. There are many people who think business is better than ‘9 to 5’ jobs. But, everything has its own merits and demerits. A successful businessman may look happy. But, in reality, he/she had to walk through many hurdles to taste success. Before starting your own business you should know about the advantages and disadvantages of owning a business.
Pros and Cons of Owning a Business
1. Freedom A businessman always enjoys freedom. You (as a businessman) just don’t have to listen to the orders of your boss. You can choose your hours and you can make your own schedule. Moreover, if you are ill you can take a day off. Nobody will be there to stop you. It’s your business and you are the supreme authority.
2. Satisfaction A business provides you with the opportunity to do your own research. You can apply your strategies and ideas. You can get a chance to prove your mettle. If your ideas bring you success, then you will be really satisfied.
3. Confidence Success in business will make you confident. You will believe in yourself. You would know that ‘it’s you who can make the right decisions to achieve a goal’. This confidence will make you strong. You will become indomitable.
4. No Retirement, No Firing Nobody can fire you from your own company. You can take retirement whenever you wish to. Hence, business is a secured place. You will be never out of a job.
5. Profit and Success If your business becomes famous, then you can earn huge income. No salaried job can provide you with a super-luxurious life. But, a successful business may give you the chance to live a super-rich life.
6. Respect A successful businessman earns respect in society. He/she becomes a symbol of success to his/her family and friends. Many people want to follow him. This evokes a great feeling.
7. Help People As an established businessman, you can help people in many ways. You can provide people with jobs. Apart from that, you can give excellent service to your customers. You can make them happy and satisfied. Moreover, you can donate some money to improve the condition of helpless people.
1. Investment and Risk of Failure The initial investment in a business may be risky. A business may not always be successful. In that case, your money may get wasted. This risk of failure is the downside of a business.
2. Frustration A business can take years to become successful. Because there is no instant success formula for business. This long time will taste your patience. You may get frustrated. But, to become successful you should always have an optimistic look.
3. Losses Your business may not always run well, You may have to face some small or huge losses.
4. Labor and Stress You may have to devote long hours to manage your business. There can be hundreds of problems in a business. As a result, you may not have time for you and for your family. This stress is a part of every business. So, you can’t escape it.
Before starting a business, you should mentally prepare yourself. You should understand the reality of a businessman’s life. There can be good times and bad times in a business. If you be patient and conquer all these situations, then you can become a successful businessman.