The Pros and Cons of running your own business

Posted on January 16, 2020

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Starting and running a business is one of the most rewarding and challenging tasks an individual can take on. Sometimes running your own business is fun and exciting, at other times it can be physically exhausting and emotionally draining. As with any area of life it is best to consider starting a business only after you have conducted extensive research into the pros and cons. Today we take a look at the pros and cons of starting and running your own business.

Pros

For many entrepreneurs being their own boss is a satisfying reward in and of itself. Running your business, whether you do it alone from a virtual office or a fully furnished office space with a team, gives you control over every aspect of the business. You have the flexibility of deciding your work hours, workspace, work environment and even the pace at which work is done. From concept to design to creation, to sales and business operations, these are all your responsibility. Many entrepreneurs find this level of creative and executive control over their work extremely satisfying. You can choose the clients you work for, reject troublesome clients and lead the company in the direction you want. Operating your own business also offers more significant financial rewards than working for someone else.

Cons

Pros and cons are two sides of the same coin. While you get to decide your own work hours, most entrepreneurs report working 80 hours a week just to keep their business afloat. This can be physically and emotionally draining, making it seem intimidating to most people. Being your own boss means that you are responsible for every mistake that might happen from your company’s end. With no set entrepreneurial playbook, nobody can tell you whether the decision you made was right or wrong. All of the responsibility for any errors lies firmly on your shoulders. Unless you are using office space providers like AccessWork and optimising costs by relying on coworking spaces and conference rooms, most businesses tend to lose money in the first few years of inception. To start a business you require savings to help you get set up. In many scenarios, businesses lose money for years before turning profitable. This can add up to many missed wages and if the business does not work out or runs out of money it can be all for naught.

Why some businesses fail

When running a business, complications and obstacles are bound to spring up and most business owners simply give their best to make it through another work week. While the day-to-day functioning of a business is important, it is also essential to have someone who can focus on the bigger picture and have an overview of the company. Delegate and outsource the tasks that can be done by others to free yourself to concentrate on the bigger picture. Adapt and develop your business along with the changing market trends. The greatest cause for businesses shutting down all over the world is an inability to adapt to change.

The greatest challenge for entrepreneurs is to balance decisiveness with caution. We have already discussed how to recognise the right time to begin your start-up. There is no definite right or wrong way to plan and prepare to launch your own business. Trust your instincts and recognise the right time based on your own experiences.

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