I prefer being my own boss rather than working for someone else.
Advantages of being your own boss are:
- Finances – A greater percentage of the profits made by the business will be yours and is not limited to a specific amount annually.
- Time – You can name your own
schedule as your own boss as well as vacation and days off. You will not be scolded you come in late, leave early, or take an extended lunch. This can result in more time with your family.
- Control – You have control over making decisions. You get to decide what decisions you want to make, what advice you will consider in making those decisions.
Disadvantages of being your own boss are:
- Finances – During difficult economic periods the business may not have a profit. If this period is extended the financial strain will be upon the business owner.
- Time – The business owner who is seeking to have a successful business may have to work for long hours and may even work through the week end. Unlike the employee the business owner does not have set working hours and may not have vacation.
- Control – Due to the fact that you are responsible for the decisions made in the business, you will be responsible for consequences. These consequences may be detrimental to the success of the business.
Advantages of working for someone else are:
- sure income – The boss is responsible for ensuring that you are plaid for the work you do. As the owner you may be working and not get paid for the work done.
- Benefits – The company you work for may offer health care and retirement benefits which usually don’t cost you as much as if you pay for them on your own.
- Bonuses – The employer may give bonuses to you and other employees, this increases the your moral and allows you extra money to do what you want.
Disadvantages of working for someone else are:
- you need to follow orders – The boss is the one who will tell you what to do and when to do it. Disobedience may result in some form of disciplinary action.
- Your boss can fire you anytime he wants – If economic conditions are bad of for any other legal reasons you can be fired regardless of your personal financial situation.
- You are limited to the amount of money your boss pays you