Most of the people who leave their jobs and start a business of their own do this on an impulse. The reason is simple. Working in an organisation means you are answerable to the people higher up the success ladder. Often due to office politics, even the right decisions by you aren’t appreciated.
It is always fun to think that you are working for yourself. You do not have any fixed schedules to adhere to. You do not have anyone to dominate you or fire you. The independence that a personal venture brings along with it is always thrilling.
Yes, there sure are countless benefits of working for yourself. Here we have listed out a few prominent benefits that usually lure people to starting their own venture.
Advantages of working for yourself
1. You Do Not Have Boss Above You:
The most annoying aspect of a job is a boss who is there to dominate you. If you have a good and understanding boss, you are lucky. But most often bosses tend to be bullies who exploit their juniors and extract maximum work from them. People who are under such bosses would surely prefer to have their own venture.
When you start your own business or startup, you can work on your own will. You do not have to abide by anyone’s orders. This is particularly good for people who do not possess the knack of diplomacy. People who do not know how to handle different types of people or convince others in a gentle fashion should opt for a personal business or venture.
2. You Can Opt For Flexible Schedules:
Many people complain that their office schedule is so hectic that they do not get ample time with their loved ones. This is one problem you won’t face if you have your personal venture. You can schedule your work such that you get ample time with your near and dear ones.
There is no restriction regarding the time you should reach office or the time you should leave office premises.
This lack of restriction in a personal venture allows you sufficient flexibility to balance personal and professional lives. It also helps to reduce the level of stress that is very common in job life.
3. You Can Explore and Experiment:
Most creative and thoughtful people despise their jobs because the job gives them very little opportunity to explore and experiment. An age-old organisation with a set reputation will never bear the risk of experimentation from an employee. Most employees thus experience stagnancy after 2 or 3 years in a certain organisation.
This is not the case when you start your own venture. You need to be alert all the time. You need to come up with new strategies and ideas that help to increase growth of the organisation. These aspects of a business make it much more interesting than a job.
4. You Can Avoid Office Politics:
There are many individuals who are not good at tackling office politics. They do not enjoy going with the flow if they think the decision is wrong. This attitude can jeopardize their job in the long run.
A person who starts his own venture does not have to go through the ordeal of convincing the people ongoing ahead with wrong decisions out of peer pressure. You have the freedom to take the right decisions. You also have the freedom to make choices. This way you can completely avoid the politics part of the work management and ensure work gets done without wastage of time.
5. You Are The Boss:
The best part is that you are the boss when you start your own venture. You get to meet people at higher positions. You get special benefits as a businessman. You get respect in your family and social circles. No one has the right to rule over you. You have the complete control over your situation.
Disadvantages of working for yourself
Everything that has a good side has a bad side too. While there are many benefits of working for yourself, you cannot completely ignore the disadvantages. The risk is elevated in the case of a personal business. It may not be a good idea for you personally to start your own venture.
You need to possess the courage to take such risks. You also need to possess the foresight to predict the growth of the business. There are some major drawbacks of working for yourself. Here we have listed these out for your knowledge and reference.
1. You Need to Have a Strict Code of Discipline:
A high level of maturity is essential to ensure that you prosper and grow in your business. This means that you need to have a fixed set of personal etiquettes and a proper code of discipline. These are necessary to ensure that your business grows and expands.
People who lack a strict discipline may misuse the funds from the business for their personal needs. This can eventually lead to the failure of the firm and organisation. Individuals who have strong principles are capable of controlling their urges.
They make sure that they set aside a certain amount as business funds and use the rest to grow their business. They tend to use just about 20% for their own personal needs.
2. Any Failure Could Mean Monetary Loss To You:
In the initial stage of the business, any loss could mean that you need to put money from your pocket. You need to have some backup money to handle such situations. Usually traditional families are not very supportive in case of businesses.
You may not have family support and if you are not confident about your venture, their words could demotivate you. People who are capable of foreseeing such possibilities and tackling them smartly can start ventures and succeed.
3. Progress Could Be Slow and Gradual:
Patience is an important quality that every businessman should possess. Business ventures do not grow in a day. They require time, effort and dedication. They require you to consistently put in efforts. Instant gratification happens only in fairytales and if you expect the same in your life, you are being foolish.
You must try to grow gradually and save a small amount as profits. This way, the profits you save can later be used for further expansion without disrupting your income.
4. There could Be Lack of Job Security:
When you are working for a firm or organisation, you have job security if the firm is doing well. When the firm is in a loss, you simply need to switch the job and if you are good in your field, you will continue to make money.
This is not the case with a business or startup. Inspite of all the research, it is not always possible to predict whether a firm will make a profit or loss. Everyone may not be capable to handle this kind of job insecurity. This simply means that you need to plan your finances properly.
5. You Need to Have a Proper Growth Plan:
You need to have a well defined growth plan when you have your own venture. You should have a clear idea how much money you wish to make at the turn of the year and how you plan to grow.
A proper plan will help you allocate funds and grow your network accordingly. If you don’t have a proper growth plan, there are greater chances of misuse of money and finances.
Trump Comments on Stock Market’s latest drop – says it’s ‘peanuts’
Trump says Tuesday’s market drop is ‘peanuts’
President Donald Trump played down the stock market’s losses on Tuesday as “peanuts” when compared with the importance of striking a good deal with China and the gains since his election.
The Dow Jones Industrial Average “was about 16,000 or 15,000 and now it’s almost at 30,000,” Trump said at the NATO summit in London. “It’s going to be at 30,000.”
“If the stock market goes up or down — I don’t watch the stock market. I watch jobs. Jobs are what I watch,” he added. Today’s move is “peanuts compared to — we have picked up record numbers so that’s OK. That’s the way I feel.”
The major stock indexes slid Tuesday after Trump said he thinks it would be a good idea to delay signing a trade deal with China after the 2020 presidential election. The Dow Jones Industrial Average fell more than 450 points at its lows on Tuesday, led lower by trade-vulnerable Apple, Caterpillar and 3M.
“In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now, and we will see whether or not the deal is going to be right,” Trump told reporters before U.S. markets opened Tuesday. When asked if he had a deal deadline, he added: “I have no deadline, no. … In some ways, I think it is better to wait until after the election if you want to know the truth.”
Despite his assurances that he doesn’t watch the market’s daily moves, Trump often tweets within hours of when the U.S. equity market reaches an all-time high. He has tweeted the keyword “stock market” 107 times since his inauguration
MORE IN BUSINESS
11 kids quotes we’re all feeling
Ok so there’s always that time when you just wish so bad you could straight up say whats on your mind, but you know you really shouldn’t, so you don’t. Well leave it up to kids to say exactly what you’re feeling, no hesitation or regret. Check out these kids quotes that say everything you wish you could!
Why do kids say the darndest things? Comment with your favorite!
How to become a better businessman in 6 steps; Priceless advice from Entrepreneurs
Become a better businessman in 6 steps following this priceless advice from accomplished entrepreneurs.
- “Do something you’re very passionate about, and don’t try to chase what is the hot passion of the day.”
Jeff Bezos accentuates having passion for what you are doing, because if you don’t love it you are much more likely to give up. It’s hard to take an idea and turn it into reality, especially by yourself or when people whom you respect tell you it can’t be done. The passion and love you give to your project will determine it’s success rate over time.
- “Don’t let people who you may respect and who you believe know what they are talking about tell you that it can’t be done.”
Pierre Omidyar continues to say that often they will tell you it can’t be done and that’s only because they don’t have the courage to try it.
- “If you know exactly who you want to be, you need to spend as much time [as possible] with people that are actually that already.”
This advice from Gary Vaynerchuk is actually priceless when it comes to success in the business world. Think as well “It’s not what you know but who you know,” and surround yourself with people you look up to. Human’s adapt to their surroundings quickly, and soon you won’t just want to be an entrepreneur, you will also know how to act like one.
- “Come up with 10 new ideas every day.”
Coming up with at least 10 new ideas every day will keep your “idea muscle” in shape, which is critical for an entrepreneur in order to keep going and stay ahead of the fast paced business world. James Altucher continues to say that once you’ve done this for about 6 months you will be an idea machine. New ideas keep passionate projects alive and ensure growth in every direction.
Read Next: Working for yourself; Pros and Cons
- Realize that, “naturally, nobody is interested in your ideas. You have to persuade them, and you have to show them that you are the one person out there that can do it.”
Robert Greene, an American author known for his books on strategy, also says that “no one is really going to help you or give you direction.” Realizing this sooner than others will give you a head start and the ability to stop looking for recognition in others. Instead, you can focus on your passion project and make it perfect, and the world will not be able to ignore it.
More about ‘Mastery’ by Robert Greene
- “Don’t think about ‘how do I get big fast.’ That will happen if you build something meaningful and important.”
How to encourage teamwork in your organisation
Danae Ringelmann’s advice is not something to skip. If you rush your ideas or your product you will be relying on luck more than anything to create success for you. While luck is certainly involved in alot of things, relying on it or betting on it to ‘get big fast’ doesn’t help you become a better businessman. Being proud of what you create, instilling passion into your work, and working hard will ensure success more than anything.
- Backstabbing Trudeau gossips about Trump with other world leaders causing Trump to leave NATO suddenly
- Trump Comments on Stock Market’s latest drop – says it’s ‘peanuts’
- 11 kids quotes we’re all feeling
- Celebrity British Chef Gary Rhodes Dies Suddenly At 59
- How to become a better businessman in 6 steps; Priceless advice from Entrepreneurs