Q: Working for somebody else versus working for yourself: the good points and down side of it all?
Aug 24 2006
Answered by: Philip Wilkinson Ask a question
Obviously there are pros and cons for each. Paid employment gives you the security of a
monthly pay cheque, company benefits such as a pension scheme and a corporate ladder to climb.
Running a business also offers a number of benefits and for many people this means being able to take control over their working lives. A survey commissioned last year by Business Link for London, found that 1 in 3 people stated that making your own decisions is the best aspect of owning and running a business. This was followed by the ability to make money for themselves and having the status of ’boss’. Of the women surveyed, 5 per cent believed that the ability to achieve a good work-life balance was the best aspects of owning their own business.
Deciding to start your own business can be a life changing experience, however, it's a decision that needs careful consideration. As well as doing your market research and producing a detailed business plan, you also need to think about whether you have what it takes personally to run your own business. Are you organised, self-motivated and a good communicator? Can you handle the bookkeeping, manage your own staff and keep cool under pressure? Have you got the strength of will to keep going when times are tough and the ability to deal with the consequences of a failed business?
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