Here’s why I think it’s better to run your own business than to be an employee working for someone else’s business.
Seven Reasons Why It’s Better To Be Your Own Boss
1. You Have More Freedom
Running your own business rather than working for somebody else’s gives you more control over your working activities. You can exercise more responsibility. You have more freedom and you aren’t beholden to management.
It’s true that “even the bosses have bosses”. Even if you’re the CEO of a large corporation you have to answer to the shareholders. But if you are running your own small enterprise, then you’re less likely to have to pander to shareholders. Provided that is that you don’t have “angel investors”, venture capital involvement and all that stuff.
You’re still ultimately answerable to your customers, but you have much more freedom in how to operate and serve your market than the employees of a large company have.
2. You Can Be More Creative
When people hear the word creativity, they often think of people in the artistic fields. But creativity isn’t just something for artists or designers. Creativity is possible in pretty well all sectors and businesses.
Even professions such as hairdressing, plumbing, or even accountancy can be creative – and in the case of the latter I’m not talking about “fiddling the accounts”!
There are plenty of ways we can be innovative in serving our customers. We can also create interesting, stimulating and enjoyable working environments for ourselves and our staff.
Unfortunately, many businesses don’t consider this or have a dislike of all but the most minimal of innovation that they can get away with. And their employees find themselves trapped carrying out unimaginative routines to provide unimaginative services that have been the same for years.
“We’ve always done it like this – why should we change?” is the usual mantra.
When you are your own boss, you have the freedom to be creative and do things differently that employees don’t often have.
3. More Varied and Interesting Work
Through having more freedom in your work and the chance to be more creative, your working time will be much more interesting. You’ll be able to carry out many different tasks instead of being restricted to a small subset. You’ll enjoy more variety and feel more alive – and that’s good for mind, body and soul.
4. More Control Over Your Time
Some new business owners will laugh at that. Being self-employed they will tell you, means the freedom to work a 60, 70 or 80 hour week, instead of a 40 hour one.
During the starting up phase it will be necessary to invest large amounts of your time way beyond what you would work as an employee. You need to invest considerable “time equity” in your business to get it going.
But once you get past the start-up phase, you’ll have more freedom to organize your time. If you learn to work smartly, if you learn to recognize what is important and what yields the greatest return in terms of results, and if you can delegate and outsource, then there’s no reason why you should not be able to work LESS hours than the average 9-to-5 er.
A lot of self employed business people also suffer from 9-5 thinking even though they have escaped the office cubicle setting. They think that they must be continually rushing around from dawn til dusk. 6 or 7 days a week in some cases. Otherwise they think they are not being productive.
But productivity actually means getting MORE done in LESS time. There’s a limit to the “effort + time = productivity” equation which many overlook.
You should be able to free yourself from the rigid “working time” vs “leisure time/free time” approach. Take “free time” during Monday to Friday as you wish, take an afternoon or morning off, work on weekends – or part of weekends – if you wish.
When you are your own boss, you don’t need to apply these rigid restrictions to your life any more. It makes more sense to jettison this kind of thinking straightaway and change the way you order your time.
5. Having Your Own Business is Less Risky
This might seem like a strange one.
But consider for a moment. Just how secure is employment in practice?
Firms can and do rationalize, reorganize, downsize, get taken over, even go bust. All the time. And it’s the staff who take the blows. Many people know this only too well. Permanent employment is never really permanent.
It’s true when you’re starting a business, it’s a risky situation. Business commentators (and negative people) never cease telling us that the statistics show that the majority of businesses fail within the first 12 months.
But a new job, like a new business, is also a risky venture. Of course, we are conditioned by society to believe that it’s bad form to start your new job thinking that way.
In a new job, you have a trial period to get through. And it’s not just a matter of your performance.
Ultimately it’s down to your boss or manager – and your colleagues. If they don’t like you – or consider, from their point of view that for whatever reason, you just don’t “fit in”- then it’s goodbye.
Even when you are in, time and again employers renege on their employment contracts. This happens to many people, sometimes more than once. It’s happened to me and other people I know many a time.
With changes such as globalization and new technology being applied in the world economy, it’s happening ever more.
Permanent employment contracts are in practice hardly worth the paper they are printed on. Employers can wheedle out of them practically whenever they like. Being an employee is a risky business.
Just like a new business enterprise.
But once you get past the start-up phase, unlike being an employee, you have less risk with a new business because you are yourself the boss.
6. You’ll Make More Money
I think money is actually a poor motivator for most people. If you’re living in poverty right now you might disagree – and I’d agree with you on that.
But for most people in the western world, money isn’t that much of a motivator in reality. Sure, you may be hungry for a high income, to build up your business and to buy that big house, luxury car, yacht, holiday home or whatever.
I think the other advantages of being your own boss are much more of a motivator.I’d wager that the majority of people in the western developed countries who quit paid employment and become self employed, don’t do it primarily for the money.
But it’s true that having your own business gives you the opportunity to earn much more in the medium to long term than you would as an average employee.
7. You Have Ownership And Control
When you have a job, your destiny is always in the hands of a third party rather than yourself.
But when you run your own business, take control of your destiny. You steer your own ship.
The economy can boom and slump, markets can change, new competitors can come along, but that applies to all businesses, no matter whether you are an employee or your own boss. But running your own business puts you in charge and gives you the power to create your own success in the way you want.
You are also building an asset for yourself, rather than just being an operative working on building up the capital assets of someone else. You are working towards something – rather than just working.
Which position would you rather find yourself in? One where you have no control and can still fail, or when where you can fail but where YOU are in control?
There’s a directly traceable cause and effect which is very gratifying. Many employees working in large corporations just don’t get to enjoy this.
When you have your own enterprise, you can build something that is tangible which has clearly recognizable value and is useful to others. Something that you can point to and be proud of and say “that’s mine”, “that’s all my work!”.
So that’s my list of reasons for being your own boss. What about you – what are your top reasons for being your own boss?
Join the discussion! Add your comments about this post in the box below. (PS. Genuine comments which add to the discussion are welcome. Comments just placed to try and get back links are treated as spam and get deleted).