Entrepreneurs desire to work for themselves, rather than for others. They crave the freedom of choice that comes with fueling one’s own financial success.
Entrepreneurs esteem the long-term benefits of running their own business vs. working for others, as being worth the uncertainty and hard work it takes to get things going.
Trade-off
Working for someone else grants peace of mind to those who don’t want the added stress of owning a business, whilst working for it.
Employees are responsible for showing up and fulfilling a job description, but no more.
Entrepreneurs are caretakers of the overall business operation, its sustainability, plus they are workers within it.
Pros and cons of being your own boss vs. being an employee
Being your own boss…
Pros
In the long run, decide your…
- earning potential
- hours of work
- flexible work/life balance
Cons
To begin with…
- long hours
- high degree of uncertainty
- poor work-life balance and stress
- financial risk
Being an employee…
Pros
- predictable earnings (wages)
- limited role and responsibilities
- predicatable work/life balance
Cons
- capped earnings
- limited scope of duty
- following orders