When you’re striking out on your own and giving your employer your two-week notice to become the boss, it’s a wonderful feeling! Perhaps you’ve retired or been downsized and you think there is no time like the present to become an entrepreneur. Have you ever wondered what the benefits of being the boss are? There are many. Keep in mind, though, there are also drawbacks you may not have considered.

    We will share the good and the bad that comes with being the boss and reasons you may want to be your own boss.

    The Benefits Of Being The Boss

    • You’re the boss. What you say is what goes. You have to answer to your clients, but you don’t have someone breathing down your neck making sure you make quota. Keep in mind, though, if you’re not motivated and can’t take the initiative you will likely not succeed in your own business.
    • What goes right is your success, what goes wrong is your fault. Along with the good comes the bad. You’re on the line for it all. You won’t be riding on the success of your team (unless you already have one) the successes and failures will be because of your efforts. Keep in mind, though, a failure is simply an experiment — if something didn’t work, course correct and try it again.
    • Your schedule is your own. Want to take Fridays off? Go ahead! Want to go golfing on a Tuesday morning? Why not! When you own a business you don’t have to clock in at a specific time nor are you expected to be at your desk for eight hours. This may also mean you have too much freedom and may miss deadlines or always feel under a crunch because you’ve had too many tee times or coffee dates. You will have flexibility, but remember you also have a business to run, and probably bills to pay.
    • The sky is the limit on your earnings. If you were working for a salary, what you were paid is what you were paid. When you own your own business, the sky is the limit on your earnings. You can work as hard as you want and see rewards in the growth of your bank account. If you’re planning to grow, though you may need a team behind you and you should plan for growth and have an infrastructure in place to accommodate that growth.

    One of the drawbacks or challenges that many new entrepreneurs face is working alone. It can be daunting to realize you’re responsible for it all. You’re the boss. What are some of the challenges you’ve faced in your entrepreneurial journey?

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