For a company to flourish in today’s corporate world, it is mandatory that the company has a good boss who is leading from the front. If a company has an incompetent boss who is unwilling to carry out his responsibilities well then sooner or later the company is sure to shut down. Though many people believe that being your own boss is amazing, but what they do not realize is that there are also some drawbacks involved. Given here are some of the advantages and disadvantages of being your own boss.
Benefits of Being your Own Boss:
1. You can take your own time to do things:
One of the biggest boons of being your own boss is that you can take your own time to get a job done. You need not bother yourself with trying to keep up with a deadline. Working with a deadline is a source of great anxiety as well as stress to employees and once you have this worry off your back, you can actually focus on the task which is at hand and give it your all. It often happens that in a hurry to complete the job you are unable to do justice to the task, but when you are your own boss you can take as long as you want in order to get the task done in a perfect manner.
2. You can have a flexible schedule:
Those individuals, who are lucky enough to be their own boss, have a very flexible schedule. They can do whatever they want and whenever they want to do it. Unlike other people who are forced to be productive during 9-5, such people can work as and when they feel like. There are many people who are able to produce their best work in the dead of night and being your own boss allows you to work whenever you feel comfortable. In addition to that you are free to work from home as well. Working from home is great as you need not spend money on a professional office wardrobe or even on transportation.
3. You can follow your own instincts:
One of the major drawbacks of working in a company is that very often you are unable to follow your own instincts when it comes to getting a job done. You are forced to follow the directions which have been given to you by the boss. However even if you are told to function as you want to, it is unlikely that you will do so, for sheer fear of messing up. Believe it or not when working in a company you are expected to deliver top quality work at all times, if you happen to make a mistake that is sure to leave a negative impression in the mind of your seniors and managers.
4. You are not answerable to any third person:
A great pro of being your own boss is that you are not answerable to anyone else for the decisions which you are making. You have the freedom to play as per your own rules and no one else has the authority to pull you up or make an issue of a mistake which you make. Constantly having to pay attention to what a third person is saying is naturally going to thwart your own individuality. Over time, rather than paying attention to what it is that you want, you end up trying hard to work according to what the other person seems fit.
5. Whatever profits you make is your own:
Many individuals dislike going that extra mile in the workplace because they believe that most often they are not going to receive any extra reward. They are content with doing the bare minimum amount of work and then heading home. However, when it comes to being your own boss, you are always excited to go that extra mile simply because you know that all the extra money which you make will be yours to keep. The harder you work at your own business, the better it is likely to be for you. Those that work hard when they are their own boss, make a lot of money for themselves as well as their family members.
6. You can maintain a good work-life balance:
Maintaining a proper work-life balance is something which is essential if you would like to live a happy life. If you concentrate only on your work you will surely be missing out on the family front. Being your own boss allows you to organize your schedule in a way that is conducive to your lifestyle. If there is some family occasion which you need to attend, you take a break for your job for as long as you like without having to apply for leave or anything. Even during the vacation, you can shy away from the crowd to work along on your laptop from time to time.
7. You don’t have to deal with the tantrums of your boss:
Most often, bosses are individuals who have a lot to deal with. It is for this reason that in the corporate world, bosses are people who throw a lot of tantrums and hardly ever take into consideration another person’s point of view. Becoming your own boss eliminates you from having to deal with such an individual who will constantly take out his anger on you.
8. You do not constantly have to try and impress someone:
A great part of being your own boss is that you need not try your level best to impress anyone. As long as you are happy with what you are doing, that is really all that matters. In the business world, you do have to constantly keep an eye out to ensure that you aren’t doing anything which your boss would not approve of.
9. It is sure to give you more self confidence:
Those individuals who are lacking in self confidence are never able to make it large on the business front. If you are humble and meek people in the cruel business world, they are bound to trample over you without a second thought in their mind. Becoming your own boss is great simply because it gives you a whole lot of confidence. You start having courage in your own ability and really begin to take chances. If you work in a company, you constantly have something to fall back on; this sense of security is something which often prevents people from really exploring their own limits.
10. More job satisfaction:
Job satisfaction is something which is extremely important. If you are not satisfied with the job which you are sure to feel rather burdened in life. Those people, who love and enjoy the job which they have, never feel like they are working. On the contrary they look forward to taking up new projects and learning new things with each passing day. Being your own boss is something which is very positive thing and encourages an individual to really break free from what others tell him and do what he thinks is best. If you happen to be your own boss also makes others respect you a lot more than they otherwise would.
Drawbacks of Being your Own Boss:
1. You might feel alone and isolated sometimes:
Though being your own boss might seem like a very ideal thing, it does have a number of drawbacks, one of its major drawbacks is that at times you might be feeling completely alone as well as isolated from the rest of the world. Even if you are doing well in your own business you are bound to miss the thrill and rush of being a part of the corporate jungle.
2. You won’t have someone to guide you:
Though being and feeling independent is something which we all think was fancy, however when actually given complete independence a lot of us feel rather confused as well as frustrated. At such a time having a boss who will be a source of support and motivation is a great boon. Being your own boss sometimes makes you miss having someone to be there for you when you are going wrong.
3. It might make you lazy and lax in your style of work:
Many a time we detest the idea of having someone who constantly gives us strict deadlines to follow. However it is when we have deadlines that we actually work both swiftly as well as efficiently. Being your own boss is bad in the way that it often makes you very lazy and lax in your style of working. Simply because there is no one to be strict with you and force you to do your best at all times. Being on your own might make you lazy in the way that you start trying to cut corners and make shortcuts in your work. Once you start cutting corners that is surely going to spell disaster for your own business.
4. You have too many things to take care off on your own:
When you are your own boss, believe it or not you will have to multi task like you have never multi tasked before. If you wish to make it big and really make a mark for yourself in the business world you will really need to make sure that every part of your organization is functioning in a perfect manner. Big companies have their big brand name to rely on; you on the other hand have nothing like this to fall back on. If you fail to deliver, your business is never going to succeed.
5. Your income is unlikely to be very steady:
When working in a company your business is very steady, yet when you are your own boss, unless you work hard, you will not be able to make a lot of money. Keep in mind if you go on a lot of vacations, there will be no such thing as paid leave for you.
6. If things go wrong you have only yourself to blame:
If things go wrong when you are your own boss, you have no one to blame but yourself for that. You cannot take your anger out on any other person because the sole person to wield all the responsibility will be you.
7. It often involves working round the clock:
You might have the wrong image that when you work on your own, you can work whenever you feel like, but chances are that when you are your own boss, you have to work doubly hard in order to get things up and running.
8. You will miss some perks which employees otherwise get:
Employees working in big companies have the advantage of getting a lot of perks. When you are your own boss you will certainly miss things like a paid vacation or even a bonus when you are the employee of the month. If you wish to be your own boss, from the very onset you must understand that at the very early stages things are going to be very tough and at times you may even get the urge to give up and try something else, but you must continue to power through if it is genuinely something you want.
If you are thinking of starting your own company or organization and you are wondering whether it is a good idea or not, you should ensure that you keep these vital points in mind when you are taking your decision. It is often said that the grass always seems greener on the other side, so in order to help you the points above attempt to give a clear picture of both sides of the fence. However, you are sure that you have what it takes to be a good boss to yourself and others then you should turn a deaf ear to what others are saying to you.