Advantages
For many people the advantages of being self-employed outweigh the risks involved.
You are your own boss
Many people hate working for someone else, and become frustrated by always having to answer to a manager. Self-employment allows you to make your own decisions, and be responsible for your own fate.
There is a sense of satisfaction in achieving your business goals, something you can鈥檛 do when you鈥檙e working for someone else.
You are doing something you feel passionate about
Most people take a job to pay the bills. It鈥檚 rare to find someone who truly loves their job. Being an entrepreneur is different. You are on a personal mission to make your ideas a reality and help shape the world around you.
This feels less like work and more like an adventure.
You also have more freedom to choose what type of projects you work on. You can focus on things that interest you, and work with companies that share your vision.
You can work flexible hours
Most entrepreneurs work far harder than people who are working nine to five, especially in the early stages of a business. But once it is up and running, an entrepreneur can set their own hours and choose when to take holidays.
You may enjoy a healthier work-life balance as an entrepreneur than wage-earners. You can more easily make time for your family and friends.
The opposite is true too. During times when the business needs more attention you can choose to work longer hours.
Disadvantages
Of course, there are downsides to being your own boss, especially if your business struggles to make a profit. Being self-employed means being responsible for your failures as well as your successes.
You are responsible for your staff, who are relying on you for a job. If the business is struggling, you may find yourself working far more than you would like. If the business fails, you may find yourself in debt.
Even if the business is doing well, you may find that you grow to dislike the idea you once loved so much. The decision to start a business must be taken with great care.