Business ownership
Being a business owner can be extremely rewarding. Having the courage to take a risk.
Do you want to be a business owner someday? Before deciding, you might want to consider the following advantages and disadvantages of business ownership.
Advantage
As a business owner, you are your own boss. You answer to no one and you make all the decisions. You set your own work hours and work independently. Depending on the type of business, you may be able to work anywhere. For example, as a consultant you can meet with clients at their businesses and then spend the afternoon working in a coffee shop. You can often control your own salary and you do work that you truly enjoy.
Disadvantage
Owning a business can expose you to financial risk. You may have to go into debt or invest substantial personal funds to start your company. You may lose it all if your company isn't successful. You may have to work huge numbers of hours in the early years, often for less pay than anticipated while of the income goes to meet operating costs, which may include a payroll. You may not be able to take a vacation.