Owning a small business has its own pros and cons. It is extremely important for those who own a small business to really weigh both of them and decide whether or not the risk is worth the reward.
Let's talk about some of the pros of handling a small business.
You don't need to work FOR anyone as you are your own boss. You hold power to make the decisions. You can choose whom to do the business with and what kinda work they will do.
The cherry on top, you also get to decide to have a balance of life and choose when to take vacations.
Entrepreneurship offers a great possibility to grow financially and achieve certain rewards than working for anyone else. Here, you are cutting down the income restraint that might exist in being anyone else's employee.
You have the ultimate control, right from handling the operation of the business, concept design, creation to business operation, and customer response. Having your own set-up does give you the opportunity to come up with something new and extraordinary.
Profit or Loss its all yours. Though it's an uphill task, owning a small business gives you the freedom to build equity which can be later kept, sold, or passed to the next generation. Also, it is not new for today's entrepreneurs to start a new business, run it for a while, sell it to someone else, kick-starting something new, allowing them to use the income from one venture to finance your next venture.
Small businesses help communities to grow and stay close to their roots. Giving you an opportunity to help grow the local economy through your innovations and contribute to society as a whole.
As we just saw, small businesses have a greater advantage over larger businesses. Generally lean staffing, flexibility, an opportunity to develop a very close relationship with the customers and make them feel important and welcome. Hence lowered the cost of reaching customers.
But, like it is rightly said, there are ups and downs in every step of your life. Similarly, no entrepreneurial journey is bulletproof to challenges, and hence it's important to assess and review business plans and business viability before investing money and time.
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