The Pros and Cons of Being Your Own Boss

The world is filled with people like you. Ambitious, hard workers who have a vision of a product or service worth potential millions, if not billions. But being the boss comes with as many cons as it does pros, and it isn't for everyone. Sometimes employment is more comfortable, especially when your company is a startup. Here's a look at why some choose to be the boss, while others choose employment.

Pros

The best part of entrepreneurship is that it's your vision. It's your passion. It's what you really want. Or more actually for some — it's what you need to do. Many people become their own bosses, not because they want to be the boss, but because they love their work so much that they want a hands-on role. For instance, Mark Zuckerberg may be a billionaire, but he still hangs around the Facebook offices regularly (though with the birth of his daughter, that may change). Not only that, but he codes with many of his employees. He wants to be kept in the loop of his creation.

Another advantage is that your place of work is your prerogative. Whether you work best in the library or you need a storefront or some office space, make your work space whatever is most conducive to your creativity and wellness. Many newer companies have games in their work spaces for employees, such as ping-pong, so people can blow off steam when faced with a problem, and then attack it with a clear mind.

Once you've established your company, you'll be rewarded with some well-earned relaxation. If the hands-on work wears thin after years, as the boss you always have the freedom to delegate responsibilities to others. After you've made your company, you get more home time and less stress.

Cons

When you're the boss, you're faced with difficult decisions. You'll have people fired, you'll deal with disgruntled employees, you even may be faced with turning down a friend who asks for work. These are decisions you simply don't make when you're an employee.

There are no guarantees when you start your own business. You may find yourself far more stressed (when you start out) than when you worked for someone else, because your business lives or dies, thrives or withers, on your decisions. If you make poor business choices, you have no one to blame but yourself.

Lastly, motivation is all yours. There's no incentives in the form of raises when you're the owner. While the company can make more money, when you first start a business, most of that income needs to be invested back into the company if it will succeed. Don't bet on a get-rich-quick scenario. Instead, put in the long hours required, and remember why you were set upon this path.

Alternatives

Many people opt for employment in small, ethical companies instead of entrepreneurship. Companies like LifeLock, Headspace and Buffer are all ethical businesses rife with young talentthat is excited about the prospect of making a difference. Don't let fear sway your decision, but keep in mind the luxuries of employment as well as the ones of being the boss.