Often people wonder if they should start their business instead of working for someone else. That’s OK as long as they walk into such a venture with eyes open. Owning and running a business
is not as green as it looks. When people ask for my suggestion about them starting their business, my question to them usually is Why. Thought I’d share typical responses to that question and my advice:
[them] I want to be my own boss.
[me] When you own yr business you will have customers, suppliers, bank, govt, staff as your bosses. When you work for someone else, you will have one boss (most of the time);
[them] I want to have flexible hours
[me] sure, when you work 60 to 70 hours a week, you can also have the a couple of hours off to do your personal work at the bank/post office.
[them] I want to make more money
[me] I know of people working in large companies that have side businesses e.g. mortgage brokerage. do something like that to make more money.
[them] Instead of making money for someone else, I want to make the money for myself.
[me] prove yr value and negotiate with yr current employer or go to another job. It is not necessary to have your own business.
[them] I don’t like my boss/company.
[me] change yr job.
[them] Is there a right reason to start a business
[me] yes, if you truly believe you can serve those customers better and your employer can’t/won’t do that. start yr business only because you love what you are going to do. keep running it because you love it – love to the extent that it is exhilarating everyday to do that.