Saturday, February 9, 2008

Benefits of Business Ownership

I just Stumbled Upon Zen Problog and read a very interesting post on 22 Benefits Of Owning A Business(And Why You Should Do It) . This post presented some very good and true statements as to the benefits, however I feel as a business owner myself that there are an equal number of disadvantages to being the boss as well. I would like to see some blogger out there offer a counter post on this topic, any takers? I would be more than happy to review the first blog that presents me with a post countering this one. The post must be presented in the comments section of this post and must present at least 22 disadvantages. I will only review the first blogger that posts a link for me to check out their argument in the comments so if you are wanting a free blog review...GO! My review will be posted within 24 hours of receiving the link. Good Luck to any blogger that wishes to participate.


Lynda Lippin said...

See my 22 Reasons Why Owning Your Business can Stink

1. Working all the time
You will find yourself working all the time, even dreaming about work.
2. Find staff with discipline
While you may be find your own discipline, try finding staff to match it!
3. No time for creativity
You will handle everything from answering phones to calling contractors, so finding time to be creative is an issue.
4. Find time to find opportunities
Again, when you are bogged down in day to day operations it can be difficult to go out and find opportunity.
5. Being a boss sucks
Hiring, firing, dealing with staff who think you are a parent
6. No money or time to travel
Where does the time and money come from for travel when you are producing it all yourself?
7. Easy for internet; tough in other realms
I agree that the internet can help one easily start a new global business, but if that isn't you passion it will soon grow old.
8. Challenge gets draining
Too much mundane challenge (like how will I pay rent this month or make payroll) gets draining.
9. Too many new people
How many new people do you really want to have to meet?
10. Connections don't always come through
Many of these new people won't help you anyway unless you can also help them. It can be a struggle.
11. Better earning only if you do well and most do not
Most small businesses fail due to lack of capital (i.e., no money). So the earning ain't always better.
12. More time administrating=less time doing what you love
Again, day to day operations can bog you down which means less time doing what you love.
13. Accomplishment can come either way
I feel just as accomplished after a good Pilates session now as when I owned my studio. Especially when I can just go home and not have to deposit or enter or in any way deal with the payment or rescheduling.
14. Working 20 hour days can burn you out, believe me!
I was so burned out from owning my own business that working for someone else feels like a vacation.
15. No boss except yourself
This can just be bad on days when your business is down and you don't know if you can afford to pay your staff or yourself.
16. Your ideas can still be stolen
Competitors and bad staff are still around to steal your ideas.
17. Respect?
If you do a good job you will earn the respect of others regardless.
18. Education won't always help you in your business
All that education will only help if that's what you really love and choose to do in your own business, which is not always the case.
19. More taxes!!!
How about the business income tax, personal income tax, the matching SS & medicare for staff, paying your own health insurance and other insurance, and increased risk of audit?
20. You can always innovate, even in a side business
I still do my internet stuff which is fun, innovative, and keeps me happy.
21. You still have partnering opportunities
You can still meet people, partner in side ventures, etc.
22. Changing the world is easier when you are stable and supported.

Warren from Zen Problog said...

It is nice to see my blog is sparking some thought. There are definitely a lot of disadvantages to owning your own business. I plan to write more on them and how to overcome them in the future.

I truly believe if you can overcome the cynical aspect of business life you can prosper as my list suggests.

Thanks for putting the challenge out there. I might have to take it up myself and write a counter article.