Small Business Owner Pros and Cons
Pros and Cons of Being a Small Business Owner
By Skye Schooley
Updated Oct 24, 2023
Business News Daily
Starting a small business is no small feat. You must be resilient and dedicated if you want to build a business that makes a profit and stands the test of time. According to the Bureau of Labor Statistics, roughly 20% of new businesses don’t make it past the first year. What’s more, opening a small business during a major economic crisis (e.g., the COVID-19 pandemic) can make your chances for survival even slimmer.
Although entrepreneurship can be a challenge, it’s not all doom and gloom: There are currently 31.7 million small businesses in the U.S., which accounts for 99.9% of all businesses nationwide. Small businesses are the cornerstone of the American economy, and for good reason. If you have a great business idea and want to try your hand at entrepreneurship, weigh the pros and cons first.
Benefits of owning a small business
Being a small business owner may be one of the toughest jobs, but it’s also one of the most rewarding. There are many benefits of small business ownership, and they often far outweigh the negatives.
Independence
When you own the business, you are the boss. You do not have to rely on others or discuss decisions with them. The independence that comes with entrepreneurship is great for those who like to work autonomously.
Flexibility
Entrepreneurship gives you the flexibility to decide your own hours. It may seem like you are working all the time while you are first building your business, but eventually, you will be able to decide when and where to work – no more 9 to 5. This flexibility is ideal for anyone who operates more efficiently outside of regular office hours.
Power and control
Another benefit that many entrepreneurs enjoy is having power and control. As the head of the organization, you make the rules. You get to establish your company culture and determine what is and isn’t acceptable in the workplace. When you hire employees, they will all ultimately report up to you. This control is ideal for people who don’t like working under authority or reporting back to a boss…[MORE]
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To read the entire article by Skye Schooley at the Business News Daily website, visit: Pros and Cons of Being a Small Business Owner