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You need to "know" if
you want to grow."
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Small Business: Pros and Cons
Small
Business Advantages:
 There
are many advantages to owning a small business.
The largest percentage of wealthy people start
out by owning their own small businesses. Also, small business owners
have a tendency to rate their working experience as much more
pleasurable or satisfying than individuals who work for others. Other
advantages to owning your own small business include:
- Gain financial
independence.
Small business owners have many more
opportunities to make as much money as they would like or need,
depending upon the type of business selected, and the level of effort
that they would like to put into it.
To many small business owners, this is truly
the "American Dream".
- Avoid restrictions
based upon age, sex, race, or lack of formal education.
- Work from your home,
or in an informal way.
- Do what you enjoy or
have a passion for.
- Take advantage of
your talents.
- Significant tax
advantages.
- Feel personal
achievement and fulfillment.
- Enjoy the prestige
that comes with having your own small business.
- Employ friends and
family members.
- Work when you want
to.
Some of the major
disadvantages or challenges when owning your own small business
include:
- You will be totally
responsible to creditors and customers when you own your own small
business. At you grow, you also have to worry about your employees.
- You will have your
own personal and family finances at risk.
- Small business
owners frequently work long hours, including nights and weekends. You
may have to give up vacations for a while.
- You and your family
may have to give up some things you want or need for awhile.
- The income from a
small business may vary for a period of time. There can be some
periods with significant income and others with absolutely none.
- You must make all of
the major decisions associated with your small business. You may
carry those worries with you wherever you go.
- You must always be
in a "sales mode". You will always be selling yourself, your ideas and
your products or services to customers, suppliers and lenders.
- Small businesses
involve significant paperwork and business records to be maintained.
This becomes especially important when you begin to hire employees.
- You will have to
perform many jobs which you prefer not to do.
- Small business
owners have the total discretion of who to hire and who to fire. You
will feel a responsibility for them, and also will feel responsible
for any mistakes that they may make.
Information provided
by Will Davis’s Start Your Own Business for
$1000
By Paul Susic MA Licensed Psychologist Ph.D. Candidate
President/CEO Susic Psychological Consulting P.C.
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