Being your own boss in 2021, is it a good idea or a bad idea? Working for your own business and being your own boss gives you the satisfaction, ease and the accomplishment at work. You don’t have to take the hassle of managing your CV and applying in various organisations, while making preparations for your interviews. Business professionals especially these days prefer to work for their own company. There are many things you learn professionally while working for an organisation, and then finally you can implement them in your own business. You are not answerable to anyone and you know how much hard work you need to put in to get positive results. For instance, if you own a consultancy you will have a good idea how much time you need to invest and what holds best for you.
Challenges associated with your business or a consultancy makes self-employed business a mix of both. According to a research conducted in United States, a huge 71% of people are somewhat happy or very happy with their decision to work for their own enterprise. ‘Sense of accomplishment’ is the feeling that comes along with the emotion of happiness. A feeling that entrepreneurs find in working for themselves. For many people it defines their creative aspects and how best they can show their skills and their abilities. Both these factors linked up with their talent can give them the ultimate satisfaction of working for themselves. Yet another thing that triggers while working as self-employed business owner is the emotional intelligence element. If you are looking for a flexible life style, where you want to give due attention to your family. Working for your own company is the best answer.
WORKING WITH MORE CONTROL & HIGHER INDEPENDENCE:
‘Control’, a word used in business terminologies which means higher amount of power which is necessary in decision making. Working for your own company gives you more power and more control to manage your own decisions. Its decision making that gives you higher amount of independence and acknowledgement with your business associates. You as a business owner know well the key business decisions in your corporate life cycle. Business agendas are the true reflection of your entrepreneurial goals. Ironically, if you have higher levels of independence associated.
Hence, being an entrepreneur is not just about investments, it’s about making safe and worthwhile investments for your own business. Your stakeholders can’t guarantee you success unless you show them the right attitude and the right confidence levels. You will enjoy your system and routines that works best for you and you have transformed them while working in alignment with your goals.
A survey conducted by SBTA or Small Business Trends Alliance, on business & trends in 2020. 65% of people felt that they are ready to start their own business, and they did accordingly, according to SBTA survey. Ultimately, they were ready to be their own boss and enjoy the luxuries of working for themselves. Financial management aspects are key attributes linked up while working as an entrepreneur. Experience of working at the corporate level in big companies makes them decent candidates to work for themselves. Attitude management is the answer to every question. However, it’s not only the attitude, it’s about being practical while taking calculated risks.
MANAGING RISKS:
Risk management, or managing risks while working for yourself will make you ‘hay’ while the sun shines. It’s the number 1 approach that helps you while climbing the ladder of being a successful entrepreneur. Managing risks truly defines how you need to be submissive and what you need to do to manage business risks. The strategy of risk management is adopted initially while you launch yourself in the business world. Then slowly and gradually you can start feeling relaxed and enjoy your business more than you do initially.
The attitude of risk management is concerned on a higher side with financial gains and losses, and resource management strategies.
FINANCIAL REWARDS:
The biggest accomplishment of working for yourself are the financial rewards associated with a business. In most cases 50% of the businesses survives for up to 4-5 years and surely there is pretty much that can be done to improve your chances of success. If your goals are higher, than working for yourself can prove to be more worthwhile in terms of financial rewards. An aspect that is highly worthwhile for your ‘self accomplishment’ & your business dreams. This is in comparison to working for an organisation or a company apart from a higher management position in a Multi-National firm. Chances are that you can compromise your security towards your financial gains irrespective of them being low initially.
Definitely, as a business owner you can set prices and grow your salary with the business. Finally, when you throw in the business tax perks, you could end up making more money than you would in a job.
INNOVATIVE OPPORTUNITIES WHILE WORKING FOR YOURSELF:
Working for your own business gives you the independence of experimenting and trying new things. Innovative opportunities while you work for yourself will give you more confidence and sense of accomplishment in the upcoming year. Trying new business opportunities as an entrepreneur will give you the ultimate edge that you have been looking as a business owner.
The competitive edge that you have been looking as a business owner can give you higher amount of satisfaction of running your own business in 2021. Lookout for a sustainable competitor’s strategy.