1. Be Your Own Boss
In my opinion, this is the number one reason why you should start your own business. Not only do you get to make all the decisions, you also don’t have to deal with a boss who may be someone less qualified than you. Be your own boss, make the right decisions and get all the credit for your work.
2. Learn All Aspects of Running a Business
If you don’t learn and stay ahead of competitors, you will fail. Therefore you have to know a fair amount about every aspect of your company. This includes marketing, product design, testing and prototyping, sales, finance, human resources, management, law, economics, statistics… I can go on and on. Work for someone else’s company and you will be pigeonholed to a limited number of tasks.
3. Be Proud and Passionate About What You Do
If you believe in your business, and are proud and passionate about it, you will succeed—that’s the bottom line. When you go back home for Christmas, what feels better: telling your family you work 40 hr/week job designing race cars or telling your family you own a race car design firm?
4. No Bureaucracy
So you want to implement some changes on your design that would cut the fuel consumption by 30%, but you need approval from the boss. The boss has to be sure this works with the rest of the team. Then he will tell his boss who needs approval as well and so on. By the time your design changes are approved, the project will be beyond prototype stage and the changes will be no longer feasible. As owner of your own business, you can make these decisions on the spot and save yourself a lot of time. And as they say, “Time is Money.”
5. Job Security
I remember the 3-4 jobs I have had since I graduated college. There was always that lingering feeling the companies were going to get rid of me. That is unnecessary stress on you and your family. As the owner of your business, you don’t have to stress over this. Yes, there are other things to stress about, but at least your job doesn’t depend on 1 or 2 people who one day might decide that you “don’t fit within the company’s long term goals.”
6. Make Your Own Schedule
Don’t want to work on Monday because the Super Bowl Party last night ran too late? Going to get some head start on Monday‘s work due to Saturday’s boredom? That is fine, too. This flexibility and freedom will allow you to go on vacations, spend time with your family and complement your personal lifestyle.