Would you rather work for someone else or be your own boss?

This is an interesting question as it has become the topic of much debate in business. Many persons today are leaving college with the hope of starting their own business due to:

Advantages of being your own boss:

1. It is easy to set up and manage.
2. All decisions to be made are entirely up to the owner.
3. All profits belong to the owner
4. Customers are able to interact one on one with the owner.

Disadvantages of being your own boss:

1. You have unlimited liability.
2. Raising capital may become an issue when starting your business.
3. If the owner dies so does the business.
4. Longer working hours.

Working for someone else also has its pros and cons:

Advantages of working for someone else:

1. Opportunities are provided to elevate your status.
2. Share ideas on projects.
3. Build relationship with employer and employee.
4. Work load and responsibilities are shared among workers.

Disadvantages of working for someone else:

1. Opportunities may be limited depending on the nature of the business.
2. Your are limited as to what you earn.
3. No freedom of choice or movement.
4. You will be monitored closely at all times.

Therefore, anyone seeking to be their own boss or working for someone else should consider the possibilities involved. Weighing the pros and cons will be vital in deciding what step you are going to take by examining these aspects carefully which will in turn lead to a successful business or an exemplary employee.