Our aspirations in life are not the same. There are some people that will like to work for other people or in government parastatals. However, there are young graduates that will like to be employers of labors or business owners. Each of the options has its own benefits and drawbacks. Before you decide on the type of career to establish, it is important that you understand their pros and cons. knowing this will enable you to make an informed decision. Here, we will take a look at what you will gain if you become a startup owner.
Having strong financial future backup
Establishing a business is a good means through which you can build a strong fortress for your family. There is no doubt that you can achieve the same if you work for another person or a business. However, your chance of having strong investments that you can leverage on in the future is high when you own a business. As a business owner, your income is not determined. You have the potential of making more if you work harder. But this is not the same case with a person that is working for another person. The salary and the other incentives are already fixed or determined. So, no matter the effort you make, you will still go home with the same amount of money. But you will always reap the fruit of your effort if you own a business of your own.
Most of the multinationals we have today across the world started as a family business. If you are a startup owner, you are more likely to become an entrepreneur in the future. Your business can grow into a large company. It will be a kind of legacy you will leave for your family. After your death, your family will also continue to manage the business and get their source of living from it.
Sky is your limit
If you are working for another person or in a company, at a particular time in your career, you will surely get to a plateau stage. This is a stage where you will no longer expect any promotion or salary increment. When you retire as a jobber, your pension will not be as big as your normal salary during your active stage. But this is not the case with a business owner. There is nothing like plateau stage in business. You are either performing well or not. But if you are working hard, the sky will be your limit. Your business will continue to expand. You may decide to continue working in your business even as a senior. If you retire, your children will take over and you may decide to still be on the payroll with a large amount of money.
Becoming master of yourself
As a startup owner, you are not under any person. Nobody gives you order. You decide what you to do and what not to do. So, being a business owner gives you the opportunity of being the master of yourself.
Taking credit of your innovation
If you are working for another person, the credit of your innovation goes to your employer. But when you are working for yourself, you will take credit of your innovation.