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According to a study conducted by Vistaprint, 62 percent of Americans dream of owning their own business and want to make that dream a reality. For approximately six percent of the US population, that dream has already come to fruition since they own a business and it acts as their main job. Although not everyone who dreams of owning their own business has achieved it yet, with so many different options, opportunities, and products to sell from home, there’s no reason would-be entrepreneurs can’t make their dreams come true.
Although many people want to start their own business, not all pursue that dream because of concerns about financial security, among other reasons. Some would-be entrepreneurs try to keep their foot in the door in the workforce, hoping that if their own thing doesn’t work out, they can return. However, if you’re planning on going back to working for someone else after working for yourself, you may want to think again.
You’ll Get to Make the Important Decisions
It can be extremely frustrating to watch your boss or the CEO make a decision that you know is a bad call, or not make a decision that could’ve led to better results. When you work for yourself, you get to make all of the important decisions, and so although not every decision will work out exactly as you hoped, you’ll be the one making the call and get to learn from your mistake. If you’re planning on going back to work for someone else if your own thing doesn’t work out, it will be even more frustrating to give up that control and have to watch the higher-ups make decisions you don’t always agree with.
You’ll Love What You Do
Sure, you might have days that you don’t love the work or days that are harder than others, but in general, you’ll love what you do. So, if you plan to go back and work for “the man” after a while, then you may find that you don’t love what you’re doing and that it’s harder and harder to motivate yourself each day. When you get to decide what you want to do, it’s easier to push forward, but when you’re being told, it can be hard to feel hopeful and excited.
You’ll Have Flexibility
Although entrepreneurs don’t get to play all day, when you’re your own boss, running your own business, you get to choose what hours you work. While there may be days that you aren’t able to have much time to yourself at all, there may be other days that you can choose to take off to run errands or spend time with family, then make up the time you missed that night or later in the week. If you end up going back to work for someone else, that flexibility will likely disappear, and it may be frustrating readjusting to being on someone else’s schedule and timetable.
You’ll Have Unlimited Earning Potential
The average salary entrepreneurs report paying themselves is $68,000 a year. Whether that sounds high to you or not, in comparison to the median household income in the US, which is $52,000, it’s a decent amount. What’s more, when you work for yourself, your earning potential is virtually unlimited. You don’t have to stop earning once you reach a salary of $68,000, you can take your business further and earn as much money as possible.
If you decide to go back to work for someone else after a while, that earning potential decreases to whatever your boss is willing to pay you.
You’ll Get to Develop More Skills
When you run your own business, you have a lot of different responsibilities which gives you the chance to not only use the skills you’ve got in various ways, but it will give you the opportunity to learn and develop new skills as well. Don’t have any marketing experience? When you work for yourself, you’re bound to gain some solid marketing skills along the way. You may not be able to learn and develop more skills if you go back to work for an employer, though.
According to a survey, 42 percent of respondents say they are likely to leave their job because they are not learning fast enough.
Many people want to own their own business but are worried about losing the financial security their job provides them. While some may think that they can always fall back on their old job if entrepreneurship doesn’t work out, once they get a taste of business ownership, it will be difficult to go back.
Do you think the transition back would be too hard? Why or why not?