Of course, our personal bottom line is the reason we all go to work. We try to bring value to our boss‘ bottom line in order to get rewarded, compensated and promoted. Rather than putting forth all our energy providing for the boss’ bottom line, we have an option in America of creating our own wealth independent of a boss.
Since America is built on the Free Enterprise system, we are free to choose whether to work for ourselves or be an employee of someone else. There are advantages and disadvantages of each. You may be better suited for one over the other.
Employee or Employer
Some people value the certainty that accompanies being an employee. They have no desire to be the business owner, assuming the risk of the business’ bottom line making money and staying afloat. The employee is only responsible for his own performance.
Only a few value the challenge of making their own business succeed. The perceived rewards of success include the opportunity to make a higher income, the freedom of self-direction, the feeling of significance of having his name on the business and owning the successful enterprise.
Who ever feels like they are being paid enough? Could you make more money by working for yourself or as someone else’s employee? Given a profitable idea and the resources and means to market it, you might be able to develop an income greater by having your own enterprise. However without proper execution, the cost of doing business could wind up exceeding what you make. When your outgo exceeds your income, this is known as a deficit.
Being A Business Owner is Not for Everyone
Not everyone is capable of running a business. One benefit of being an employee of another is a much more predictable income and a much lower risk of not making money or worse, losing money. Owning your own business requires that you have an internal drive. It is analogous to moving off to college. At college, no one wakes you up and ensures you go to class. In high school, a truant officer will be dispatched to round you up in some cases. When your own your own business, you are completely responsible for getting it done. Self-motivation and self-direction are two required attributes to successfully run a business. In a recent blog post, 5 Better Solutions Than A More Competitive Minimum Wage, I listed six ways to increase your bottom line. Some of those are as an employee and some are in a business of your own.
Improve Your Bottom Line and Fulfillment Through Self-Employment
Which is better for you: working for someone else or working for yourself? Which is better for you: working for someone else or working for yourself? Click To Tweet