14:36 13 September 2017
In a healthy job market like the current one, jobseekers and professionals might be tempted to seek the security of being employed by others rather than being business owners in their own right. The responsibilities of business ownership are not attractive to those who would rather earn money by working for someone else. Even in a healthy job market, though, owning a business is more appealing to professionals and jobseekers desiring to control their career.
The benefits of business ownership are rooted in career self-autonomy, or dictating the purpose and function of one’s professional career. First and foremost, people go into business for themselves because the rewards determine their mobility and success in the industry. Another reason why some professionals choose to go into business for themselves is because the business owner can participate in all levels of the business. Many professionals see their skills as an opportunity to make a lot of money, and depending on the industry, the opportunity for a professional to make a huge amount of money is a reality for business owners. More importantly, those who open businesses for themselves are highly motivated high-achievers who view starting a business as a challenge. Finally, some look at owning a business as a way to become well-known or even famous. Professionals decide on entrepreneurial ventures for a number of reasons.
Professionals looking out on this positive job market have very good reasons to start a business. For one, the current job market is described as one of full employment, or a market where there are too many jobs and not enough workers, which means that there is enough work for someone to consider self-employment. Beyond the obvious reasons for wanting to open a business, such as flexible hours, being a shot-caller, and meeting new people, the financial rewards are numerous. First and foremost, when business is good, life is great, and this means more money, which translates into setting one’s salary and signing one’s own paycheck. Other financial benefits include the numerous tax write-offs that business owners get, the investment opportunities, and, most importantly, achieving financial independence. Ultimately, the intrinsic rewards of owning a business include using one’s creativity in all aspects of branding, networking with others in the same business, inventing new and better ways to deliver products, and leaving a legacy.
Determining when to go into business depends on the life and financial circumstances of the prospective business owner. Someone just out of university has the freedom to work endless hours in the effort of getting the business off the ground. Nick Holzherr, CEO of Whisk.com, believes that opening a business right out of school has many advantages. For example, college graduates, who are unencumbered with financial and personal responsibilities that go along with having a family, might find opening a business a welcome challenge. More importantly, because opening a business requires financial sacrifice, a college graduate might not find the thought of making little money difficult, while someone who has worked for a number of years might miss the security that working for others brings. Conversely, someone out of school for a while not only has work experience but also has connections from which to build clientele. In today’s competitive market, consumers and other professionals want guarantees that they are paying for expertise. Vangelis Marinakis, an expert in renewable energy sources, for instance, spent many years doing research in this area before opening a contracting business. These years in research and as a professor have allowed him to make the contacts necessary to work for himself and to build a successful business. Another factor to consider is the type of business and its location. A young college graduate might decide to open a popular coffee house in a major city specializing in attracting up-and-coming poets, while a more seasoned professional might wish to run the same business in a smaller, more suburban locale.
Going into business is not for the faint of heart. The first couple of years, whether the business owner is a college grad or a seasoned professional, require hustle, grit, and time. However, business ownership gives those who choose it opportunities for financial freedom, in addition to choosing their working hours and environment. Even more compelling is that this job market supports those with the motivation and creativity to start their own business.
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