Please enjoy this short article by guest author, Kristen Gramigna!
The decision to become your own boss involves overcoming a profound sense (and possible fear) of professional, emotional and financial risk. Given the statistics that only half of small businesses survive for five years, being hesitant about opening a business may be justified. Despite its challenges, however, entrepreneurship offers plenty of tangible and intangible benefits that can negate the uncertainty. In fact, if you’ve been debating whether to open your own business for some time, the most important question you haven’t considered may be, “Why not?” Here’s a look at some common fears would-be entrepreneurs tend to have — and why your excuses for not being your own boss may not be as valid as they appear.
Job security is a facade
When you work in a full-time job for an employer, there’s an inherent sense of security: Your employer promises to regularly compensate you with an agreed-upon amount of money, and may provide paid time off, health and life insurance benefits, and additional compensation for a job well done. Additionally, you’re given the technology tools needed to do your job, and likely, a place to do it. If you lose the job for reasons outside of your control, you may be entitled to severance pay, and/or the option to apply for unemployment payments while you look for a new job.
Though all of these factors can make it feel like working for someone else offers more security and safety nets than owning your own business, Labor Department data indicates that full-time employment isn’t as secure as it seems. For example, [Continue reading]