Is starting a business safer than looking for job?

[alikebabay]

The name of the topic might look strange for many people, especially for those already enjoying safe, highly-paid job and associated benefits. But this idea has been breeding in my head for quite a while.
Businessmen are more in control of their lives. They are solely (or jointly) responsible for the crucial decisions and have no boss to tell them what to do. Safety of the employment can also be questioned in the light of modern job market conditions: downsizing and credit crunch, people defaulting on their mortgages and causing a chain reaction.
It becomes more and more challenging for many people to look for and receive a job. Banks and mortgage providers are currently dumping staff to decrease expenses, increasing worries about upcoming crunch. Despite the record employment level, according to Guardian, less and less people can receive a good job.
Does not it make more sense to become a job creator yourself? Businessman are known for their creativity and ability to make money without money, virtually out of the air. Is not it better to direct your imagination towards solving solutions which help millions of people, rather than looking for employment that will help only you and your family?
Risks are obvious and very high. You can lose everything you had and even get into enormous debt. Well, Donald Trump was more than 8 billion USD in debt, that did not kill him. Besides, this is what is insurance for.
Any other ideas?

[hugh]

It's certainly not less stressful!!

[eUKhost.com]

Don't forget that not everyone gets successful in Business. We have many staff members who tried different types of Business before joining our company and they failed miserably. Some of my friends are still paying for mortgages which they had previously taken for Business and now it goes out of their monthly Salary and incentives

If you can prepare yourself to live harsh life for few years and work long hours, then it is possible that opportunity will enter from a particular direction(unknown). If all you want is a secure and comfortable life then consider a decent job

Finding a good Boss is quite easier than starting a new Business

[alikebabay]

This is true, job provides safety and security. In the business you have to work more than any worker and you definitely could not afford (in the beggining) to take an hour for lunch, or leave home after 5pm. Now, to make myself clear, I want to say that I do not suggest everybody to rush out and start businesses. It is just that there are ways to make sure you do not get in trouble with mortgage taken for the business after it crashes

[eUKhost.com]

Originally Posted by alikebabay

This is true, job provides safety and security. In the business you have to work more than any worker and you definitely could not afford (in the beggining) to take an hour for lunch, or leave home after 5pm. Now, to make myself clear, I want to say that I do not suggest everybody to rush out and start businesses. It is just that there are ways to make sure you do not get in trouble with mortgage taken for the business after it crashes

hehe. Luck is another important factor you need in your favor.

I know how positive I was in initial days and how I managed to raise my efficiency by reading many different books to boost my motivation. I had to visit my Doctor couple of times just to get some help on stress management

[WelshTom]

You can do both at once

[John]

A counter question...Do you have something in mind?

If you have an idea that you think will work, go for it. If you don't yet have an idea, try and find a good job. Finding a good job is as much about luck as it is about skill. I can look back through my career and see some rather lucky breaks and also some amazing timings. If you are prepared to make sacrifices, you can get a good job.

[DPS Computing]

Business can be more lucrative a lot faster than a job but also you take so much more risk starting up your own business. If your just an employee if the business goes under the only downside is that you have to look for another job which for most people won't be too difficult whereas if your own business goes under you take a lot of the reputation damage, financial problems and other associated disadvantages such as having your credit ruined if you go bankrupt etc.

[alikebabay]

This seems to be a fair point. How about starting business with the help of venture capitalists - several people who will give you credit: big in total, but small for each of them in exhange for shares in your business? If you go bust, you can still negotiate with them for repayment, they would not chase you like a bank. Some of them might even let you try again

[sb123]

WELCOME to the Forum!
----------------------------

Have a steady job IF you can.

Then try and have a part-time BUSINESS instead of a part-time job. Once, you feel that you can handle business stress and are mastering the tricks of the part-time business, think of going full-time. In business, you have to CREATE your own luck - with know-how of the business, going one-up on the competition, learning to be creative and becoming a master in your niche, and yes....

working smart and hard. Also, once in business, you cannot just relax.. you need to constantly learn and constantly fine-tune your business. Now, if you can sell anything online 24x7 - automatic or manual - then it's a different matter! In short, you'll need 101 percent efforts in the right direction to succeed in business.

[DPS Computing]

Originally Posted by alikebabay

This seems to be a fair point. How about starting business with the help of venture capitalists - several people who will give you credit: big in total, but small for each of them in exhange for shares in your business? If you go bust, you can still negotiate with them for repayment, they would not chase you like a bank. Some of them might even let you try again

True, but getting venture capitalists to invest in your business is not as easy as it may seem. I do Comp Sci with Business as an add on to that (effectively like the US Major / Minor system or in this country, combined honours) and getting people to invest in your business idea is extremely difficult. Firstly you need lots of plans and lots of things written down.

You need all your market research down for example asking people to fill in questionaires, one on one interviews, see how a similar business is running, get in on business meetings, research your product / service and its history, how it has been offered in the past, successful business in your product / service area as well as failed businesses and the reasons that these businesses failed. Also you need a full business plan preferably with 5 year predictions and estimations based on your research and when you expect the business to first make a profit.

Having shareholders also does not exempt you from liability. If you wish to be at the top of that chain, ie CEO, Owner etc whatever you want to call it you will still be ultimately responsible in many cases especially if your product / service is substandard, causes accidents isn't properly licensed (depending on what product / service you are offering).

What I have mentioned is just the tip of the iceburg, I could go on and on and on for at least 50 pages on what you have to do - in fact there is a profession for people who do this and they get paid a lot of money - and thats business consultants!

By no means am I trying to put you off setting up your own business but I don't want to fool you into thinking that there won't be a lot of hard work - which there will be, a lot of stress - which there will be, and a lot of expenditure - especially in the begining. It's definitely not something to go into light heartedly and definitely isn't going to make you a 'quick buck'.

Hope that helps .

[scoobydoo123]

Well in my opinion no matter how much you are paid working for someone else you will never earn what you are actually really worth. I have been in business for myself for over 15 years and no matter how much I was offered I couldnt ever work for someone else again. It isnt just about money, its about the time and effort you spend nurturing your business, and the satisfaction from its sucess lies far deeper than any financial rewards. Its like a life form you live and breath it and its a little like having children, its not always easy and sometimes you could pull your hair out but at the end of the day you have created and built something that is truely yours. Have a go, take the risk (and it probably will be a big one) and as long as you give it 100% even if it fails you can always pick up the pieces and start again. Otherwise you will go through life looking back and thinking....I wonder where I would have been if I had just taken that chance!

[RecruiTT]

Your own business gives you the freedom of action, you can experience all your new ideas and emphasize all your knowledge and previous experiences. To start your own business you must have at least medium studies about law, management, marketing, recruitment etc. After 3 years of ownership you'll be almost an expert in law and economics. So even if your business doesn't work you'll gain experience. It also involves a lot of costs and up to 24 hours a day work.
If you choose the job you'll only have to work 8 hours a day, you'll have a monthly salary but you loose the great opportunity of make it big.

I think that having your own business is more risky. But with great risks come great earnings!

[Leo F. Swiontek]

It is good to start a business instead of a job. But if you have good knowldege and hardworking then you should start business becuase you have more chances to be successful and go to at top. But in job it can create problems.


Leo F. Swiontek

[Griff@Dreamsupport]

Have you thought carefully about your strategy?
How you are going to tackle a business venture??

will you be providing something that people need?

or something that the market is already rejecting ??

you need to question all of these things all the time

never let your guard down and like it was previously said

"you wont be able to take an hour off for lunch or leave home after 5pm"

its not easy at all for one minute to run a business

even though the money is good obviously if you get going but you need to take careful consideration into it

hope this helps some one

[WelshTom]

Originally Posted by Griff@Dreamsupport

Have you thought carefully about your strategy?
How you are going to tackle a business venture??

will you be providing something that people need?

or something that the market is already rejecting ??

you need to question all of these things all the time

never let your guard down and like it was previously said

"you wont be able to take an hour off for lunch or leave home after 5pm"

its not easy at all for one minute to run a business

even though the money is good obviously if you get going but you need to take careful consideration into it

hope this helps some one

Yeh that's right. It's also difficult to take time off, and holidays, when you're running your own business. Working hours also increase a lot, and you barely get time to yourself.

[joots]

As someone who made the shift from Corporate to working for myself. I have to say that it really does depend on you and your own goals for life.

I'm still earning less than when i was corporating it, but i have to say i'm much happier (freedom to do what i want and when). But the earnings is only part of it, as i'm sure in the medium to long term i'll be at parity at least.

If you want to go into business for the financial rewards, be wary (we hear alot of about the successes but theres also plenty of failures). Ppl i know who have gone into it just for the money, quite quickly lose interest as they discover the hours are long and money doesn't necessarily come quickly. The best people i know are those who are passionate about their business and see it as a lifestyle choice.

Do some research, chat to people and if you feel like its for you do it. (it won't kill you or anything, and the experience is invaluable).

Also be warned if most of your social circle still works in offices/for other people, when you're down the pub with them on a friday night (if you have the time), you may feel a bit left out not having many things to grumble about (i.e. the boss this and that, oh the process is so &hite, why doesn't x department do this blah blah).

All the best

[eUKhost.com]

Originally Posted by joots

As someone who made the shift from Corporate to working for myself. I have to say that it really does depend on you and your own goals for life.

I'm still earning less than when i was corporating it, but i have to say i'm much happier (freedom to do what i want and when). But the earnings is only part of it, as i'm sure in the medium to long term i'll be at parity at least.

If you want to go into business for the financial rewards, be wary (we hear alot of about the successes but theres also plenty of failures). Ppl i know who have gone into it just for the money, quite quickly lose interest as they discover the hours are long and money doesn't necessarily come quickly. The best people i know are those who are passionate about their business and see it as a lifestyle choice.

Do some research, chat to people and if you feel like its for you do it. (it won't kill you or anything, and the experience is invaluable).

Also be warned if most of your social circle still works in offices/for other people, when you're down the pub with them on a friday night (if you have the time), you may feel a bit left out not having many things to grumble about (i.e. the boss this and that, oh the process is so &hite, why doesn't x department do this blah blah).

All the best

you have poured your heart in this post

people will always find one or the other reason to blame you if you fail. people will be jealous of you if you succeed. Life is quite difficult in Business as you loose earlier part of your life in establishing your Business and the later is lost to retain and grow your Business.

Only satisfaction you get in Business is when you sit alone somewhere in peace and think of what you have achieved

[Xander]

I work part time for a pub, then the rest of the time is self employed work in a few different market, times do get tough, some months I don't earn as much as I'd like to, but things are definately improving.

[eUKhost.com]

Originally Posted by Xander

I work part time for a pub, then the rest of the time is self employed work in a few different market, times do get tough, some months I don't earn as much as I'd like to, but things are definately improving.

Who earns as much as they would like to ?

Money can never bring satisfaction. You feel better now as things are improving and thats what you call satisfaction.