Control Your Financial Destiny – Be Your Own Boss

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Most people are concerned about money. If you aren’t a millionaire, you are most likely part of this group. Money – we never seem to have enough of it and are always looking at ways to spend less of it.

For the average person, the concept of taking control of their financial destiny consists of little more than having a 401(k) at a job they most likely don’t care too much for. Few people take true control of their financial destiny.

One way to have greater control over how much money you have is to be an entrepreneur. While not the right option for many (if not most) people, being your own boss has been the key to financial security for a large group of people. If you are looking for a way out of the grind of your 9-to-5, you might consider being your own boss. While the risks involved are many, the potential payout is exponentially greater than anything most people will ever see working for the man.

Below are some pros and cons of being an entrepreneur:

Pros to Being Your Own Boss

  • It is easier to get a raise when you are in control versus being an employee.
  • Your entrepreneurial success is generally tied to how hard you work. When working as an employee, most times your hard work is not recognized. Employees that work hard are rewarded the same as those that do the bare minimum to get by.
  • There is no greater freedom from being your own boss, having the ability to do what you want, when you want, without someone telling you what to do.
  • The upside has a huge potential. If you are a successful entrepreneur, you can have huge financial gains that are beyond the imagination of the typical employee.

Cons to Being Your Own Boss

  • No certainty that you will succeed. As a matter of fact, most small businesses fail in the first 5 years.
  • Uncertain income can lead to a great deal of stress.
  • Most likely, you will have to put in a lot of time and effort before you see any results. A successful outcome is never guaranteed, even if you put in the time and effort.
  • You deal with everything, good and bad, which is something most employees don’t have to worry about.
  • You never really get away from your business. Even when you are on vacation, you are the person in charge.

 

Never As Easy As It Seems

Being a successful business owner is a lot of hard work. Period. Don’t believe anybody who tells you otherwise. There is no such a thing as getting rich overnight as your own boss.

Most people are not cut out to work for themselves. Most people should be employees, working for someone else. But, for the fortunate few that take the risks and become a successful entrepreneur, the potential payoffs are worth the pain it took to get there.

Take Control of Your Financial Destiny

While you are clipping your coupons and shopping for the best deal to try to stretch your dollars, just keep in mind that there may be another answer for you. Maybe you should take some time and consider if being an entrepreneur might be something that would be a good fit for you. Fortunately, you can explore your options while you keep your day job. You can even get your feet wet while you continue to work for the man, though doing so will be equivalent to working two full-time jobs, at the very least.

Entrepreneurs control their financial destiny. They don’t spend their time clipping coupons or shopping for a deal. They spend their time building a business that will give them the financial freedom they yearn for and deserve.

You have the choice if you want to be an employee or if you want to be the boss. Choose wisely, as the decision you make will greatly impact your financial future.

About the Author:

Guest post by Marshall Davis of Business Service Reviews, a website that reviews products and services that help entrepreneurs start, grow and maintain successful small businesses. His new interview series, Talking Small Biz, will shed some light on how different entrepreneurs are finding success in their chosen field.

Photo Attribution Some rights reserved by buddawiggi

8 comments

  • Great post! Quite inspiring…I like the focus on “hard work” that is needed to be your own boss. One can only hope to truly do what they love, then all the work may be a bit easier to bare…thanks again, good stuff!

    • Hi Chad,

      Thank you – glad you liked the post! Let me tell you, being an entrepreneur is, for many people, the best thing that ever happened to them. HOWEVER, it is a whole bag full of stress at times, and full of uncertainty. But when it is good, there is nothing else like it!

  • Nice article! I liked the reminder that it’s never as easy as it seems. I think too many people see the success stories and forget to look at the work which went into achieving that success story.

    • Hi Alex,

      Glad you like the article! Yes, it is the old ‘overnight success’ story that was years in the making. Just because a company popped up seemingly overnight doesn’t mean there wasn’t a lot of hard work for a long time before this happened.

  • That’s a really nice post, you have got here. Your thrust on “hard work” is quite motivational. I have heard somewhere that – “Only in dictionary, success come before work”.

  • Great piece… I have concluded that, when young, generating your own income is definitely worth the risk.  Especially if you have a full time job that you can hedge with.  Maybe more so if you do not.

     

  • Hassaan Mir

    great thought by a great person =)