Small Business Management: Is it in YOU?

Author: Sasha Bolotova

            Starting your own business is a serious commitment, so do you ever wonder whether it is the right decision for you?  Not only do your professional goals and needs need to be considered, but the advantages and disadvantages of owning a small business need to be kept in mind as well.  There are various benefits that can be achieved by creating and managing your own small business.  If you are willing to take on the responsibility of being a small business owner, one of the most appealing advantages is the ability to be independent.  Being your own boss gives you the freedom to expand on your vision. It challenges you in ways you couldn’t be challenged before and it most certainly creates a sense of gratification.  Other important benefits of owning your own small business include, but are not limited to, financial opportunities, job security, community service, flexibility, and family employment.

       While the advantages are important to realize, it is even more important to understand the disadvantages of owning a small business before launching into one.  If you are not aware of the downfalls, you will find this career path frustrating and will end up unhappy.  However, understanding the disadvantages can properly prepare you for what lies ahead.  One of the most significant barriers is the sale fluctuation, which are always consistent when working for a large firm.  There could be months where you will need to take out loans to make sure that your business can get through rough patches, and as the owner it will be your responsibility to make sure that your business is afloat and running through those rough patches.  Other drawbacks of owning a small business consist of competition, increased responsibilities, financial losses, employee relations, laws and regulations, and the most critical disadvantage is the risk of failure.