For a lot of people, business management is one of the most satisfying aspects of life. It usually gives them a sense of power and superiority to start and run your own business. But like all things nurturing, business management comes with its own pros and cons. We take a look at some of these.
1. Windfall: Business management comes in handy in the monetary sense. You could end up making much more money than you would have made while working for someone else.
2. Autonomy: Be your own boss, and make all the decisions crucial to your own success. You have the opportunity of being your own boss and making all the decisions without consulting anyone hence wasting time.
3. Create employment: By being a business manager, you have the opportunity to create employment and hire other people thus contributing to the local economy. This also makes you a life changer for the people you end up hiring.
4. Security: Business managers and owners always have the security of tenure. They are their own employers and therefore are not scared of being fired by anyone. They can work at any time of the day.
5. Discovery: As a business manager, you have your own ideas that you would like to put into action. You can decide which ideas you can practice and which ones you want to put on hold to see what works and what does not.
6. Oversight: As a business manager, you have ultimate control of the business. You are the sole decision maker and hence you do not need to make any consultations while making a decision.
7. Experience: You have the opportunity to learn about every aspect of a business and gain knowledge in a variety of disciplines. This increases your wealth of experience in these disciplines.
8. Contact: You have the opportunity to work directly with your customers, and see what they need first-hand. This creates the much needed personal contact needed for the business to succeed.
9. Self-Belief: You can take personal satisfaction of creating and running a successful business on your own. This gives you the confidence to do more and achieve more.
10. Interest: You have the opportunity to work in a field or area that you really enjoy, or that compels you to continue working. This means you wake up every day to do what makes you happy.
11. Long-term: You can also build real retirement value by selling the business when you retire and have enough money to live off.
12. Establishment: Business management also helps you put down roots in your community hence providing a sense of belonging and stability.
1. Investment: Like all other huge personal undertakings, you may have to take a large financial risk which is a huge risk if it fails.
2. Devotion: You’ll likely have to work long hours and may have fewer opportunities to take vacations which may eat into your health in the long run.
3. Minutiae: Much time could be eaten by the details of running a business, not those things you enjoy. You will end up spending the bulk of your time on the things that you do not enjoy.
4. Inconsistency: Your income may not be steady; there may be times when very little is coming in at all. You are not always assured of the expected income.
5. Strain: You may have to undertake unpleasant tasks, like firing someone or refusing to hire a friend. These decisions are usually very difficult to make and may also affect your personal relationships with people.
6. Learning: You may need to learn new disciplines, like filing and bookkeeping, inventory control, production planning, advertising and promotion, market research and general management.
7. Legal liabilities: You are always liable to legal repercussions especially in situations where you may end up being sued by a client or a partner.
8. Restrictions: You are always under restrictions and may not be able to do some things freely like other people.
9. Always being watched: You are never free to do your own things. You are always being watched and each step you make may have a certain effect either on you or on your business.
10. Long waiting results: It sometimes takes a very long time before you start to see the expected results of your business.