For some people, their chosen career path will always mean that they work for a company, business, or corporation, whereas others have a bit more flexibility in this sense. Many careers out there give you the ability to go into business for yourself if you choose. So, what is a new graduate to do? What makes more financial sense? Should you go into business for yourself or join a firm? Here’s a look at some of the pros and cons of each.
Starting Your Own Business – a Look at the Pros and Cons
There are a number of careers that are ideal for those wanting to start their own business, provided they have the right training and education. Take, for example, the online master of science in taxation through a school such as Northeastern University.
With an online MST degree, you can work in such positions as a financial advisor, a certified public accountant, or even a chief financial officer. And this is just one discipline; there are plenty of other fields that work perfectly as an independent business.
Most people tend to give the same reason as the top pro and that’s the fact that you get to be your own boss. You will be in charge of the direction of the business, you’ll set your own hours, and choose your clients. It’s also a great way to fill that entrepreneurial drive that some people have.
Other pros to starting your own business include job security, a chance to make a lot of money, and the satisfaction of knowing this is something you did on your own.
Of course, there is the flip side to starting your own business and that is the cons. Starting your own business is always going to be risky and there is no guarantee it will be successful. As much as you’d love for the company to be lucrative, often start-ups lose money. It’s also a whole lot of work. You’re the one who is responsible for marketing the business and getting out there to find clients. It’s not a 9-5 kind of job.
Joining a Company/Institution/Firm – the Pros and Cons
When it comes to working for someone else, there are a couple of routes to take. You can go with the large company or something smaller, maybe even a start-up. Each of these options will have its own pros and cons, as well as its own environment. Typically, if you choose a large firm you know you will have the ability to change jobs within the firm, the salary will be competitive, you may be offered benefits, you’ll have set hours, and vacation time. Small companies may not offer all the same things but they tend to be a more relaxed environment and flex hours are often possible.
As for the cons, well you’re looking at things such as the fact you aren’t in control of the business, there is no job security, you can start to feel like a number rather than a valued member of the team, and it’s obviously not going to fill that entrepreneurial drive.
In the end, it’s really about how you weigh the pros and cons and where you place the most importance