Starting my own business, what am I in for?
Since I studies in hospitality management, running a cafe has become my dream. But running a business along is not easy. Many people think running their own business can control their destiny. However, the negative points we also have to take it into consideration.
First the positive points are:
High incomes
Having my own business can give me an opportunity to have a high salary. The income which I earn is related to the productivity pricing and market plan. All these activity is under my control.
Do the things you like
Owning a company provides you an opportunity to work in a place that you really enjoy. Working in an industry which are passionate helps you work more efficient and motivated. And it also allowed you to create new things and increase your own satisfaction.
The negative points are:
Financial risks
The disadvantage of owning a business is that maybe you will suffer the financial risk. Whether you used your savings or borrowed money for start up costs, the money invested in your company is at risk.(Johnson, 2014) If you run your own business, you are the only one who take responsibility of the risk. Once the company go out of the business, the owner will lose their initial investment or default the bank loans and it will cause bankrupt.
Stress
As a business owner, you have to take care of everything in your company.There are some things your usually worry about—competition, profit, employees, customer problems and etc. As the owner, you are responsible for being your employees as well.
Time occupation
People always think running a business that they can have more time to accompany their families and more spare times. However the reality is contrast, running a business is much more time-consuming especially for the hospitality industry. The owner have to be reachable for any time. Vacation will be usually interrupted and difficult to take.