Being your own boss means you get to do what you want and won't have jobsworths trying to tell you what to do all the time - you will be the only one telling you what to do.
But, unless you have a good business plan your income could be unstable. At least when working for others you have a regular wage.
PROS : Being your own boss allows you to set your own pace of life. You always know its your own fault and cannot blame others. You have perfect control of your business. Motivational factors are far superior to those of an ordinary job. You can always progress and add new practices to your business. I started out with my own sporting goods gear, but today have businesses dealing with military gear, martial arts gear, marketing and advertisement, consulting etc. The sky is the limit.
CONS: No work no pay. There is no 15.th of the month for which you drastically wait to get your paycheck. That is probably my only CON if you can call it that.
I love being self-employed. The flexibility in the hours worked is awesome plus I love the business I am in.
When you are self-employed though, you must be well disciplined in time management, and financial budgeting. Learn to put some money aside when business is booming so that if you hit a "slump" you have something to fall back on.
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