A LOT of people want to open businesses and be their own boss, but not all that glitters is gold. There are many dynamics when it comes to being your own boss, which require you to be flexible and adaptable. Businessman, Valentinas Methula, the founder of the perfume brand, Valentinas Kafungo, gives tips on running your own business versus having a regular job.
PROS AND CONS
Valentinas says even though being self-employed has perks such as choosing your own working hours, you have to work harder than someone who is not self-employed. Valentinas says, “When you are self-employed, you are responsible for the profits and losses of your business. Often there are no luxuries such as a guaranteed pay cheque, pension fund, medical aid, paid holidays and sick leave. With no boss or supervisor to manage you, it takes also great focus and motivation to be self-employed.” He says, on the other hand, an employee in a company is under contract and executes their duties in the name of and on behalf of the employer. “An employee works according to the terms and conditions specified in their contract and bears no personal risk if the business does not perform well. The costs and expenses are the employer’s responsibility,” he says.
DOING THE HARD WORK
According to Valentinas, most people think they have what it takes to start a business until they realise that it's hardwork. He adds that as a business owner, you have to be able to identify opportunities and seize them. Most employees do what they are assigned to do. There is someone else who is responsible for looking out for opportunities. If you want to start a business, you also have to be able to plan ahead. Your last job might have not involved planning at all, as that was someone else’s job, or perhaps your job involved planning on a limited area, such as planning a particular project. When you venture into business, you need to develop expertise in both short-term and longrange planning.
DEALING WITH UNCERTAINTY
When you start a business, one of your first duties will be to work on a business plan. You need to be prepared to put in a relentless and steady effort. Unlike in a job where you are required to work certain hours a day, being in business requires you to put in long hours. You also have to be able to deal with uncertainty. As an entrepreneur, there’s no promise that the products or services you are selling will be in demand six months from now. The uncertainty of not knowing whether you are going to make money or not is often too much too handle.