Advantages of Business Ownership

This page accompanies the chapter, Advantages of Business Ownership (Have Your Cake and Eat it Too), in the book, Hire Your Job, Fire Yourself. Here you’ll find a recap of the chapter, additional information, and some valuable resources to help convince you that the advantages of owning a business are significant.

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain

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About the Chapter, “Advantages of Business Ownership (Have Your Cake and Eat it Too)“

This chapter shares several great reasons why business ownership is advantageous, generates wealth, creates happiness, and is family-friendly.

Besides eye-opening statistics about how a significant majority of workers (non-business owners) are disengaged with their jobs and actually plan to leave their jobs, this chapter explains a number of great benefits of hiring yourself, including:

• Be Your Own Boss
• Flexibility
• Financial Benefits
  • Extra Income
  • Profitability
  • Diversification
  • Tax Benefits
• Build Your Own Dream Team
• Employment of Family and Friends
• The Psychology of Happiness
• Live and Work Where You Want
• Other Perks

 

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Additional Resources Showing Benefits of Owning a Business

Here is a variety of great resources and links that help underline the significant benefits of owning your own business:

• According to research conducted by Goetz, Fleming, and Rupasingha, “Recent studies suggest that self-employment has tangible positive economic impacts not only on wage and salary employment but also on per capita income growth and poverty reduction.” (The Economic Impacts of Self-Employment Stephan J. Goetz, David A. Fleming, and Anil Rupasingha)
• According to a CBS News report, 84% of workers are looking to leave their jobs which compares to 60% in 2010. Only 5% said they were planning to stay in their current job.
• Employees are restless, yet they feel there are less career options than there used to be. The prolonged economic uncertainty has resulted in unstable job mobility. The average tenure at a job is drastically different through the generations. According to Bureau of Labor Statistics, the median tenure with the current employer for an adult age 55 to 64 years is 10.4 years. For an adult 25 to 34 years old is only 3.0 years.
• The Bureau of Labor Statistics also posts some very interesting Quit Rates. Here are Quit Rates (not seasonally adjusted) and the seasonally-adjusted Quit Rates.

 

“Happiness does not come from doing easy work but from the afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best.” – Theodore Isaac Rubin

 

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