Self-employment and pursuing entrepreneurial opportunities are often seen as inseparable by the general public. Starting a business requires initiative and an entrepreneurial mindset, of course. However, this does not rule out the possibility of achieving success as an entrepreneur while employed elsewhere. What are the upsides and downsides of being one’s own boss?

The terms “lawyer” and “solicitor” are often used synonymously in the United Kingdom, but they do not always refer to the same thing, so it is prudent to learn more about both.

The term “entrepreneur” lacks a common, agreed-upon meaning. Some people consider an entrepreneur to be a self-reliant person who operates their own arete syndicate business. Some people consider someone who works a 9-to-5 but also has multiple streams of income to be an entrepreneur. Others consider someone who is constantly trying new things at work to be an entrepreneur. The term “entrepreneurship” better describes a way of thinking than a particular profession. One of the biggest challenges for students and recent grads thinking about going into business for themselves is figuring out if self-employment is the right choice for them.

Self-employment can mean working as a sole trader, joining forces with another individual to form a partnership, or forming a limited liability company with the intention of employing other people. Anyone who is their own boss falls under the broad category of self-employed.

Pros

Adaptable way of life

It’s a lot less of a hassle to move around and look for work in different places when you have your own startup business. Taking time off is also much less of a hassle now that you don’t have to get approval first. This means that self-employed people are free to take vacations whenever they like, for as long as they like, and for as many times as they like. Instead, it is the responsibility of the individual to evaluate their own situation, take the initiative necessary, and decide whether or not they are able to take time off.

Confidence in one’s own ideas and opinions

When you’re the boss of your own company, you get to decide how everything gets done. In their pursuit of growth, business owners are always trying out novel approaches, taking calculated risks, and probing into uncharted territories. On the other hand, when you’re employed by a business, you don’t have as much leeway to make major adjustments and you don’t have the same sense of ownership over the work you do.

Opportunities for making money

Self-employed people can set their own goals and progress at their own pace, which leads to a much higher income potential. Self-employed people enjoy a greater degree of freedom in their daily lives while also having the potential to put in long hours at times, network, and see financial rewards for their efforts. Many people find this perk of being self-employed more encouraging than receiving a regular paycheck.

The importance of networking cannot be overstated for business owners

Hopefully, you now have a firm grasp on the question of why networking events are so crucial for business owners to attend. In order to grow their businesses, entrepreneurs should put in the time and effort required to build and maintain productive networks.

Successful business owners know the value of networking to increase their access to resources, support, and opportunities. Those business owners who invest the time and energy needed to cultivate connections will reap the benefits in the long run.

Business Network International (BNI) is a worldwide organisation that facilitates networking among young business owners and entrepreneurs. If you want to further develop your capacity for networking, this is a step you should take.