Starting your own business means being your own boss, setting your own work hours and choosing your own work tasks, right? No more '9 to 5'! No more unpaid overtime! No more 'wage slavery'!

Running a small business may seem like an opportunity to realise your creative idea and take control of your financial wellbeing. But you may find that there are as many disadvantages as advantages to giving up 'wage slavery'.

Advantages

• Freedom to operate your own business as you like.
• Determining the hours you work, so it can be quite flexible.
• Opportunity to balance work with other commitments, such as family or existing employment.

Disdvantages

• Long hours involved before experiencing success.
• Initial capital needed to start the business.
• Low market share due to a small customer base (at least initially).

Business management is hard work and requires determination, drive and competitiveness. Keeping abreast of market changes and regular contact with consultants can also help you avoid failure.

You may now like to try the discussion activity 'Sacrificing salary' to test your understanding.