Friday, March 27, 2009

The Pro's and Con's of Putting Up a Business

My family has long been into business. My mother is just so stubborn and passionate about it that she does not recognize the word, "QUIT." So, in spite of the fluctuating economic status in the Philippines and particularly, in the Philippines, our business fairly thrives through.

Now, that we have our own humble boutique with my sisters as partners, we take my parents' advice on business. We also benchmark our works and products with other entrepreneurs' success stories.

But, what are the benefits and disadvantages of putting up a business. I have cited the following from readings and personal experience.

The Pro's:

1. You manage your own time, money and other resources.
2. You get the freedom to be more creative and innovative and network as far as you can and you can push your competencies to the limit and still learn more.
3. You earn higher and may be within the confines of your home.
4. You can spend more time with your family since you own your time.
5. The business can be a medium for the entire family members to participate in.
6. It can be less exhaustive than working 8 hours a day behind your desk or something.

The Con's:

1. The risks of failure or economic problems are higher.
2. The payback may be longer than expected.
3. Your decisions may or may not break your business apart.
4. You handle people with various personalities.
5. You hurdle through the intricacies of government bureaucracy and their business regulations.
6. Your resources may be depleted with less or unstable financial support.
7. It may be a reason for not spending time with your family.

In spite of all the con's, we still venture on a business. Anyway, nothing is really certain in this unstable economy but with the right knowledge and resources, any business can just thrive well and do well.