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Mohsin Jamal
Professor Shepherd
English 101
17 April 2014
The Benefits and Challenges of Owning your Own Business
I would like to own my own business, because in my family almost everybody does
business. The way I like to do business, however, is totally different from my all family members
businesses. My dream is to open big store where I can have all kinds of clothes from India and
Pakistan. The reason I would do this is because there are many people who like Indian and
Pakistani clothes in United States but they can’t find them here easily. When I will start my
business, I will have to deal with a lot of problems. It will be very hard, but I have had
experience seeing my family members who have businesses and how hard they had to work.
There will be many good things too. I will need a designer and I could choose my cousin who is
a successful fashion designer. She can help me to choose a good collection of clothes. Another
good thing about my business is all my family members will come, and in my family everyone
likes Pakistani and Indian clothes. I will choose my employees myself because in business
employees also have a big role. I will have to take care of everything myself so I can ensure that
all parts of my business maintain a high standard. I will have to advertise on a large scale so
people know about my store.
The U.S. economy is going through a recession right now, but over the last several years,
the economy was in worse condition, and that’s why it’s still hurting small businesses. This will
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have a bad effect on small businesses and some experts might argue that people should expect
to get laid off. But, the new reports are showing that the U.S. economy is going in a positive
direction and is showing steady signs of recovery throughout the later part of 2013. Economists
are hoping that in 2014, the economy shakes off the last effects of the great recession. Some
businesses fail, however, the reason being the economy. It also affects the employees because
employees lost their jobs. Angela String fellow says that “when small-business profits suffer,
those companies are forced to layoff employees, and without new job growth, the
unemployment rates rise” (1). Many small businesses fail during economic recessions. But I
want to take this risk because the economy is growing and if I start my business right now, I can
help the economy continue to improve. This economic climate can be a good thing for people
who want to open a small business because it helps them to be confident in making future
goals for their business, and they can better position themselves for more likely success.
After dealing with the economy you have to deal with several other things. However,
there are experts who argue that small businesses tend to thrive in a recession. According to
the article “Recession Effects of Recession Cycle” by MoreBusiness.com,“During a recession,
interest rates could come down; and in case you need to apply for a loan, then you may not be
faced with high interest rates or recession could offer you a chance to invest the stocks or
property due to lower prices”(1-2). I agree with this article. If the economy is good during your
time when you are going to open your own business, then you don’t have to pay a lot of
interest. I think it is a good idea to open your own small business instead of working for
someone else.
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The principle reason of why owning a small business is a viable idea in today’s economy,
it is that the entrepreneurism effects the charge of his or her own business decisions; he or she
can reap the financial rewards and revenues, set prices, control costs and be in charge of the
day-to-day operations of the business. He or she can take risks and can reap the awards. Darren
Dahl, contributing editor of the Inc. Magazine, points out there’s no question that owning your
own business is a risky proposition (2). Also, business owners can make challenges for
themselves. They can set limits to their challenges and work on them in their own way. They
are the boss of themselves. On the website BizFlings, in an article “By Benefits of Starting a
Business” Dahl observes, “When you start a business, and are self-employed, you are your own
boss and ultimately control your destiny” (2). One final important benefit in owning one’s own
business is the fact that the owners themselves can set their own goals and direct their destiny,
and this leads to self-confidence and personal fulfillment.
A second reason why owning a small business is a good move for an individual is that
the owner can give back to their community. An owner can give back to their community in
many different ways such as creating jobs, hosting charitable events (this might include making
donations to charitable industries and food banks) and special community events. A small
business creates jobs by hiring in or around the community. Also the services and products that
the small business consumes will help other small businesses in the community. The small
business, likewise, donates to the community, i.e. handing out free school supplies for back to
school events or free hats and gloves for children for the winter and food for charitable
organizations that would be otherwise thrown away. Don Sadler, an Atlanta-based writer,
states “you may choose to donate used property or equipment’s and slow moving inventory to
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the charitable organization” (2). In addition, a small business will often be involved in
community events by donating employee time. Examples of this include the Adopt a Highway
program and various organizations that are involved in such activities as painting public
buildings. Similarly, the small business gain valuable advertising and this will boost profits.
There are many advantages associated with starting your own business and providing
services. The biggest advantage is becoming your own boss, taking control of your future, and
becoming the master of your destiny. According to James Stephenson “when you operate a
business, you can duplicate yourself by hiring employees and sales people to increase revenues;
you can duplicate your customers and find more just like them to purchase your service”
(Entrepreneur.com). I agree with him that if you own a business yourself and you choose your
employees yourself you can find good employees to work for you which can increase your
business sales because a lot of the time sales depend on your employees. Stephenson explains
that sales depend on skills, experience and management. Every person has one or more skills to
offer that so people are prepared to pay for in the form of a service. You have to remember
what comes naturally to you may not come naturally to others. Likewise, you might think your
particular knowledge or expertise may be of little value, but if someone else needs or wants to
learn about that knowledge, it’s valuable to them (Entrepreneur.com).
In other words, owning a business saves you from having to work for anyone else. When
you work for someone else you rarely get to choose who you work with. If you don’t like your
co-workers you might want to consider sending out resumes for another job. According to
Darren Dahl “one of the most oft-cited benefits of owning your own business is the flexibility
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that comes with it, whether that be working from wherever you want, setting your own hours,
wearing a nightgown or even sitting next to your pet while you work” (Inc.com). I agree with
him — if you are the owner of the business, you do anything that you want to do during your
work, while if you work for someone you have to do all those things which you even don’t like
to do. Dhal explains some people thrive on the routine of their job, performing the same tasks
day after day. As an entrepreneur, you can bet that each day will be filled new opportunities
and challenges, where you will need to be creative and learn something new. Every day you
learn new things, whether it’s something about taxes, about accounting, or the plethora of
others things that go into your running company. The good think about owning your own
business is that, you can deal with any kind of problem your own way and handle it how you
want to, and nobody will give you an order and you don’t have to listen to anyone. You can
choose your employees and it depends on you which kind of employees you want working for
your business.
Above I’ve explained about why owning your own business can be a positive thing, and
how the economy can work for your business, but now I will explain the disadvantages about
owning your business and how you can combat them. In business you deal a lot with problems,
and there are several in owning a business. Many people may wish to have their own business
but, not all people are brave and patient enough to face all problems. Having your own
business is like caring for a child. You need to nourish it, you need to care for it until, you see
good results from you business which will make you happy and fulfilled. However, before you
experience what owning a business is like, you must go through various challenges and
problems first. You need to be brave enough to face the challenges and to know more about
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these things. For example, sometimes you feel as if you are ready to start a business. But then
you feel it that you don’t want to work anymore in your office because you have to do the same
kind of work every day. However if you can’t think of good creative ideas for your business, it
will be not easy for you to open a business. This is the most common reason why a person can’t
start their own business because they don’t have an idea where to start (Hubpages.com).
Another disadvantage to consider is competition in business. Some aspiring entrepreneurs feel
so intimidated by the competition. The competition can be tough but it doesn’t mean that you
should not try to do it. There are so many methods that you can do to penetrate the market.
You can offer new ideas and concepts to eventually get your own supporters and customers.
You don’t need to outdo your competition because this is actually healthier for you, so you
should just keep at your motivation to do your best.
Although there are many risks involved in owning your own business, such as financial
and emotional risks, the rewards far outweigh any risks taken. The adventure of owning your
own business, being successful, responsible, and building a future for yourself and possibly
many generations to follow is something one cannot learn from any textbook. It is a great
feeling knowing that you solely are responsible for the decisions made and giving back to your
own community and watching the community give back to you. I would recommend to anyone
who has the opportunity to start or own a business that they do not let the risks stop them
from continuing on this adventure.
Finally, owning your own business improves self-motivation, confidence and self-worth,
and can inspire an entrepreneur to aspire for bigger and better goals. In doing this, the owner’s
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children or grandchildren can become inspired to follow in his or her business. A small business
owner has effectively built up an inheritance for their children and possibly their
grandchildren’s, and the business can be a long-term benefit, financially as well as emotionally,
to future generations of the family.
For example, my uncle Jamal Shaukat Ali owns two 7 Eleven franchises and a local gas
station. Both his nephews work at the gas station and 7 Eleven which teaches them
responsibility and the operations of a small business, so that in the future they, along with his
children, will understand how to run a small business and prosper. He finds this to be personally
rewarding. As he states: “I would like to work with family in my business and expand the
business for my children’s future” (Shaukat Ali Jamal). Obviously, my uncle cares a lot for the
future of his family and works hard to see that they are taken care of. He has worked for the 7
Eleven company at least eight years, and you need two years’ experience to get the business.
Jamal explained to me that he did a lot of training on computers which taught him how to deal
with people through emails and contacts with the company. He works daily on computers to
write down the details of his daily work because he has to show his work to the company. He
also trains people to show them how to deal with problems and how to help people through
email.
My uncle Sajad Hussian has works for Walgreens stores and he fixes the all computer
system in Walgreens after that he owns some businesses, which are phone stores. He is the
owner of all the three stores and he chooses all his employees by himself. He said in the start it
was very hard for him to handle the even one business. He explains that first hardest things
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about business that you have to find good business and after loans, tax file those kinds of
things. If you find a good business then you try to maintain your business and you use different
ideas which make your business better. He said that when you try a lot of strategies for running
your business then the problems will be more manageable. You need to try new strategies
every time so you can learn to understand how to deal with your business.
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Works Cited
“Benefits of Starting a Business.” Biz Flings.com. Web.23 Oct, 2013.
Dahl, Darren, editor. “Top 10 Reasons to Run Your Own Business.” Trep Life (Inc.com) January
2011. Web. 23 Oct, 2013.
Jamal, Shaukat Ali Personal Interview. April 11, 2014.
“Recession Effects of the Recession Cycle.” More Business.com. April 2, 2009. Web. 8 Oct, 2011.
Stringfellow, Angela. “Effects of Recession on Small Business.” eHow.com. Web. 8 Oct, 2013.
Sajad, Hussain Personal Interview. April 4, 2014.