I read an interesting article regarding how the MBAs are opting for opening their own startups rather than working for companies. The main factor for this trend is that it is a horrible market out there right now looking for jobs in the field of Finance and consulting (where a typical MBA thinks about joining the established companies after they graduate). The second reason I believe is that as compared to previous recessions, this one is the scariest since we may not be able to see the same level of jobs as before and also the mood of the country has turned sour for all those high paying executives on the Wall Street.
The third reason is that due to the uncertainty in the job market, the MBAs are trying to be their own bosses without reporting to the other people. As compared to before, it is far easier to open up your own start then to look for a desirable job. Although credit is tight right now especially for a startup but the internet has played a crucial role in lowering the cost of starting your own business.
You know I have always been in favor of starting your own business. Although your life style will change for a couple of years or permanently, you will always worry about where your next check will come from, the hassle of marketing to complete strangers, handle different payrolls, Government regulation and taxes,lawsuits,insurance, very long hours may deter anybody , but if you are going to work for somebody, endure ridiculously long hours and wait for your boss’s recommendation and the fate of company revenues and profitability to find out at the end of the year whether you will get your bonuses (if) and raises (if) which by way are not mandatory, it is better to follow and try to be your own boss.
There is no harm in trying. The only thing you loose is your time and money in the start, when you are young. But if you lose your job in your mid career then you can always use some savings if you have any to start your own business rather than waiting for someone to give you a job.
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