Starting Your Own Business for Young Entrepreneurs
 1. Challenge yourself: Be an entrepreneur
 1.2 Getting down to business

 Career Issue: Job Stability
 Working for someone else -- Subject to success of your department,
 superiors, and the company as a whole; individual success and/or company
 loyalty often irrelevant during corporate downsizing and layoffs.
 Working for yourself -- Tied directly to the success of the company;
 individual success is key, as smaller businesses rely on fewer employees.

 Career Issue: Promotions
 Working for someone else -- Strictly determined by corporate hierarchy;
 often must wait for desired position to be vacated; heavy competition for
 higher positions.
 Working for yourself-- YouÕre the boss.

 Career Issue: Work hours
 Working for someone else -- Often long, yet predictable; hours dictated
 directly or indirectly by superiors.
 Working for yourself-- Very long and unpredictable; hours self-determined.

 Career issue: Salary
 Working for someone else -- Set within specified range for department
 and/or position; salary usually increased only after certain
 (predetermined) periods of time.
 Working for yourself-- Below average in beginning; often only as little as
 needed to live on until the business can afford to pay a full salary.

 Career issue: Bonuses
 Working for someone else -- Distributed quarterly or at holidays, if at
 all; based on performance of individual or department; may sometimes be
 given across the board in larger companies.
 Working for yourself -- Distributed by you, if at all.

 Career issue: Benefits
 Working for someone else -- Major medical, sometimes dental and eye; paid
 vacation, personal, and sick days; 401(k) plans usually provided.
 Working for yourself -- Can be expensive for new business owners;
 vacations infrequent; personal days taken at your own discretion, usually
 only when ill.

 Career issue: Expenses
 Working for someone else -- Expense accounts can be substantial;
 out-of-pocket expenses (travel, transportation, meals) reimbursed or paid
 for by company.
 Working for yourself -- Difficult to separate business and personal
 expenses; paid when businesses have investors or are doing well enough to
 handle day-to-day expenses.

 Career issue: Responsibility
 Working for someone else -- Clearly outlined in employee manual or
 published job description; often increases as companies shrink departments
 and cut operating budgets.
 Working for yourself -- Significant; includes anything and everything such
 as sweeping the floors, typing letters, and stuffing envelopes.