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The advantages and disadvantages of being you own boss:

Advantages:

• Decisions can be made quickly
• Owner retains all profits
• Flexibility
• Develops personal relationship with customers
• Full control of the daily operations
• Freedom to take creative control to help business grow

Disadvantages:

• Unlimited liability
• May lack skill in certain areas
• Long hours
• Vulnerable to changes within the economy 

The advantages and disadvantages of working for someone else:

Advantages:

• Security ( gets wages weekly, monthly or every fortnight)
• Benefits (medical insurance, thrift fund, pension)
• Incentives ( uniforms, bonuses)

Disadvantages:

• There may not be any opportunities for growth within the company
• Ideas may not be heard, or someone else might take credit for your ideas
• work could become repetitive