Apparently if you work for yourself, you will be happier. Even though the wages are lower and the hours are longer, the flexibility and independence lead to far greater job satisfaction.
The research, carried out by Professor Simon Parker at the University of Durham, also found that self-employed men worked more hours than self-employed women and that the self-employed retired later.
The longer hours may result from financial instability or uncertainty. However, the greater job satisfaction and autonomy more than compensate.
Those with thriving businesses are also less likely to retire possibly because of greater earnings and also because of a “why stop when there is a good thing going” sentiment.
Reasons to work for yourself (in no particular order):
- work when you like
- you are your own boss
- its professionally or personally satisfying
- work from home/no daily commute
- possibility of greater financial rewards
- you are not accountable to “the boss”
- working for yourself fits the career that you have chosen
- it helps with family or childcare constraints
- there are tax advantages
- you have to handle all the paperwork and bureacracy yourself.
Reasons not to work for yourself (again, in no particular order):
- greater job/financial stability??
- employment is a way of getting the necessary work experience
- a desire to work the 9-5 and not bring your work home
- no wish for that kind or type of responsibility
- you don’t want to have to sell or market yourself/your product/your company in order to get work.
- You get sick pay and paid holidays when you are in employment
- There might be other perks and benefits (such as pensions, staff discount, free travel)
- You may get free training or the necessary experience for career progression
- You are very risk averse