Well, i was a corporate weenie for 20+ years, professional engineer, bankerwanker, technogeek. Now entering my 10th year as small business owner, I can tell you the grass is not greener. It looks greener, always, but no. My last corporate job I had unlimited vacation, yes, thats right. Now, no one in their right mind would take it or abuse it, but when I was on vacaca, I was out. My team would handle all issues. The paycheck will show up no matter what, and I could always complain to co-workers about this stupid rule or that. Sometimes tie them up with math problems, and be left alone for another quarter. Timelines where measured in decades (or it seemed like), decisions always slow. And as long you realize the ****er next to you is looking to sabotage your work so he can look better and get promoted, all was good. All you had to do was operate counter insurgency measures to foil their stupidity. It was actually entertaining.
So 10 years ago, in my mid 40's, with 3 kids nearing college phase, a non-working wife, I decided to go on my own. Was not tired of corp life, it was a life. But I had to prove to myself I could do it. I did not do it alone, but with a trusted business partner. I would never do it with a friend or family member, but a trusted business person who shares the same passion. That was a hell of risk and I would have rather do it as a single person, or no without kids to eliminate stress. But anyway.
The bad:
As the owner, everything, and I mean every little last detail, falls on you. No one has your back like you do. And there are no vacations, you work 24/7, the phone can ring and you need to answer it. That is one reason having a trusted partner who is pulling on the same rope with you to move forward helps, a lot. The way taxes and our government are set up is to screw the small business, squeeze you so that the big companies pay literally no taxes. No one is on your side but you. Dont rely on any kind of status (veteran owned, women owned, minority owned) as the government itself, and many private companies, will use it to screen you OUT. And you have to get your own healthcare, which is about go get a lot worse.
Most government contracts are given to promised individuals and have nothing to do with ability, price, completion. We spent many days and weeks in DC, looked like at a plethora of work available to capable certified firms like ours. One day we where in the IRS office in MD, just south of the 395 Loop. Jody (last name redacted) was in charge of all contracts for process work, and showed us the stack of contracts on her hand. Then said "I got $3.3MM here for work you could do, but I am not giving it to you. If you hire my girlfriend, I may consider it", she actually gave us her girlfriend name and contact info across the river in Arlington. We called, left a message, and justified how we would hired this totally unqualified person into the gig. Long drive back to our hotel on the 395 bumper to bumper. All of a sudden we looked at each other and had the same reaction, screw this, we are not working with government.
We did bid to a department of the army contract later on, because they called us and wanted us to bid. A few days later it was awarded to a company that distributed hair and beauty products. This was for a Lean and Six Sigma training round. There is nothing to understand besides the point that that person was promised the contract, we served only as the 2nd bid they needed, a stooge. That continues, the corruption to get work is nuts, and I have plenty of more interactions and stories for another time. There is corruption in government contracting, which is really disgusting. And if anyone gets offended by this, then you should!
The business side of work is less corrupt, but you are called to fix problems they can't. Most of the time is due to lack of skill, other times because they just dont want to work. But at least you get to compete on a pseudo level playing field. There is still a lot of "I want to hire my buddy", but if the buddy can't demonstrate they know what they are doing, it likely will stops there. You need to know accounting, advertising, marketing, contract negotiation, employment law, technology, sales, plus whatever the core product is that you are selling. And you have to find the work, you have to beat on doors, call, email, contact, talk, talk some more to get invited in to talk some more. Can be exhausting and there will be days you wish for the simple corporate life with the amusing little pirates trying to topple you.
The Good:
It is yours. It is all yours! You can do whatever you want, whenever, without asking for permission. Of course you have to make money, so, you need to ensure that part is setup. But you make the rules, you decide on policies and dont have to follow some dumbass policy some halfbrained idiot came up with during a 3 week meeting. There is financial upside, and you really reap what you sow. There is no in-between you and the customer. And you get to say "no", that can be very satisfying to tell a jerk of a client "no, dont want to do business with you". Any and every decision can be done to your advantage, just follow all the corporate laws, any accounting requirements, and you are good to go. And that is great freedom. As long as you remember that anything and everything you do is for you, that satisfaction keeps you moving. Specially during your first few years, which is what it takes to get established, and you may work 20 hour days.
And avoid getting loans if you can, try operate on a cash basis, banks love to get leverage on you, then you spend a lot of time doing crap for them instead of money for you. A great accountant is a life saver too. And lawyer....
Dont loose your technology edge, it is a great skill to have around here, specially in non-tech companies like financial or insurance institutions. That is a place where technologist can pretty much do anything. In manufacturing or other places, not so much.
Best of luck. I don't knock anyone who prefers to spend their life in a corporate world, it can be very good and satisfying. I just prefer this side better. But I do work more, a lot more, than I did during corporate life. The only other time I worked this hard was when I had manufacturing responsibility for 16 plants in 9 countries.... that was a hell of thing but only for 9 months.
So 10 years ago, in my mid 40's, with 3 kids nearing college phase, a non-working wife, I decided to go on my own. Was not tired of corp life, it was a life. But I had to prove to myself I could do it. I did not do it alone, but with a trusted business partner. I would never do it with a friend or family member, but a trusted business person who shares the same passion. That was a hell of risk and I would have rather do it as a single person, or no without kids to eliminate stress. But anyway.
The bad:
As the owner, everything, and I mean every little last detail, falls on you. No one has your back like you do. And there are no vacations, you work 24/7, the phone can ring and you need to answer it. That is one reason having a trusted partner who is pulling on the same rope with you to move forward helps, a lot. The way taxes and our government are set up is to screw the small business, squeeze you so that the big companies pay literally no taxes. No one is on your side but you. Dont rely on any kind of status (veteran owned, women owned, minority owned) as the government itself, and many private companies, will use it to screen you OUT. And you have to get your own healthcare, which is about go get a lot worse.
Most government contracts are given to promised individuals and have nothing to do with ability, price, completion. We spent many days and weeks in DC, looked like at a plethora of work available to capable certified firms like ours. One day we where in the IRS office in MD, just south of the 395 Loop. Jody (last name redacted) was in charge of all contracts for process work, and showed us the stack of contracts on her hand. Then said "I got $3.3MM here for work you could do, but I am not giving it to you. If you hire my girlfriend, I may consider it", she actually gave us her girlfriend name and contact info across the river in Arlington. We called, left a message, and justified how we would hired this totally unqualified person into the gig. Long drive back to our hotel on the 395 bumper to bumper. All of a sudden we looked at each other and had the same reaction, screw this, we are not working with government.
We did bid to a department of the army contract later on, because they called us and wanted us to bid. A few days later it was awarded to a company that distributed hair and beauty products. This was for a Lean and Six Sigma training round. There is nothing to understand besides the point that that person was promised the contract, we served only as the 2nd bid they needed, a stooge. That continues, the corruption to get work is nuts, and I have plenty of more interactions and stories for another time. There is corruption in government contracting, which is really disgusting. And if anyone gets offended by this, then you should!
The business side of work is less corrupt, but you are called to fix problems they can't. Most of the time is due to lack of skill, other times because they just dont want to work. But at least you get to compete on a pseudo level playing field. There is still a lot of "I want to hire my buddy", but if the buddy can't demonstrate they know what they are doing, it likely will stops there. You need to know accounting, advertising, marketing, contract negotiation, employment law, technology, sales, plus whatever the core product is that you are selling. And you have to find the work, you have to beat on doors, call, email, contact, talk, talk some more to get invited in to talk some more. Can be exhausting and there will be days you wish for the simple corporate life with the amusing little pirates trying to topple you.
The Good:
It is yours. It is all yours! You can do whatever you want, whenever, without asking for permission. Of course you have to make money, so, you need to ensure that part is setup. But you make the rules, you decide on policies and dont have to follow some dumbass policy some halfbrained idiot came up with during a 3 week meeting. There is financial upside, and you really reap what you sow. There is no in-between you and the customer. And you get to say "no", that can be very satisfying to tell a jerk of a client "no, dont want to do business with you". Any and every decision can be done to your advantage, just follow all the corporate laws, any accounting requirements, and you are good to go. And that is great freedom. As long as you remember that anything and everything you do is for you, that satisfaction keeps you moving. Specially during your first few years, which is what it takes to get established, and you may work 20 hour days.
And avoid getting loans if you can, try operate on a cash basis, banks love to get leverage on you, then you spend a lot of time doing crap for them instead of money for you. A great accountant is a life saver too. And lawyer....
Dont loose your technology edge, it is a great skill to have around here, specially in non-tech companies like financial or insurance institutions. That is a place where technologist can pretty much do anything. In manufacturing or other places, not so much.
Best of luck. I don't knock anyone who prefers to spend their life in a corporate world, it can be very good and satisfying. I just prefer this side better. But I do work more, a lot more, than I did during corporate life. The only other time I worked this hard was when I had manufacturing responsibility for 16 plants in 9 countries.... that was a hell of thing but only for 9 months.
