Entrepreneur vs Slave to the man?

[SurfnSun]

Which do you think is harder/easier to make good money(say top 5% income USA)..owning your own business or working for someone else?

[Yadkin]

Which do you think is harder/easier to make good money(say top 5% income USA)..owning your own business or working for someone else?

Lot harder to be self-employed. But if you manage to make it, you can make it big.

[LATB]

Own your own business in most cases.

[KenHorse]

Owned (and have been running) my own business since election day 2000.

I consider myself successful.

[LATB]

Very difficult to earn 250-300 working for someone else.

[SurfnSun]

Very difficult to earn 250-300 working for someone else.

I agree. Up to $250k being a company man is the easier route.

250-500k, I’m not sure.

Beyond say $500k, I’d say working for a company is probably a harder way to get to that salary level. I would expect to find more entrepreneurs at that level.

[Steve_R]

Very difficult to earn 250-300 working for someone else.


But not impossible.

[LATB]

But not impossible.

Agree.

[LATB]

I agree. Up to $250k being a company man is the easier route.

250-500k, I’m not sure.

Beyond say $500k, I’d say working for a company is probably a harder way to get to that salary level. I would expect to find more entrepreneurs at that level.

I’ve been self employed most of my life. Some years I would have been better off working at McDonald’s. :rofl:
Other years felt like the lottery.

[markids77]

The most beautiful thing about working for someone else is I got to escape from the business.
I never got stupid wealthy, but we never lacked (and probably never will); and I got the immense privilege of leaving work at the shop door every day. Owners are on 24/7/365.

[SurfnSun]

I’ve been self employed most of my life. Some years I would have been better off working at McDonald’s. :rofl:
Other years felt like the lottery.

Both my parents were entrepreneurs, so I understand this very well.

Fortunately we were good at being country, so when we needed to fill the deep freezer to have meat all winter long it wasn’t a problem. I don’t care to eat deer meat again. The down years of hunting may have been rabbits & squirrel :funny: Then there were the very good years where eating out at nice restaurants and taking vacations weren’t just a sparse luxuries.

[SurfnSun]

The most beautiful thing about working for someone else is I got to escape from the business.
I never got stupid wealthy, but we never lacked (and probably never will); and I got the immense privilege of leaving work at the shop door every day. Owners are on 24/7/365.

The job security is a definite plus. However many salaried positions leave you without that escape at 5pm plus no ownership…raw deal :funny:

[dvarapala]

Which do you think is harder/easier to make good money(say top 5% income USA)..owning your own business or working for someone else?

Starting a business means you'll work harder and most likely fail, but if you get lucky you can start the next Google.

Working for The Man is by far the easier path. :yesnod:

[dvarapala]

Very difficult to earn 250-300 working for someone else.

One word: FAANG :D

[NoOne]

I would never go back working for someone else.

There are a few ways to get rich:

1. Inherit it
2. Own a business
3. Be a sales person
4. Lottery

Number 3 confuses some people but a good salesperson for a profitable industry can make 75-80 percent of what the owner does, the problem is that is generally not sustainable for a variety of reasons which has to do with the inherit personality of a salesperson and being too big for their britches or can't keep their mouth shut, putting their attitude in front of their earning potential.

The number of people who make real money working for someone else is relatively small in comparison to how many do it owning a business.

Plus owning your own business offers you so many more opportunities. I own mine and my fiancé owns her own business.

I have a *IT/Cybersecurity firm and she is in women's retail clothing. As she puts it, we gross around the same amount, I just get to keep most of mine.

We both went out and spent big money on true qualified managers who can run the day to day on their own. I spend most of my time selling/business development. She is has developed her own private label brand and works on that.

So now we get to do what we want/like to do. Then when we want we also get to do whatever else we want to do but we're always looking at other business idea's and we can open a 3rd, another location, etc. and we don't need it to be wildly successful. Even moderate success brings us quite a bit since we are so far over the financial hump.

[donuts]

I agree. Up to $250k being a company man is the easier route.

250-500k, I’m not sure.

Beyond say $500k, I’d say working for a company is probably a harder way to get to that salary level. I would expect to find more entrepreneurs at that level.

It’s all about net pay isn’t it? Owning your own business allows for a lot of write offs , depreciation and salary level that’s exposed to payroll taxes etc.

[A/E]

According to the U.S. Bureau of Labor Statistics; approximately 20% of new businesses fail during the first two years of being open,

45% during the first five years, and 65% during the first 10 years.

vs.

free a·gent
/frē ˈājənt/
noun
a person who does not have any commitments that restrict their actions.

:barnbabe:

[Burro (He/Haw)]

I’ve no clue. 🤣

I think an AGI of *around* $200K is within reach working for someone but that’s job dependent of course. You’re not going to make that as a garbage man for example. You’re also probably not making that as a first line supervisor or middle management type.

I just had this discussion yesterday with two coworkers. One dude in my department made >$20K more this year than I did, but he put in the hours to earn that. $20K isn’t a lifestyle change. It’s not really a bigger home or nicer vehicle.

I’ve always felt if you want to *really* make bank >$1 million for example, you need to be a business owner, or stumble on some niche product that takes off.

There’s a LOT to be said for logging off and going home at the end of the day.

[vettemed]

I've owned my own business for about half my career. When/if I manage to sell the place, I'll go back to per-diem work, where I'm still my own boss with a [smaller] company, but all the obligations and restrictions I have now will be gone.

[Burro (He/Haw)]

You guys that are self employed - do you go to the bar alone for the company Christmas party?

[LATB]

It’s all about net pay isn’t it? Owning your own business allows for a lot of write offs , depreciation and salary level that’s exposed to payroll taxes etc.

Indeed.

A very nice perk to owning a small business is what is called "living out of the business". (there may be a more technical term)
This allows you to make purchases for goods and services that are paid with company revenue but benefit you personally.

This lowers the corp tax liability because the purchase reduces the C income as a biz expense.

Most are 100% legit, like a new truck every year. :D
Some a little less legit like new appliances for your home that get logged onto another job. Maybe add crown moulding and fresh paint to the living room...

Or that occasional trip to Bass Pro Shop for camo "work clothes" or a few new "tools" of a certain caliber ;)

[bsmith]

I'm thankful for the people that have the balls to start something.
That's not me.

We do ok working for the man.

[Yadkin]

You guys that are self employed - do you go to the bar alone for the company Christmas party?

When it was just me I would typically take my family to a nice restaurant and log it as an entertainment expense.

Over the last 15 years, for my biggest client, I'd drop off several dozen boxes of candy, each with one of my business cards taped to it.

[Burro (He/Haw)]

We do ok working for the man.
I do too but I live within my means, and I’m alone.

[SurfnSun]

Indeed.

Most are 100% legit, like a new truck every year. :D
Some a little less legit like new appliances for your home that get logged onto another job. Maybe add crown moulding and fresh paint to the living room...



I have a family member that owns a C corp. He gets a new truck every year.

As he’s growing and becoming more successful, he’s wishing now that he didn’t have a C Corp. because he’s having a harder time spending all the money at year end :funny:

[SurfnSun]

I'm thankful for the people that have the balls to start something.
That's not me.

We do ok working for the man.

Same. I wish I had the courage to do it but I’m too risk adverse…and too old at this point. :funny:

[TheHammer]

I made a good living in sales. All the while I had and enjoyed my side gigs, fabricating stuff that turned into a decent supplementry income.

[LATB]

You guys that are self employed - do you go to the bar alone for the company Christmas party?

I usually don’t like the Christmas party thing. My real estate brokerage office has one every year and we don’t attend.

I will say, when I had the construction management corp gig that guy throws one hellofa Christmas party. Usually takes over an entire restaurant for the evening. One year we were at Emerils and Mr E was there himself cooking and serving us. That was pretty cool.

Oh, and another year I had a little too much to drink and was dancing with a lesbian lady who worked at the company. The pics and videos that passed around the following week were hilarious. :funniest:

[markids77]

You guys that are self employed - do you go to the bar alone for the company Christmas party?

The wife works for a family owned appliance store... the family will host as many of their 90 or so employees who wish to come on Saturday for a Christmas extravaganza... in a ball room with river views, hors d'oevres on the terrace, live band and open bar. 6PM until whenever...
It has taken the family more than 30 years to get to this point though.

[lrobe22]

Some of the highest earners I've seen are church preachers working as an employee. Private jets, hookers, luxury cars, cocaine, extravagant vacations labeled as "missions", you name it. Easy entry into the job as you don't need a big technical education or technical experience. Just line the people up to "pay you to get to heaven". I guess you could throw this one under the "sales" umbrella.

[Over140mph]

I have a family member that owns a C corp. He gets a new truck every year.

As he’s growing and becoming more successful, he’s wishing now that he didn’t have a C Corp. because he’s having a harder time spending all the money at year end :funny:

Spending down on net profits is the way to do it.

I've never worked for the man, always made my own way with S-Corps and toward the 4th quarter every year there are a lot of decisions made to determine partner equity payouts, reinvest in the company for (insert whatever widgets/office equip, new vehicles, etc) OR the alternative is pay a lot of money to the uncle sam. Much rather keep it in our pockets instead of seeing it wasted on EBT cards for illegals or other failed social welfare bs.

[Over140mph]

You guys that are self employed - do you go to the bar alone for the company Christmas party?

If a person works alone, they're not working.

There's a ton of associates or other businesses that are interacted with regularly. That Xmas party can certainly turn into a business associate party.

[Over140mph]

Some of the highest earners I've seen are church preachers working as an employee. Private jets, hookers, luxury cars, cocaine, extravagant vacations labeled as "missions", you name it. Easy entry into the job as you don't need a big technical education or technical experience. Just line the people up to "pay you to get to heaven". I guess you could throw this one under the "sales" umbrella.

That's the "subscription sales" model and it is highly lucrative for sure.

Joel Olsteen is one big smiling motherfvcker and laughs all the way to the bank because the attending congregation and online viewer pay their tithe to a guy that can't do a damn thing for them other than make them feel better.

Ice to Eskimos --- people pay a lot for these scenarios and I do-not-get-it.

[AUTOHOLIC]

The last I knew of which was about 10 years ago, my son-in-law was making $600,000 a year. He has been both a CFO and CEO of different companies today. He works for another company that is funded by hedge fund and also owns a couple of his own businesses so he’s got both bases covered

[bsmith]

We knew that my wife's aunt and uncle had zero concerns about money.
He never talked about the subject until he took early retirement.

CFO for a large company, $1MM+ before bonuses.

[SurfnSun]

He works for another company that is funded by hedge fund and also owns a couple of his own businesses so he’s got both bases covered

This would be my goal if I could figure it out. Keep my current job and buy a proven business that doesn't need fixing as a long term play.

[RedLS1GTO]

I agree. Up to $250k being a company man is the easier route.

250-500k, I’m not sure.

Beyond say $500k, I’d say working for a company is probably a harder way to get to that salary level. I would expect to find more entrepreneurs at that level.

I'd agree with this.

ASSuming that you are starting at 0 as opposed to an established business, up to $250k is way easier working for someone else. Going beyond that, you're probably going to be the guy on the front of the check instead of the back. Those $$ positions are out there, but it's generally going to be a top level exec at large company.

My answer is pretty generic. It varies greatly on location and industry.

[Datawiz]

Very difficult to earn 250-300 working for someone else.

:leaving:

I'm the opposite. I've had (still have) my own software company, but never figured out how to make it big on my own. Did well, and still a nice side income, but never the huge money.

Fortunately, I make the range you stated, and have for a very long time. Coupled with financial discipline, that amount sets us up for a very nice retirement. I'll likely work another 10-11 years at those rates.

[SurfnSun]

My answer is pretty generic. It varies greatly on location and industry.

I started to go into salaries for Cali/NY etc but then didn’t bother.

[Asparagus]

I would never go back working for someone else.

There are a few ways to get rich:

1. Inherit it
2. Own a business
3. Be a sales person
4. Lottery

Number 3 confuses some people but a good salesperson for a profitable industry can make 75-80 percent of what the owner does, the problem is that is generally not sustainable for a variety of reasons which has to do with the inherit personality of a salesperson and being too big for their britches or can't keep their mouth shut, putting their attitude in front of their earning potential.

The number of people who make real money working for someone else is relatively small in comparison to how many do it owning a business.

Plus owning your own business offers you so many more opportunities. I own mine and my fiancé owns her own business.

I have a *IT/Cybersecurity firm and she is in women's retail clothing. As she puts it, we gross around the same amount, I just get to keep most of mine.

We both went out and spent big money on true qualified managers who can run the day to day on their own. I spend most of my time selling/business development. She is has developed her own private label brand and works on that.

So now we get to do what we want/like to do. Then when we want we also get to do whatever else we want to do but we're always looking at other business idea's and we can open a 3rd, another location, etc. and we don't need it to be wildly successful. Even moderate success brings us quite a bit since we are so far over the financial hump.

Well put. Use to be a salesman and was highest paid employee in the corporation including the owners which eventually became an issue.

Later on was a principle in an S-Corp manufacturing business, made even better money but was taxed out the ass.

Recently sold and have ZERO f-ing employees, can't put a price on that.

[Dan47]

I’ve owned a small business for over 30 years as of this past July. For me, there’s a lot of both good and bad, that comes with it. The worst of it is tax time, signing shit I don’t fully understand and knowing the government sees me as an easy target for extra revenue. But the freedom is hard to pass on.

I have a couple of brothers that work civil service jobs and they seem pretty stressed too but they never work holidays. Just once, I’d like to have Juneteenth off. :)