The Driller
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • CLASSIFIEDS
  • EQUIPMENT
  • SAFETY
  • VIDEOS
  • EDUCATION
  • SOURCEBOOK
  • EVENTS
  • SUBMIT
  • ABOUT
  • SIGN UP
cart
facebook twitter linkedin youtube
  • NEWS
  • Water
  • Geothermal
  • Construction
  • Environmental
  • Mining
  • All Industry News
  • EQUIPMENT
  • Rigs & Heavy Equipment
  • Consumables
  • Pumps
  • Featured Products
  • VIDEOS
  • Newscast
  • Drill Talks
  • Ask Brock
  • Emerging Drillers
  • EDUCATION
  • Drilling Business Insights
  • Reference Desk
  • Sponsored Insights
  • EVENTS
  • Conferences & Demo Days
  • Newscast LIVE
  • SUBMIT
  • Drillers @Work
  • ABOUT
  • Contact
  • Advertise
The Driller
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
The Driller
  • NEWS
    • Water
    • Geothermal
    • Construction
    • Environmental
    • Mining
    • All Industry News
  • CLASSIFIEDS
  • EQUIPMENT
    • Rigs & Heavy Equipment
    • Consumables
    • Pumps
    • Featured Products
  • SAFETY
  • VIDEOS
    • Newscast
    • Drill Talks
    • Ask Brock
    • Emerging Drillers
  • EDUCATION
    • Drilling Business Insights
    • Reference Desk
    • Sponsored Insights
  • SOURCEBOOK
  • EVENTS
    • Conferences & Demo Days
    • Newscast LIVE
  • SUBMIT
    • Drillers @Work
  • ABOUT
    • Contact
    • Advertise
  • SIGN UP

The Pros & Cons of Going into Business for Yourself — Part 1

By Jim Olsztynski
May 1, 2003
In the first installment of a three-part series, Jim Olszytnki looks at the benefits of going into business for yourself.

Most of the articles in this column are aimed at the owners and managers of contracting firms in this industry. However, this begins a series of three articles that are even more pertinent to field crews than you bosses. Consider sharing it with them. You have our permission make as many copies as you need for your employees.

At some point virtually all trade workers think about going into business for themselves. Usually they’re motivated by a desire to make more money or to be their own boss. All too often it happens when they feel they’re not being treated right by their employer. Sometimes there’s a combination of motives.

This is an incredibly important decision, and a very personal one. I wouldn’t presume to tell people whether or not to go into business for themselves — no more than I would try to tell them who to marry or what to name their kids.

What I do hope we can accomplish in the next three articles, however, is to lay out the pros and cons involved in running one’s own business, so people can make an informed decision about it.

Money is the main reason why people go into business for themselves.

Money Talks

First, let’s deal with the pro side of the ledger. What are the positive things that can happen if trade workers decide to go break out on their own?

Most obvious is the opportunity to make a lot more money. This probably is the number one reason why people decide to leave their jobs and start their own businesses.

No matter how good they are at what they do, and no matter how successful their company might be, there is a limit to how much any employer is willing to pay a trade worker. For example, hardly any well drillers can expect to earn $100,000 a year working for someone else. Maybe, with a lot of overtime, a few top performers might pull down six figures in a year, but it doesn’t happen very often.

However, it’s quite possible for the owner of a successful drilling contractor company to earn $100,000 a year. Some business owners make a lot more. The sky’s the limit when you operate a profitable, growing business.

In addition to paying themselves a handsome salary, owners who build a successful business may someday find that other people want to buy it. If the company is successful enough, it could be worth millions of dollars in the owner’s pocket, plus the owner often gets kept on the payroll as a highly paid manager or consultant. Truly, this is a payoff that is worth striving for. Furthermore, business owners frequently enjoy tax deductions that also benefit them personally, such as a company car, entertainment, country club dues and so on.

When you get right down to it, there’s only a handful of ways to get rich. One is to inherit wealth. Another is to get extremely lucky winning a lottery or guessing right with the stock market or some other windfall investment. If you are a world-class athlete or entertainer, that also could be the path to affluence.

For most people, though, these things are out of the question. If you’re not born right or don’t get wealth bestowed on you through sheer dumb luck, the most accessible path to getting rich is to own your own business.

Entrepreneurial drive is what motives many people to open their own businesses.

Being the Boss

Next to money, people get motivated to start their own business by a desire to be their own boss. Some people just don’t like to answer to anyone else. People who don’t react well to authority ought to seriously consider breaking out on their own.

There’s another extremely good reason to start one’s own company. It’s what might be called the entrepreneurial drive. An entrepreneur is the business world’s version of an artist. The true entrepreneur is a creative person who desperately needs an outlet in which to implement his or her ideas.

Being an entrepreneur differs from simply wanting to be one’s own boss. Many people want to be their own boss for negative reasons — because they don’t like the folks they work for and think they could do a better job.

With entrepreneurs, the desire to break away is present even if they like their jobs and the people they work for. It’s like an artist craving paint and a canvas, or musicians who would hock just about all of their other possessions for an instrument. The entrepreneur has a creative vision about how to run a business, and that’s what drives this person. If they fit the entrepreneurial mold, then the decision to start their own business is already made. Nothing can stop them.

Being entrepreneurs doesn’t mean they’ll automatically succeed. Many entrepreneurs fail in their business ventures, often time and time again. In fact, there are some aspects of an entrepreneurial personality that go against the grain of what it takes to succeed in business. Too often, the entrepreneur is a control freak who doesn’t know how to delegate. S/he may be headstrong with a my-way-or-the-highway attitude. These are not good qualities for running a successful business. Business success usually requires people skills, negotiating skills and compromise. It’s not unusual for an entrepreneur to start out strong because of the brilliance of his or her business ideas, but then the flame fizzles out because of an inability to work and get along with others.

But even when s/he fails, a true entrepreneur will continue to find a way to open up a new business again, sometimes in an entirely different field. If you are an entrepreneur, deep down, you probably know it. And you probably have intended to open your own shop from the minute you went to work for someone else in order to learn the ropes.

Many people prefer to be their own bosses for job security reasons. Cartoon courtesy of John de Pillis.

Other Motives

Another positive aspect of running your own business is the opportunity to do it right — or at least what you may perceive to be the right way. Some people disagree with the business practices of their employers. It can get frustrating seeing people above you make mistakes, but they won’t listen to you because, after all, they’re the bosses. In some companies, opening your mouth only will get you in trouble. Owning your own business gives you a chance to do things the way you think they should be done and implement your ideas.

Job security is another reason why some people go into business for themselves. Trade workers in particular get tired of being laid off or not knowing how many hours they’ll get from week to week. They think the only way they can assure themselves of employment is to be the one generating the work. Money often is secondary to such people. I’ve known contractors who earn less money than their employees, but they’re happy just knowing that nobody can fire them.

In fact, a lot of construction contractors went into business for themselves after being laid off or fired. These people didn’t necessarily want to go into business for themselves — it was forced on them. Usually, they are not very successful.

Finally, let’s face it, there’s a lot of prestige and ego gratification that come with owning your own company. If you wish, you can name the company after yourself and put your name on trucks and advertisements that get seen all over town. Most people would deny this as a motive, but deep inside I think most business owners get a kick out of being a big shot.

This pretty much covers the pro side of the ledger. The big advantages of running your own business can be summarized as follows:

  • The opportunity to earn big money

  • Satisfying the entrepreneurial urge

  • Opportunity to operate the way you think a business should

  • Job security

  • Prestige and ego gratification

Next month we’ll take a look at some of the biggest reasons to think twice about going into business for yourself.

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • geotechnical drilling rig

    6 Onsite Phrases Environmental Drillers Hate

    Here are six phrases that highlight common frustrations...
    Markets
    By: Jeff Garby
  • Wayne Nash

    Pipe Stuck? Common Causes and Solutions for Drillers

    If you have drilled for any length of time, sooner or...
    Water Wells
    By: Wayne Nash
  • submersible pumps, water well pumps

    Selecting and Sizing Submersible Pump Cable

    This article helps pump installers and servicers decide...
    Equipment
    By: Bob Pelikan
You must login or register in order to post a comment.
Unable to fetch comments.

Report Abusive Comment

Subscribe For Free!
  • eNewsletters
  • Online Registration
  • Subscription Customer Service
  • Manage My Preferences

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the The Driller audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of The Driller or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • demo of a DM450 drilling rig during a customer factory visit
    Sponsored byGeoprobe

    Built for You: Smarter Drill Rigs, Stronger Support, Bigger Opportunities

Popular Stories

MainPhotoTwoBrothers.jpg

Two Brothers' Journey Through the Drilling Industry

Tariffs

Tariffs Shake Up the Drilling Industry

AI and Drought Concerns

AI’s Growing Thirst for Water and Power

The Driller Classifieds

COMPRESSORS

EAST WEST MACHINERY & DRILLING IS BUYING AND SELLING AIR COMPRESSORS, AIR BOOSTERS, AIR ENDS & PARTS
Company: East West Machinery

DRILL RIGS

LOOKING FOR LATE MODEL TOPHEADS & DRILLTECH D25'S
Company: Spikes’s Rig Sales

DRILL RIG PARTS

MEETING DRILLERS NEEDS AROUND THE WORLD
Company: East West Machinery

ELEVATORS

SEMCO INC. PIPE ELEVATORS
Company: Semco Inc.

GROUTERS

GROUTING EQUIPMENT - GROUT PUMPS & GROUT HOSE REELS
Company: Geo-Loop Inc.

PUMP HOISTS

SEMCO INC. - BASIC PUMP HOISTS
Company: Semco Inc.

WELL PACKERS

LANSAS PRODUCTS - INFLATABLE WELL PACKERS
Company: Vanderlans Lansas Products

WELL SCREENS

WELL SCREENS & SLOTTED PIPE
Company: Alloy Screen Works

Products

Water Quality Engineering: Physical / Chemical Treatment Processes

Water Quality Engineering: Physical / Chemical Treatment Processes

By carefully explaining both the underlying theory and the underlying mathematics, this text enables readers to fully grasp the fundamentals of physical and chemical treatment processes for water and wastewater.

See More Products

Subscribe to The Driller Newscast

Related Articles

  • Smart Business: The Pros & Cons of Going into Business for Yourself — Part 2

    See More
  • The Pros & Cons of Going into Business for Yourself — Part 3

    See More
  • scaling up your drilling company through partnerships

    The Pros, Cons of Partnerships for Drilling Companies

    See More

Related Products

See More Products
  • drilling.jpg

    Fundamentals of Drilling Engineering: MCQs and Workout Examples for Beginners and Engineers

  • M:\General Shared\__AEC Store Katie Z\AEC Store\Images\ND\new site\water-and-wastewater-treatm.gif

    Water and Wastewater Treatment: A Guide for the Nonengineering Professional, Second Edition

See More Products

Related Directories

  • Georgia Assn. of Groundwater Professionals

    The Georgia Association of Groundwater Professionals (GaGwP) (formerly the Georgia Drillers Association) is a state-wide, non-profit trade association which represents contractors who are engaged in the design, sales, installation, maintenance, service and repair of water wells and irrigation systems for residential, agricultural, mining, commercial, industrial and institutional customers. These are professionals whose efforts result in supplying twenty-one percent (21%) of all of Georgia's water needs and help manage our groundwater resources which will play an ever increasingly important role in implementing a long-term comprehensive plan to improve Georgia's ecosystems, water supply and water management.
×

Dig deeper into the drilling and water supply industry!

Build your knowledge with The Driller, covering the people, equipment and technologies across drilling markets.

SIGN UP NOW
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
    • Classifieds
  • SIGN UP TODAY
    • Create Account
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

The Driller
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
The Driller
  • NEWS
    • Water
    • Geothermal
    • Construction
    • Environmental
    • Mining
    • All Industry News
  • CLASSIFIEDS
  • EQUIPMENT
    • Rigs & Heavy Equipment
    • Consumables
    • Pumps
    • Featured Products
  • SAFETY
  • VIDEOS
    • Newscast
    • Drill Talks
    • Ask Brock
    • Emerging Drillers
  • EDUCATION
    • Drilling Business Insights
    • Reference Desk
    • Sponsored Insights
  • SOURCEBOOK
  • EVENTS
    • Conferences & Demo Days
    • Newscast LIVE
  • SUBMIT
    • Drillers @Work
  • ABOUT
    • Contact
    • Advertise
  • SIGN UP