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advantages

• increased independence - the ability to be one's own boss (make the decisions, choose the strategies, select the products, design the processes etc)
• a chance to make lots of money
• a sense of accomplishment
• a chance to be creative
• a chance to "make a difference" - a chance to improve the world, or at least some parts of it
• the chance to work on things of interest

disadvantages

• independence is not attained - still the customer, suppliers, government and financiers
• there is lots of work
• a chance of losing lots of money
• unstable earning conditions
• constant pressure to make decisions and solve problems
• difficult to exit painlessly
• a good employer might care about your wellbeing, but even good customers don't (a late and important addition to this list)

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