Starting a business means very different things to different people. Some are looking to start a microbusiness to replace a job they don’t like while others are looking to become captains of industry. Some want to earn just enough to sustain their current lifestyle, while others are looking to land on the Forbes 400 Richest Americans. Deciding whether you want to own your job or own a company is a critical first step on the road to entrepreneurship.

Starting a microbusiness has become a popular option over the last decade. As professionals jump off the corporate ladder in exchange for the flexibility of consulting gigs and stay-at-home spouses look for ways to bring in a little extra cash, self-employment will continue to increase. Most microbusiness entrepreneurs have no interest in managing employees. For many, the whole point of going out on their own is the independence of working alone. These entrepreneurs are also not generally concerned about significant growth of their business idea. Many have other priorities that they would rather spend their time on. Starting a microbusiness is a very viable alternative for anyone who is looking for the security of being responsible for their own work life while having the flexibility to schedule their time as they see fit. Replacing your job or supplementing your income is a far easier startup than planning a company for growth, but it is still important to cover all of the fundamentals in developing your startup idea. Planning, marketing, and financial management are still the keys to success, but an even stronger emphasis on time and task-management is in order. The cost of microbusiness startups tend to be much lower, though it is important to ensure you have enough working capital to cover the time it takes to build a customer base.

Starting a company is another story. If you are planning to grow your business idea into a competitor in the greater marketplace, the tools you need to succeed must cover far more ground than those needed for a microbusiness. Of course, planning, marketing and financial management are the keys to success, but the detail with which you approach each area is much deeper. Rather than being limited by what one person can do, you are limited only by your ability to plan ahead, continually increase sales, and balance the finances for growth. Building a company takes patience and perseverance, but has the added benefit of employees who can help you along the way. Launching a company is not for the faint of heart – the risk and stress may be higher, but the payoff is far greater as well.

Whether you are looking to launch a company or own your job, it is necessary to do things right from the start in order to succeed. The paths to success for each option are slightly different, however, and it is important for any would-be entrepreneur to clearly define their goals prior to startup. Consider what you are really looking for in taking the leap into self-employment and modify your business idea accordingly. Entrepreneurs create very satisfying work lives following either path. The trick is to choose the one that is best for you!

Start here. Go far. LaunchX.com