"i am 27 years old and have just finished law school and passed the state bar examination. now i am ready to begin my new career as a lawyer. i am not interested in a job with a big firm. i’d like to be more on my own. i have two friends who are in similar situations. but it takes money to start a law practice. a modern law firm needs a lot of business machines—computers, copiers, fax machines, and so on. even in a small firm the lawyers might need to hire some —a receptionist, maybe a paralegal worker. i want this firm to be a success, but i am not sure i have all the legal and business skills i need to pull it off." what are the advantages and disadvantages of starting own business?

The advantages of starting own business:

Flexibility: a person who starts his own business does not necessarily have to work 9/5 monday-friday, he can  set his own schedule. Needless to say, many business owners work longer hours than regular employees, but the do so because of the hope to earn more money from profits than from a regular wage.The possibility of profit: an employee in a legal firm will not be able to obtain any dividends (unless he owns stock), while the very definition of a business owner is someone who obtains profits.Fulfillment: it is probably more fulfilling to see your own business develop and grow than go to work everyday for someone else's company.

Some disdavantages are:

Risk: starting a business is risky. The business might result in losses instead of profits, in other words, the business may fail.Capital needs: to start a business, you need some capital, and it is not always easy to obtain. Most business owners either get debts, or liquidate some of their own assets (house, car, etc) to finance the company.Longer work hours: as stated above, it's very likely that a business owner will have to work night and day, especially during the first stages.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.