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Among the good things, you get a chance to prove yourself. Nobody is holding you back from that promotion. Back yourself CEO, do your best, and see what happens. It's great to try to really make a difference. And who knows, you might get rich!
On the bad side, it can be stressful because if you don't solve the problems, nobody is going to do it for you. It is possible as a rank-and-file employee to live in a wonderful La-La land where you don't know that people can sometimes be evil bastards. As a CEO it is impossible to miss this and you will become a little more cynical. Also, any friends you hire may become a little distant since you're now the boss. Finally, employees who need a little emotional support may rely on you to be a 2nd mother to them.
Overall, though, I think as long as you are paying attention to your own happiness and delegating properly, starting a company is a great experience and your best shot at changing the world for the better. Or... taking over the world if that's your approach instead.
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