My definition of a traditional 9 to 5 job is one where:

You answer to a manager/boss/supervisor
This person decides your fate in the company. They control how much you make, what you do and, sometimes, how you do it. At best, you have good working relationships with your boss and co-workers, but let’s face it, there are just some days where you just want to tell your boss to shove off. At worst, you work in a dysfunctional environment and frequently post to www.workorspoon.com.

You don’t have control over your time
You must show up every weekday and work. Not necessarily 9am to 5pm; that’s just a common expression to describe the necessity of showing up. But you can’t decide one day to just blow off work and go to the beach for a few hours in the afternoon. Most every good employer has flextime, where you can work a few more hours one day to take off a few hours some other day. I have flextime where I work and it’s nice, but even though my boss shows no outward signs of disapproval whenever I exercise this benefit, there’s always that lingering feeling of, “uh oh, am I in trouble for doing this?” And it’s not something you can use without prior notice.

Traditional 9 to 5 job
Pros Cons
Regular paycheck Earnings are limited

Security Can be downsized anytime
(Some say security is only an illusion these days)

Benefits package
(401k, medical, etc.)		 No con that I can see here

Making your own living without a 9 to 5 job
Pros Cons
Control of your own time May work more hours than at a 9 to 5
Control of your own fate Suffer through periods of business slowdowns
More earning potential Potential for no earnings

Some people weigh these pros and cons and prefer a traditional 9 to 5 job. There is nothing wrong with that. It’s your choice and I salute you for coming to that conclusion. I’ve always had a traditional 9 to 5, so maybe I’m suffering from a case of the grass is always greener on the other side, but doing away with a 9 to 5 job is something I would like to take a shot at. Maybe after that, I’ll prefer a 9 to 5 and go back to one. But I won’t know unless I give it a try.

All of the above is somewhat simplistic. If you have more complex insight into this, please comment.