We are in an era where almost everyone sees having a business as a form of success. But is it so for you? This argument between Jobs and business is almost as old as the Industrial Revolution.
Both the proponents and opponents of these two extreme realities appear to base their claims on success, failure or personal fulfilment as some may call it. But in reality, people’s perspective of their income and how much goes to the bank is what mostly separates their choices.
The two worlds of work and business have never got along. People seem to be highly interested in learning which of these options is best for achieving both financial and personal fulfilment and happiness. Selecting between a career and a business can be a time-consuming process, as each has its distinct advantages and disadvantages.
While having a business is a great idea, towing the part of a Job is not also bad, depending on your goal and how you measure success and happiness in life.
Over the years, thousands of people have made the transition between Job and business, and they do so based on several reasons and considerations. And while some are born into the business world, and are poised to become entrepreneurs by default, others on the other hand are only abreast with the 9 to 5 Life, and to them, it’s their calling.
So, what is best for you? In making this choice, one should be objective enough and look both ways to scrutinize all available options, know his strengths and weaknesses, and be certain enough whether to tow the part of entrepreneurship or not.
This article will encourage you to question the popular narrative self-explore all options and then make an informed choice concerning settling for a business or a job
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What's in this guide?
Why Job?
A job has always been a very broad concept that connotes a paid form of employment. Here, an employee performs defined tasks to earn a fixed salary based on a contract. This income is predetermined. It is offered based on the employee’s ability to take responsibility for completing a set of work (that is also predetermined).
Whether it is a full-time or part-time job, there is always a superior who assesses the performance, determines the salary, and delegates tasks. One can get a job when they are qualified to perform such tasks and maintain a good performance. A job is dependent on working hours and monthly salary.
Advantages of having a job
1. Fixed salary
For the quantity of work they perform, employees get compensated. There is a set wage. An employee’s monthly salary is set, and you can manage your long-term spending accordingly. If you work hard, you will always receive your salary, and it even sets aside a portion for future investments.
2. Promotion
Furthermore, although promotion is not a given, full-time employees are always in a better position to advance more quickly than their part-time counterparts. Being a full-time employee has additional benefits. Employers view full-time workers as long-term investments. While promotions may seem simple, they need constant hard effort. Every time you get promoted, your salary increases as an employee.
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3 Fixed schedule
Every full-time employee follows a set timetable for working hours. For a full-time employee, the typical schedule is 9 to 5, though this can be adjusted based on business requirements. Nobody can change your work schedule by calling you at the last minute. In other words, you can go about your day as you like.
4 Stock and Insurance benefits
Businesses give all of their workers stock perks, which include receiving shares of the business in exchange for a good job. Additionally, businesses provide their employees with a variety of insurance plans. These insurance policies cover life, disability, accidental death, and health; an added benefit is that some firms include family coverage as well.
Disadvantages of Doing a Job
1. No flexible hours
First of all, an employee is required to work fixed specific hours every day, and he is paid for that every month, an employee’s working hours cannot change. It is usually between 9 – and 5 depending upon different shift timings. Most time there is little or no allowance to pursue your your dreams outside the job circle
2. Lack of Control
Secondly, employees have limited control over their work environment and the decisions made by their employers. Theirs is to wait on instructions and act on it. They must adhere to company policies and may not have a say in key business decisions.
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3. Limited Salary
Another important disadvantage is the fact that the salary of an employee is always fixed to the amount decided. It is a limited salary and changes are only made to salary when there is a promotion or demotion. Based on the organization, a salary can’t be changed. It is always fixed in nature. This means that a hard and very committed worker gets the same pay no matter the effort and time he puts into the Job.
4. Job security
Another important setback to consider is the fact that security is not always necessary in a job. There is always a high chance of getting laid off. Sometimes, fresher or even experienced employees can be asked to leave the job as per company needs within a short notice span.
And when this happens, it causes emotional and financial strains on the part of the employees.
Why Business?
An organization with one or more owners and a shared objective is called a business. To define their company and make it stand out in the market, business owners need to develop a business model and a business plan. There are more duties involved in starting a business than in landing a conventional employment. The owner(s) of the business must possess expertise in marketing, finance, management, human resources, etc. to run it successfully. The owner of the company must also consider recruiting candidates who can work independently as well as in a team or group.
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Advantages of having a business
1. You’re the Boss
It has never been natural to work under someone else. You are in command, though, when you are out there starting your own company. This point in and of itself is a hidden benefit. It grants you the autonomy to select and decide for yourself. Additionally, it removes your limitations. Furthermore, you may easily manage the company using your strategies when you are the boss. You also have the freedom to select your working hours thanks to this. Furthermore, you are free to take pleasure in family concerns whenever necessary.
2. The more the effort the more the return
The main argument made in favour of starting one’s own business is that working hard in the corporate world does not feel fulfilling. I agree that since corporate salaries are set, hard labour shouldn’t seem fulfilling. Everyone reaps the rewards of their labour.
3. Permanent Job Security
Employees in the corporate sector are not guaranteed a job, whether it is temporary or not. They could be let go for any cause at any time. The demand during the recession or working performance could be the cause. One benefit of operating your own business is that you can employ yourself. So, you can never consider firing yourself. Consequently, you can work as you like without worrying about losing your source of income.
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4. The experience of having to have a total oversight
The exposure and experience you get working for a corporation is little and streamlined to your area of expertise. You just get to see a portion of the work. For instance, you would only report to the marketing team if your role involved overseeing the company’s product marketing. On the other hand, you can comprehend and experience all the angles and diameters of your work if you run your own company.
5. No payment problems
As an employee, you are aware of your yearly salary as well as a small rise based on your accomplishments. In the absence of a promotion, your pay remains unchanged. Nonetheless, based on how you operate and manage the company, you may be able to make more money when you own one. You may be in charge of your own profit threshold, pricing, and marketing plans. As long as the business is operating, this promises a rich income.
Disadvantages of starting a business
1. Financial Risk
Starting and running a business involves significant financial risk. Entrepreneurs often invest their own money or take out loans to fund their ventures. There is no guarantee of success, and the risk of financial loss is substantial.
2. Uncertain Income
Unlike a regular paycheck, business income can be irregular and unpredictable. Business owners may face periods of financial instability, especially during the early stages of their venture.
3. Long Working Hours
Entrepreneurs often work long hours, especially in the early years of their business. The demands of running a company can lead to a poor work-life balance and high levels of stress.
4. Responsibility and Stress
Business owners bear ultimate responsibility for the success or failure of their ventures. The stress and pressure of making critical decisions can take a toll on their mental and emotional well-being.
5. Market Competition
Businesses operate in competitive markets, and success is not guaranteed. The presence of established competitors and changing market dynamics can pose challenges to new businesses
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So which is better?
The choice between a job and doing business is not always the option of what is better, but not which you’re suitable for you at the moment. One can begin a job to get the necessary skill set and experience requisite to developing and starting a business in the future. Also, an entrepreneur, whose business is not as profitable as he wants, could opt for a managerial role in a firm and do well in the long run.
A more balanced view
Almost everyone who owns a business today was once an employee. It’s important to experience the two worlds. While being an entrepreneur offers you the opportunity to go beyond the norm and decide for yourself how much you want to make, you must understand that the experience from a job is very much needed in starting a business. So by my rule of thumb, you must get your hands involved in someone else’s business, working for them, and with the right time, you make the transition into an entrepreneur yourself
Conclusion
The choice of business over a Job sometimes may be overrated. Nobody should be cajoled into thinking that the former is what determines success. Whether on a Job or a business, you can achieve your definition of success and fulfilment. On the issue of wealth creation and amassing great financial fortune, one must not be shy to state that working for someone may not make that a possibility, on the other hand, most CEOs of great companies all over the world are billionaires and others are millionaires also, working for others.
Having considered the pros and cons, it’s left for you to decide which is better, and if it’s your quest to make a transition later on in life you must also decide on when to make that transition.
