“In the end, that was the choice you made, and it doesn’t matter how hard it was to make it. It matters that you did.”
― Cassandra Clare, City of Glass
Life is all about choices. From the school you studied to the career you took up, everything is a choice. It decides what you will become. When it comes to career, people will face two choices. ‘A job’ or ‘your own business’. The answer depends on whether you want to work for someone or become an entrepreneur and be your own boss.
Now, let’s make a comparison between these two choices.
Job vs Business: Control
“I’d say the biggest pro of entrepreneurship is being in control. It begins with having full creative control; that doesn’t mean you don’t get outside perspectives or help, but it does mean not having to compromise if you don’t have to”
Explains author and Inc. Magazine columnist Justin Bariso
As an entrepreneur, you’re the boss. The boss decides what should happen and he creates his own destiny. To make it simple, you’ll have more control over what you do. Sometimes, you will have to do things you don’t like. But once you’ve made it to a respectable level, you will have complete authority over where the business goes. Remember, nobody messes with the boss.
But when you’re just an employee, you won’t always have this creative freedom. Of course, you will have control over certain elements of your work, but you will always have someone above you. If your idea is to go through, you should impress them. I think that ends the debate over control. If you need complete control over what you do, be your own boss.
Job vs Business: Growth
As an entrepreneur, the sky is your limit. You do more, you learn more, you get more. The opportunities to grow are immense. You set your horizons. There is no one above you to interfere in your decisions. You will have the opportunity to rule your business field. Of course, it depends on the demand for your service and the effort the individual puts in. But you have an opportunity to grow.
As an employee, you’re inside a cubicle working on someone else’s dream. Your growth opportunities are limited to the walls of that cubicle. You will have the opportunities to grow inside the organization. But as I already said, it’s only till the walls of that cubicle. Getting stuck in an industry can decrease an employee’s scope for advancement. They often find themselves with fewer choices and those are mostly limited to the industry or organization they are currently associated with.
Again, the entrepreneur is the winner here.
Job vs Business: income
You may not know the number of zeros in your employer’s bank balance. But you know it’s more than what your bank account has ever seen. Yes, every boss earns more than his or her employee. As the business grows, his/her income level increases with it. They will own a large part of the profit shares. They have the potential to earn how much ever they want, depending on how well their product performs in the market.
At the same time, if the product fails, it can all go down really quick. Yes, that can happen. For an entrepreneur, the income is highly unstable. Either you will earn a lot or you go home with nothing. It’s all about how the business performs. There is no guarantee of any fixed returns.
But an employee works for a fixed salary agreed upon by both the parties when he/she joined the company. Unlike an entrepreneur, they have a stable income. Whatever happens with the business, they will get their money every month. Unless your employer goes broke. Your growth will depend on your performance, not just on the company’s growth. Still, it will never go beyond a limit.
Job vs Business: Flexibility
When you’re in control of your business, you decide how it should be. As an entrepreneur, you will enjoy a greater level of flexibility in terms of work hours, the amount of work done and time for other personal things. You get to set the rules, work schedule, and level of happiness. In fact, you can schedule your office hours in a way that lets you watch your favorite team’s match. Isn’t that awesome?
But as an employee, you will have fixed working hours and a fixed number of holidays. And most employees have to get permission from their immediate managers if they are to take a day off or rearrange their work schedule.
Perks of being your own boss, right?
Job vs Business: Investment
A new business endeavor starts with a unique idea. But to make that idea work, you need investment. Though some business ideas don’t require huge capital, it’s not recommended to jump into the market with an empty pocket. At least you need an investor or someone who can back you. Again, that’s a big risk.
Some entrepreneurs borrow money to start their business ventures. And then comes the risk of debt traps. Moreover, he or she can’t afford to spoil his relationship with any of the clients. A bad reputation means profits going down and that takes your investment along with it. Starting your own venture requires investment, if not huge capital and manpower.
You don’t have to worry much about the investment if you take up a job. Of course, you invest your time and energy in the business, but you get paid regularly for that. So, it’s always a safe bet. But when it comes to the investment for physical capital that is required to start the business, employees don’t have to worry at all.
Chill, it’s not your money, brother.
Job vs Business: Risk
If you wish to go big, the risk will be bigger. You either get everything or lose everything.
‘The risk of failing, the risk of others witnessing your failure. The risk of debt, the risk of hungry competitors, the risk of bankruptcy… It’s not for the light-hearted!’
Writes business blogger Sophia Anderson
Unless you have a solid backup, you can’t afford to fail. Or you will lose your business. According to the statistics available, around 70 percent of small business firms fail within the first 18 months. So, there is a high probability for you to fail as an entrepreneur. One wrong step and then your downfall starts!
When you’re employed by a reputed organization, you won’t be taking such risks with your job. You will be just following the orders of your superiors. When you’re one among so many people, you can afford to make small mistakes and still get paid as long as you’re able to learn from it and adapt. So, less risk for you.
It’s not the case when you’re out there on your own. The buck stops with you. As an entrepreneur, you’re accountable for your actions.
Job vs Business: Recognition
It’s your ‘brain-child’. People know that. As an entrepreneur, you shed your blood and sweat to make your idea grow. Once it does, you will always be its creator and everyone will recognize you as one. Doesn’t matter how many people work for you or what they do, you will receive all the recognition for the performance of your company.
As an employee, you are not the face of the company. You will be overlooked by your superiors and friends sometimes. Though you work hard for the firm, you will often go uncredited when the productivity of the firm is taken as a whole.
Job vs Business: Retirement
When you’re doing a job, you own nothing. You get paid for what you do and that’s it. You will never have any right over your creation once it’s handed over to your employer. And once you’re off the ship after retirement, the ship sails without you.
But as an entrepreneur, what you created will always be yours. No one can overlook you. You own the ship and you get down when you want to. Even after that, you will always have your signature on it. If the business performs well financially, you’ve secured a future for yourself and your family.
Job vs Business: Independent
As an entrepreneur, you make your own destiny. There is no one to make orders. You’re free to make decisions in both personal and professional life. You can work whenever you want and from wherever you want. Your employees will listen to you and you’re in control of everything that happens in your firm.
As an employee, you belong to the dependent population. You won’t enjoy complete autonomy. You’ll have to follow instructions and your lifestyle depends on the salary you get at the end of every month.
Job vs Business: Excitement
Waking up every day expecting the unexpected is exciting. As an entrepreneur, you will have different challenges to overcome, each day. If you’re someone who appreciates the unexpected, an entrepreneur’s life is going to be exciting for you.
If you hate the predictable and monotonous schedules of a usual office job, you’re going to love being the boss.
Job vs Business: Stress
Stress is part of our everyday lives. Unless you’re as cool as ‘Rick and Morty.’ But with no guaranteed income, and no one to guide and support you, entrepreneurship can turn out to be a stressful and lonely venture. It can show you the ladder! It can also push you into pitfalls! Yes, being your own boss can be stressful. For some, it can be more than what they can take. So much is at stake here. Building something from nothing requires a lot of effort. And both mental and physical stress is part of it.
That doesn’t mean you won’t face any stress if you take up a job in an organization. Stress is part of everyone’s life. The deadliness, your superiors, co-worker, everyone and everything can stress you out. Again, it depends on where you are and who you are. But in the case of entrepreneurship, much more is at stake. An employee can leave a job and find new ones as long as he or she doesn’t have any serious commitments. But the boss can’t leave the company that easily. It’s his/her blood and sweat.
Job vs Business: Uncertainty
The business environment is unpredictable. Of course, with experience, you will be able to chase its trajectory, but it’s almost impossible to predict the exact route. And that brings in a lot of uncertainty. And who takes the biggest hit? The boss! So, entrepreneurship is a lot about uncertainty. Especially when you are building something from scratch.
Trust me, it’s much better to be an employee. You don’t have to deal with too much uncertainty in your everyday work-life. Most of the work will be repeated tasks or you will have your superiors to take care of it.Start free chat with an expert
While entrepreneurship can provide you an opportunity to grow beyond limits, it comes with a lot of risks. While jobs are more stable, you’re more likely to get stuck in your career. The choice depends on an individual’s potential and career goals. Always remember that you make your own destiny. Make sure that you invest time and thought before making your life-changing decisions. I hope the illustrated analysis have powered up your insights and have widened your perspectives.
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We hope this article helped you become familiar with Entrepreneurship in India. You can reach out and have a free chat with our experts at Hikewise for personalised support and advice on how to build a successful career ahead.