Have you ever wondered what is best suited for you, a job, or running your own business? This question baffles the mind of young’uns from the early days of their career, and the answer is almost always personal to each individual. Personality traits play an important role in determining what is best for you. One must consider his interests, habits, potential, and situation before pursuing one of the career tracks. Being an employee or an employer, both come with their pros and cons.
The challenges of a job and business are miles apart, let’s go through some basic questions to asses if you are more suited to run a business or will gain success in a jab role.
Positives and Negatives of a Job
Being an employee at a steady job has its perks as it allows people to have a stable lifestyle. Some of the considerable benefits an employee can enjoy can be stated as follows:
Steady paycheque: It always attracts to have a smooth sailing ship. Employees have the benefit of enjoying a regular salary each month, and their lifestyle is adjusted per the pay. A continuous job assures that you won’t have to worry about where the next meal is going to come.
Fixed Working hours: Fixed timings are agreed upon the time of joining, and you are guaranteed to be paid for a set amount of time on working days. If you need to work extra hours, most companies offer handsome remuneration for the time so that you will get some extra bucks out of overtime. Companies make you abide by the agreed times.
Less responsibility: Jobs are mostly task-oriented, being an employee, you are responsible for doing your part right and won’t need to fret over how others are faring. Employers will only question you for your tasks. Play your part right.
Leave and Health benefits: Most companies offer adequate paid leaves annually for giving their employees deserved downtime so that they can adequately relax from the hectic routine refreshing their mind and return to the job with revitalized zeal. Health benefits are also offered to employees. Corporations heed attention on the wellbeing of their human capital. Medical insurances and paid medical leaves are agreed upon in the employment contract, so that’s a big plus for the employees.
Although all the above benefits are desirable, however doing a job has its own drawbacks.
Fixed income: There is a little chance that you will get to enjoy extra money other than your agreed salary apart from some small annual bonuses or overtime. An employee must adjust him/herself according to the paycheck. Pay raises are few and far.
Competitive colleagues: Competition for higher positions amongst colleagues in an organization can be hostile and lead to a tense environment amongst co-workers. Sometimes companies fuelled the competition to gain most out of their employees.
Strict deadlines: Higher-ups set tight deadlines for some challenging tasks pushing their workers to the limit without considering their emotional and mental states. Many businesses exploit their employees to get more work done on job hours.
Dependence and Limited Growth: Employees must depend on the instructions of the employer. Many a time, employees are not encouraged to solve matters with their intuition, so employees are bound to abide by the company policies. Only limited growth opportunities are available in organizations; it is possible that you may not be able to gain tangible success even with back-breaking inputs.
Pros and Cons of Being an Entrepreneur
Entrepreneurship is no child’s play. In order to nurture an idea into a successful business enormous amount of time, planning, courage, and determination are required. Business is a process, not a product; it requires continuous innovation, tireless work ethic, and a gritty attitude. The lavish lifestyle of businesspeople attracts a lot of young blood to pursue a career; however, one must not give in to temptation but try tirelessly to earn a significant status. Business incubation centers offer new businesses a chance to flourish; business dissertation writing services can help garnish your ideas for better presentation.
Infinite growth opportunity: Entrepreneurship offer unlimited growth at both personal and professional levels. You set your own goals, own targets, and timelines to fulfill the aims. Exciting opportunities present themselves at different levels of success in business.
Independence: You are your own boss! You run things the way you want, and you have the authority to change things around whenever you want. You can choose with whom you want to work. Every decision is yours; you hold power to hire or fire people. Success is based on your aptitude and the way you manage your team.
Flexible Working hours: Since you are the boss, you can choose the working hours of your convenience.
Opportunity to Earn: Business can provide huge boosts in your financial uplift. Entrepreneurs are not dependent on the salary; they can set the targets of their income and can even hire people to achieve those targets. Success in business is accompanied by financial success.
Amongst the disadvantages of entrepreneurship, the following points are most worrisome.
- The initial investment is a must to start a business; entrepreneurs need to manage the capital and spend it wisely
- Business is a stressful occupation. A lot of thinking and stressful matters are there for entrepreneurs
- Require intense hard work with daunting work ethics
- No fixed income is guaranteed
- Success is not guaranteed. Several entrepreneurs fail every year around the globe, so the risk is enormous
- Persistence is essential in establishing a good business
Considering the above discussion, you need to assess your biases based on interests, professional affiliations, and personality traits. You can take a free personality test if you are still confused. Ask the following questions before starting a business.
- Can you start and finish tasks independently?
- Can you set and achieve short and long-term goals?
- Do you have the self-discipline and self-motivation to work for yourself?
- Can you manage money wisely?
- Do you know how to measure success?
- Are you comfortable creating your own paycheck?