While there will be a constant debate between choosing to take up a job or starting your own business, it is crucial to analyze the two before choosing the most suitable career. It is said that before jumping into the pool, it is better to know its depth-first.
Similarly, it is ideal for each one of us to know the pros and cons while choosing a career in either of the two.
This blog will discuss the various points that should be considered before choosing to do a job or start a business.
One of the prime factors that should be considered is the risk associated with a job and a business. Although the risk lies in both to a certain degree, we can say taking up a job is a safer option.
You are paid a fixed amount as a salary in exchange for the work you provide to a company. You may even get certain benefits added to your salary in terms of kind or get paid trips abroad. This factor, however, depends on the company you join.
With a job, the only risk that may arise is unemployment (which is currently the case, due to the pandemic). A company may no longer need your services if they have sufficient human resources and is rolling towards debt. Although, chances of this situation may be comparatively low.
Starting a business, on the other hand, calls for uncertainty. You may not know the demand for your business in the coming future or face severe competition from the pre-existing sellers of the same product you chose to sell. That entirely depends on the form of business you select and the consumers you cater to.
If you have a business, you are your own boss, which gives you the freedom to control your business entirely and make decisions that you feel are appropriate.
However, in a job, you don't get the freedom to do as you please, since you are under the obligation to do as you are asked to and deliver the assigned task within a deadline.
It is true; there is growth in both the options; however, the degree varies to a far greater extend when comparing the two!
If you have a job, you can be promoted and get a better salary than what you had been getting. Companies often host workshops and pieces of training for the development of their employees, which is an excellent way to learn a new skillset and add value to your personnel.
In business, the owner usually relies on himself. If he is passionate about his growth both on an individual and corporate level, he may take up courses, attend workshops, or even read books to gain the required knowledge to grow his business and personality.
In a job, you don't necessarily need an investment, unless it calls for you to move out to a new city to relocate. If that is not the case, you don't need to have an investment.
In business, you are required to invest a certain amount from the very beginning of your setup. You do need capital to acquire various resources such as land, labor, machinery, etc.
Although, if you are starting an online business or creating a digital platform, you may not need a massive amount of capital as you would when starting a business the traditional way.
Talking about security, taking up a job is the most secure and safest option for anyone looking to generate a stable income. In a job, you are paid monthly, which can assist you in meeting your expenses.
In a business, however, there are many risks that you are likely to face. From its incorporation stage to the promotion, a certain degree of risk is attached to each step as you progress in your business.
Different things govern and motivate different people. For some, money may motivate them to work harder or do over-time, while for others, getting respect may be their first priority when working in a corporate environment.
If you find what motivates you, you are more likely to perform better and achieve your targets before deadlines. Usually, in business, many things drive owners, such as money, freedom, respect, fame, etc. Since they are motivated by many things, they usually perform better and strive to improve themselves, and their skill sets each day.
For employees, doing a job may be motivated by getting appreciated by their boss, or see a rise in their annual package. That may depend on an individual level for each employee.
As stated before, in business, YOU ARE YOUR OWN BOSS, which is an excellent designation as it gives you a lot of perks and the freedom to take your decision without being influenced by others.
If you are doing a job, you can have the highest designation in a company (which is that of a CEO), yet it still makes you an employee! You always will be liable and bound by the decisions of the board of directors and company owners.
In business, you certainly don't need to have a qualification or be educated to a certain degree. Business owners need to be educated in different subjects like Tax, Accountancy, Law, etc., which can be learned without formal education but with determination.
In a job, your qualification decides your designation. The higher you are educated, the better is your designation in a company. So an excellent formal education is required if you plan to do a job.
We saw eight essential things that we must consider before choosing a job or starting a business as a career. You may not get it right at once, but by keeping these points in mind, you may be pointed to the direction that you want to choose.
With experience, you will learn more as and when you go through different circumstances and stages as you progress! I hope this blog helped you shape an image in your mind of the professional journey that you will choose in the coming future. Stay tuned for more blogs! :)