Which path should I take: a career or entrepreneurship?
Money, lifestyle, and job advancement all play a role in deciding one's career path. There are no clear answers to the age-old debate between working for a corporation (career) vs. starting your own business (entrepreneurship), and it all depends on what one wants out of life. Both offer a lot of benefits and drawbacks.
Pros and Cons of Entrepreneurship
- By addressing a pain point or contributing in the solution of a wider social and practical problem, businesspeople have a strong opportunity of making a difference in society.
- You have the freedom to conduct your business how, where, and when you want as an entrepreneur.
- A business, as opposed to a job, delivers significantly greater enjoyment and flexibility. That is why entrepreneurs are constantly experimenting with new ideas until they find something that succeeds.
- You will never be the company's face as an employee, but the company's founder or CEO is someone who everyone admires.
- A business owner makes more money than the rest of the staff. This happens after many hardships, but once a company reaches a particular point of development, there is no going back in terms of financial growth potential. A business owner can earn as much as his or her imagination allows.
- You own your identity as a business owner. The philosophy, identity, and belief system of a startup will always be reflected in it. This is due to the founder's entire control over the company's development. Starting a business is significantly more than a chance for a business owner to express their distinct identity than working a 9 to 5 job.
However, take note:
- Job stability is one of the most compelling motivations for people to work. Even though job security is never guaranteed, an employee is financially secure to some extent. The wage is fixed at a certain amount.
- Employees, depending on their position, often have a predetermined schedule and keep a better balance between their working and home lives.
- The risk factor for jobs is low. If you leave your job, you will not lose any money. You can also look for jobs that are comparable to yours.
- Job advancement occurs over time. Starting at the junior level, one can work their way up to senior rank. Salary increases in lockstep with responsibility level.
- Another reason people prefer working for someone else to being self-employed is because there is a system in place with a predetermined salary, working hours, effort, and so on.
- Only if you work for someone else can you consider taking a weekend off. A business owner is unlikely to have set working hours or a weekend.
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Take note, however;
Being an employment might make you reliant on your money, causing you to make financial decisions and go into debt if you are not paid.
Earnings are typically capped or limited due to the agreed-upon compensation and cannot be adjusted until there is a promotion or a pay raise.
As an employee, it is more difficult to pursue your passion, and development can only be job-specific.
You may not receive proper credit for your efforts. Hard labor frequently goes unappreciated, especially if you work in an environment that has no respect for its employees' well-being.
The threat of job loss during a downturn or recession is substantial. The security of a job is never guaranteed. Employees are disposable and can be replaced at any time.
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