Job
imgbox

ENTREPRENEURSHIP VS JOBS

 

Post date: 2020-06-19 08:31:21

ENTREPRENEURSHIP VS JOBS

 Index

Job

Benefits of Jobs

Fixed Income

Fixed working hour and Leave Benefit

Responsibility is less

Disadvantages of Job:

You are not independent

Job Security

The little development scope

Benefits of Entrepreneurship:

You are the boss

The ability to earn more

Career growth

Disadvantages of an entrepreneur

            Stress

Initial investment

Financial Instability

Final Thought:

 

Being the fresher or just collage passed out, you may always end up to be confused to choose the right career path. Deciding the right career path is one of the most important choices that you make in your life. As the career you choose is not only for being successful but you have to enjoy all aspects of it. So, before choosing let’s explore all the options.

Even a decade ago, most people don’t want to take a risk to start doing something on their own. But as the government is investing and launching start-up programs, people are started thinking out of the box getting more inclined towards entrepreneurship.

But being an entrepreneur or an employer both have its advantage and disadvantages that more or less depends upon your strengths and weakness. Being an employee is not for everyone, being an entrepreneur is not either.  In this article, we have discussed the pros and cons of job and entrepreneurship that have a serious effect on your stress level, work/family balance and your fulfilments, so that you can have a fair idea which career suits you best.

 

Job:

A job is any fixed or routine work that is performed in exchange for monthly salary and similar benefits.

Benefits of Jobs:

Fixed Income:

This is the most important advantage of doing a job. Having a job means you have a fixed amount of salary that has been credited in your account, which secures your life financially.

The payment employees got for their services towards the company often include several allowance and benefits (that includes insurance covering health, life, accidental, bonus to boost the morale of employees), taxes, provident funds, and company share.

Some of the companies even offer health insurance that covers the family of the employee. Even after retirement, employees got a pension to secure that retired life. 

Fixed working hour and Leave Benefit:

Having a fixed duty hour, holidays, leave benefits to provide available time in each year for the employee. At that time, they are not working for the company, but the time is already paid. They can use this time as per their accordance to relax, to exercise, or working on hobbies. Employees can use this time to refresh themselves, so then when they can go back to the job, they can start with more energy and more focus to complete their daily job.

If one is working extra hours, that hours exceeding the initial contract (i.e. overtime) are remunerated at a higher rate. And doing overtime is not even compulsory.

Responsibility is less:

Most of the corporate jobs offer you a team to work with. Teamwork develops your skills and expertise. And you are only assigned to do a particular job and not at all responsible for the entire task. You don’t have to bother how others are performing, as if your part is done, you will get your payment done.

 

Disadvantages of Job:

You are not independent:

As an employee, you have to follow the company’s or supervisor’s instructions. You can’t do things in any other way. You are bound to perform your job within a given time. It’s almost like spending half of your life in a cubicle for someone else’s dream.

Job security:

In today’s competitive world, no one’s job is permanent. It is not guaranteed for life. If you are not performing well, then you may get fired. And that situation may occur even without a solid reason too.

The little development scope:

As an employee, you are often left with a little choice for your career development as you are working in a specific sector of an industry that minimizes your scope for development.

Entrepreneurship:

This is an activity to set up a business or a new venture to make a profit keeping in mind the difficulties and risk is called entrepreneurship here on have to manage, organize and assume all the risk and identify the opportunity and convert the opportunity into a viable process to make money.

Benefits of Entrepreneurship:

You are the boss:

An entrepreneur is free to take any decision on their own. You can spend how many hours that you decide to work, and free to whatever you want. Working according to your schedule makes you stronger and confident enough to create more job opportunities for others.

However, being an entrepreneur you must have leadership skills, as you have to direct others and take responsibility for others' work too. To be a successful entrepreneur you have to outsource talents.

The Ability to earn more:

As an employee, you can’t ever earn as much an entrepreneur does.  As the earning of an entrepreneur is not limited by the limited work hour decided or agreed by other parties. They have the potential to earn as much as they want. Earning depends on the service they provide and on the capability of them.

Career growth:

As an individual entrepreneur, you must have aspirations and goals to fulfil. No one will dictate you on how to do your job or help out to make decisions. The size of the risks you take depends on your choice. 

Network, business contracts created by an entrepreneur opens up new opportunities that mean they are the creator of their own life and they can explore or change the horizon.

Disadvantages of an entrepreneur:

Stress:

Building a company from scratch on your own is not an easy task. And that too with no colleagues support, no guidance no guaranteed income. . .

For all the pros it offers, it comes with its downfalls. Managing the marketing department, networks, accounting, and legal department all on your own makes you exhausted physically and mentally too.

Initial investment:

 You need a lot of money to start something new. The amount of money depends on what type of business you want to start in. The initial investment can cause a lot of impact on the performance of your business. But to cover the start-up costs, most people start in debt.

Financial Instability:

In the initial days of your startup, you can’t even think to have a huge profit. It’s a huge risk. As reportedly, 50% of business fails within the initial five years due to bad performance or lack of cash flow. With more than 40 work hours in a week in the initial days, you may end up being “workaholics”. This work/life imbalance causes family and friend issues, and that too in an exchange of very less financial profit.

 

Final Thought:

Each sector has certain kinds of benefits and risks. Before taking the right choice for you, you have to think about your thoughts and interest. This article may help to choose what the career path has to offer and what not. I hope this helps to discover your path. Good luck!