Employment Vs. Entrepreneurship | A Modern-Day Discussion
Growing up, you were always told to work hard in school and get a decent education. A good education will land you a good job and, as a result, a better life. This is the mindset that most of us adopted as children. Some people find it difficult to let go of this belief since it has been with them since childhood.
However, in the contemporary age, this belief is beginning to shift. Shopping online and online marketplaces are thriving as a result of the rise of social networks and internet retail stores. Entrepreneurship is growing all over the world, and it isn’t just in online businesses. Let’s take a look at what distinguishes each option to help you determine which is best for you.
Positive Side Of Employment
- Leave Benefits: Leave benefits are times accessible each year for employees to take a break and enjoy paid time off even when they’re not actively working for their employer.
- Guaranteed Income: the fixed sum of money deposited into bank accounts on a month to month basis means financial stability for the worker and their family.
- Employees frequently agree on fixed work time, which are protected and outlined in an agreement between the employee and the company that employs them. Overtime or additional hours are available at the employee’s discretion and are not required.
- Less Responsibility: In the workplace, you are frequently assigned a specific role for which you are solely responsible. You don’t need to intrude or be concerned about how other individuals are performing across the company.
Positives Of Entrepreneurship
- Career Advancement: As a business owner, you can accomplish your personal goals and aspirations. You would not have a supervisor to interfere with you or influence judgments for you.
- Without a boss, the entrepreneur can make choices in both their private and professional relationships. They can function whenever they want, for however long they want, and from anywhere they want.
- Flexible Working Hours: In the end, the business owner would choose working times that are convenient for them. While some entrepreneurs work 80-hour weeks at first, others have the personnel in place to sit back and focus on as little as possible.
- The Capacity to Earn: An entrepreneur’s financial growth is much larger than that of a worker who is limited to a salary or hourly rate determined and agreed upon at the beginning of their employment.
- Entrepreneurs are frequently out making connections and finding new business opportunities. This means they are masters of their fate and could always change and expand their horizons.
The Downside Of Employment
- Employees must follow their employer’s instructions and could become reliant on their monthly salary as they purchase items on credit and incur debt.
- Employee Income is Often Limited: An employee’s income is often confined to their negotiated wage or salary rate, which means that it is capped and cannot be increased without extra hours or a pay raise.
- Limited Development Opportunities: Once again, the limitations of working in a particular sector or role can severely limit an individual’s opportunities for advancement.
- Job Security: In today’s competitive environment, people are easily replaced. Jobs are often not guaranteed for life, and companies can often fire employees for no apparent reason. There is no such thing as a 100 per cent guarantee of job security.
The Downside Of Entrepreneurship
- Entrepreneurship can be a stressful and isolating experience. It has drawbacks despite the benefits it provides.
- Investment: Depending upon the nature of the venture you are starting, you may need a large sum of money to get started. Some entrepreneurs begin in debt since they had to borrow funds to offset their start-up costs.
- Prolonged Working Times: If you are setting up a business with many competitors, you may find that putting in long hours is the only way to build a strong reputation and brand base.
- Financial Instability: When opening a company, and especially during the first few years of operation, there wouldn’t be much spare money accessible.
The Bottom Line
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Both working for someone else and starting your own business have advantages and disadvantages. Entrepreneurs are frequently depicted as happy and fulfilled, risk-takers who enjoy the benefits of being able to control their time and income. However, as previously stated, entrepreneurship has its challenges. With that said, all the best in deciding between employment and entrepreneurship. If you do decide to go both ways, all the best with that too.