Entrepreneurship and having regular employment are two different career paths that offer different benefits and drawbacks. While a job provides security, a steady income, and an established work structure, entrepreneurship offers independence, flexibility, and the potential for financial and personal success, often with unlimited potential. The possibility of becoming an entrepreneur, regardless of the day and age, can offer numerous extraordinary benefits for those who are not afraid of challenges.
In my long career as a corporate executive, I have seldom come across anyone who fully enjoys working for someone else. Nevertheless, I have met people who are happier doing a business on their own even if they make less income. They enjoy their day-to-day interactions with others related to business. This means that there is more satisfaction with the work done for yourself because you are the source of your success.
What exactly is a job? A “job” is a full-time or part-time work in which you cater to a job in exchange for money. A job can be of any type, depending on your profession and the needs or demands of the business. The most important part of a job is that there is always someone superior to you who gives you work, evaluates your performance, and determines your income.
What is a business? Simply defined, a business is a relative organisation that is set up with a business goal where two or more people are involved to achieve a pre-defined goal to earn profits. However, depending on the type and magnitude of the business, there can be other definitions as well. In any case, if you’re a business owner, a greater number of responsibilities come on your shoulders as you have to make major decisions. You can delegate the responsibilities to your employees; hence, you’re the boss, and the success or failure is also yours.
Rarely can one come across an employee who does not confront issues with the employer at one time or another. In contrast, entrepreneurship offers flexibility. One of the biggest benefits of entrepreneurship is the ability to set your own schedule and work when and where you want. As an entrepreneur, you have the freedom to structure your workday. You also have the flexibility to work from any location you choose, which is a luxury an employee can rarely enjoy. This can be a huge advantage for those who value work-life balance.
Satisfaction
According to some statistics, 80% of working adults are dissatisfied with their jobs. Satisfaction can also vary in degree and for a variety of reasons. What job you undertake will be determined by the organisation and your previous experiences. Where are they? Because of the freedom of choice, a business owner will be satisfied with his work 80% of the time.
In contrast, as an employee, you are dependent on rules, regulations, instructions, and organisational culture. Even if you disagree with instructions, management methods, strategies, etc., you must fall in line to maintain organisational discipline. If you are an employee, you also must wait for approval to carry out tasks or implement new ideas.
The entrepreneur has the authority to completely control the business he or she owns, as opposed to the limitations when you are an employee, even at the most senior levels. As an entrepreneur, you have the flexibility to control business output, organisational culture, employee behaviour, and management systems. This level of control allows you to create a business that aligns with your values and goals and make decisions that benefit your business in the long run.
On the other hand, as an employee, your independence is comparatively limited. You may face constant competition at the workplace from fellow workers. At times, this intra organisational competition can be nightmarish in the long run and it can be stressful. Yet, an employee must compete with others in similar positions to advance his career. As an employee, your advancement in your career is not always dependent on your performance and merit. Therefore, you have to be concerned about the others in the organisation and nurture good relationships.
The financial potential and the ability to build a large wealth are another salient factor in entrepreneurship compared to a regular job. Although a job provides you with a steady income, entrepreneurship offers far better potential to create your own wealth. The reality is that all business ventures aim for profit. A business can generate a cap-free income. If the entrepreneur does it right, the creation of wealth can be substantially higher than that of a salaried worker.
Many people start businesses because they are enthusiastic about what they do. They see a need, problem, or opportunity and create something that fills the hole or answers the problem. It is said that starting a business is relatively easier than starting a vocation. It is significantly more versatile and provides the developer with more opportunities to engage with others.
The day-to-day life of an entrepreneur is never boring, whether in good times or bad.
Every day, they face new challenges and obstacles that an employee may find monotonous or lacklustre. Even when you are facing business issues, you are naturally motivated to do better because every such issue is a challenge.
Although running a business can be tiresome with occasional problems, it is said that most often entrepreneurs are happier and more satisfied in their personal lives. Even with busy schedules, they can find time for personal agendas without being controlled by a superior. Uncertainty about job security is an issue employees come across often. Although the benefits of employment include a sense of security and stability, it can also be a disadvantage depending on the circumstances. You may negotiate a contract as an employee, but ultimately, your job is in the hands of your employer. Following on from the previous disadvantage, if you are not in line with or prepared to play the game of office politics, your job security may be jeopardised regardless of your performance.
Not easy
It is true that, in terms of guaranteed monthly income, a job is a huge advantage. A fixed amount of money is paid to you on a monthly basis, which means financial security for the employees and their families. That way, the employee can commit a definite amount of money to regular financial commitments. Whereas an entrepreneur is someone who may have to take a risk at the start and go on for a certain period without a fixed salary until the business generates profits to cover the owner’s paycheck.
Hence, entrepreneurship is not easy, but patience and consistency are the keys. If an entrepreneur worked with patience, it would lead to tremendous growth. Entrepreneurship can be a rewarding career path for those who value independence, flexibility, financial potential, personal growth, and innovation. While it is not for everyone, those who are willing to take the risks and put in the effort required can create a successful and fulfilling business that makes entrepreneurship better than a day job.