The job vs business debate has been around for a long time now. Both sides have equal supporters with reasons that make sense. But considering the current times, entrepreneurship is gaining more popularity especially among Gen Z. As per research, 62% of Gen Zers have either started their own business already or are planning to start one.
On the other hand, we cannot deny the fact that running a business is not everyone’s cup of tea. It requires dedication, motivation, and a lot of patience to run your own company. To cut it short, for those seeking financial security, a job would be the better option. However, those who are willing to take risks and have proper resources should consider running their own business.
JOB VS BUSINESS: The Upside And Downside Of Choosing A Job
There’s no one word that can define a “job”. It can be part-time or full-time employment or simply a project that comes with a pre-determined salary. Mostly, the salaries are constant unless you take up another job or get a promotion in the company. It’s all about working under someone and getting the salary you were promised at the end of every month.
⦁ Working Opportunities: When you are working in an organization, you are open to several opportunities especially by engaging with other job roles or projects.
⦁ No Need For Directions: In a job, you work for your boss and he’s the one giving out directions. This helps relieve the stress of having your own working strategy. All you have to do is to work on the project assigned by the boss and give it the best you can.
⦁ Additional Benefits: When working for a company, you get additional benefits like free medical assistance, insurances, and bonuses too. In other words, your finances and to some extent your life is secured as an employee.
⦁ Promotions: You’ve all heard about promotions and how they work. In a job, when you give the best results and help boost the company’s success, you get a promotion. With promotion comes a higher salary.
⦁ You Work For Someone: The biggest downside of having a job is that you put all your effort just to make someone else rich. In return, all you get is just a fixed salary. There’s little to no scope for self-growth here.
⦁ Higher Competition: To get a job in the first place, you need to be highly qualified. The job competition out there is higher than you think. Even after having all the required skills and knowledge some people don’t get even a single promotion all their lives.
Job vs Business: The Upside And Downside Of Choosing Business
Running a business is all about taking risks and having the guts to face your fears just because you want to achieve a specific goal. To run your own business, you need a solid idea and a solid action plan. Choosing business over a job is about taking full responsibility for success and growth in your own hands.
⦁ Be Your Own Boss: If you’ve always been a dominant person who likes to take matters into your own hands then working under someone else might not be a good idea. The best thing about running your own business is that you get to be your own boss. You don’t have people giving you orders or stressing you out to get a certain task done.
⦁ Flexibility: One of the many reasons why people like the idea of entrepreneurship is that it’s a flexible career. They get to decide where they want to work, when they want to work and how they want to make things happen. Moreover, you don’t need to ask for leaves or worry about any pay cuts.
⦁ Profit: Running your own business means that you’ll be working for yourself to make yourself rich instead of someone else. The profit margin here is much higher than what you get with employment. Also, you can make as much money you want in your business without any limitations.
⦁ No-Risk Of Losing Your Job: In entrepreneurship, you are never worried about someone firing you just because you didn’t give your best. Yes, your work will affect your own business but you won’t worry about being out of a job all of sudden.
⦁ High Risk: Running a business comes with huge risks. It’s not easy for everyone to cope with such risks or handle them when things go South.
⦁ Competition: You have to compete with a lot of other businesses selling the same products or services as you. For this, you need maximum resources, the right amount of knowledge, and experience to stand out.
The answer to the job vs business debate is in “you”. As you can see, both sides have a few upsides and downsides. The question here is what kind of a person you are and what downsides can you deal with, easily.
However, as far as our opinion is concerned, running your own business is the better option here. Yes, it comes with risks and yes, you need some real-time dedication to getting started. But at the end of the day, if you have the right plan and the right resources, you’ll make it to the finish line easily.
There’s no one side that’s good for all because the answer lies in yourself. You have to identify your needs, wants, and resources to make a decision. But if you have it all in line and can put yourself on the front, running a business will be the wiser thing to do.