Career vs entrepreneurship - What path should I take?

Certain factors, such as money, lifestyle, and career growth, play a significant role in determining what career path one takes. The age-old debate between working for a company (career) vs. starting your own business (entrepreneurship) has no easy answers, and it all depends on what one wants out of life. Both have a number of advantages and disadvantages.

Entrepreneurship – Pros and Cons

People in business have a good chance of making a difference in society by addressing a pain point or assisting in the solution of a larger social and practical problem. 

Being an entrepreneur gives you the freedom to run your business how, where, and when you want.

A business provides far more satisfaction and flexibility than a job. That is why entrepreneurs keep trying new things until they find something that works.

As an employee, you will never be the company's face, but the company's founder or CEO is someone who everyone looks up to.

A business owner earns more than anyone else in the company. This comes after many trials and tribulations, but once a company reaches a certain stage of growth, there is no turning back in terms of financial growth potential. A business owner can make as much money as his or her vision allows.

As a business owner, you own your identity. A startup's ideology, identity, and belief system will always be reflected in it. This is because the founder has complete control over how a company is nurtured. For a business owner, starting a company is far more than a way to express their individual identity than working a 9 to 5 job.

Check these blog posts on how to land a successful career

But take note;

Entrepreneurship isn't for people who can't live without salary. For months, if not years, the entrepreneurs may earn nothing.

Entrepreneurship is a high-risk endeavor. If not properly planned, it is possible to lose all of one's money.

You really don't get leave even though you can take. Working hours are more than your normal 9-5, especially at first.

If you have investors, remember; You don't have one boss, you have multiple. All the stake owners will expect you to provide better quality products or service.

You may not get enough time to socialize or be with family in the beginning, because of the amount of time and energy that needs to be put to make the business a success. 

Now, lets take a look at;

Jobs – Pros and Cons

One of the most compelling reasons for people to work is job security. Even though an employee's job security is never guaranteed, he or she is financially secure to some extent. The salary is guaranteed at a set amount.

Employees often have a set schedule and maintain a better balance between their professional and personal lives, depending on their position.

Jobs have a low risk factor. You will not lose money if you lose your job. You can also find jobs that are similar to yours.

Over time, jobs are progressive. One can progress from junior to senior status by starting at the junior level. Salary rises in lockstep with the level of responsibility.

Another reason people prefer working for others over being self-employed is that there is a system in place with a fixed salary, working hours, effort, and so on.

Only if one is employed by someone else can one think of taking a weekend off. An entrepreneur is unlikely to have set working hours or a weekend.

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But take note;

Being an employee can make you dependent on your income, which may lead you to make financial purchases and slip into debt if you don’t get paid.

Typically, earnings are capped or limited because of the agreed salary, and cannot be changed unless there is a promotion or a pay raise.

It is harder to fulfill your passion as an employee, and development can only be job-specific. 

You may not get the due credit for your work. Hard work often gets unnoticed, especially if you work in a place that has no regards for employees’ well-being.

The fear of losing job during slowdown or recession is real. A job’s security is never 100% guaranteed. Employees are disposable and can be given the quit-notice without any reason or pay.

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