Having a Job vs Starting Your Own Business- Which Option is Better?

16 Jan 2020
Having a Job vs Starting Your Own Business- Which Option is Better?

The job versus business debate is as old as time. The majority of the people are torn between picking a fixed salary-based job or be the boss of their own. Well, for every single individual out there, either a job will be more beneficial or starting up their own business. However, this is not an easy decision to make within a day. People need to explore their horizons and look out for the pros and cons of both. In this way, they will be able to analyze the results in a better way and decide on which path to choose.

There is a huge chunk of people out there who believe in working straight for 9 hours and add more zeros to their salaries. They want to utilize their full potential and perform their best at their jobs, which is highly commendable. For them, a greater picture is to go step-by-step and attain a position as one of the Board of Directors.

Then comes a portion of people who believe in self-sufficiency and hardly rely on other people to do their jobs. These people are good at managing things and lead others to a destined goal or objective. This is where a sole proprietorship comes in, with people being their own boss and working towards success. They are determined to expand their business and make decisions that suit their work ethic and business persona. It is easier for them to register a company in Australia and work around it, however they wish.

So who is better? Someone seeking a job or starting up a business?

For career starters, this might be a very tough question to contemplate and answer. Even after so much advancement in technology and career opportunities, youngsters find it difficult to choose between the two. Being a young entrepreneur is the latest trend, with the lead of successful businessmen like Jeff Bezos and Mark Zuckerberg. People are inclined towards becoming millionaires by starting their own business, however some still focus on representing a multinational firm.

It might sound cliche, but the answer to this question depends on every single person who can’t decide for now. To make the right choice, it is better to foresee the next 5 years of life and analyze what you see. An assessment like this is pretty crucial in order to make the right choice and stay away from failure. Nobody wants to regret making the wrong decision later in life, which will only lead to further distress and hopelessness. To understand how this works, it’s essential to consider some basics and make a comparison between the two alternatives.

Advantages and Disadvantages of Having a Job and Business

It’s always good to know how much depth of the pool is before diving in. Similarly, decisions like shaping the career in the next 5 years should be analyzed in depth.

Let’s step into someone else’s shoes who is about to decide between job or business and plan ahead accordingly. This will be super beneficial to forecast the future and choose the best of both worlds. Some of the key points that will help in further evaluation of job and business are listed below:

Advantages of Having a Job

  • The flexibility of working hours.
  • Diversity in the working environment.
  • A fixed amount of salary.
  • Additional perks like insurance, bonuses, increments, etc.
  • Work recognition, either monetary or non-monetary.
  • Paid holidays and vacations from time to time.
  • An organized way of life.
  • Sense of job security according to job performance.

Disadvantages of Having a Job

  • Politics at the workplace.
  • The threat of someone else getting promoted or hired as your replacement.
  • Job discrimination.
  • Not getting the recognition you deserve.
  • Too many rules and regulations.
  • Limited growth and job opportunities.
  • Difficult to switch jobs.
  • Fear of retirement.

Advantages of Starting Your Own Business

  • You are the boss!
  • Flexible working hours, with nobody to scold you for being late.
  • Ability to make and finalize decisions.
  • Nobody can fire you.
  • Having personal space to evaluate different matters.
  • The benefit of enjoying the profits being earned by the business.
  • Unlimited mobility and chances of learning new things from various business scenarios.
  • No rules and regulations to follow.
  • Putting in efforts and hard work in order to make the business flourish.
  • Increasing employment opportunities for others to work at your firm.
  • Reduced the amount of tax on business losses.
  • Goodwill of the business.
  • People looking up at you as a leader which adds prestige to the overall personality.

Disadvantages of Starting Your Own Business

  • A lot of investment is required, hundreds of dollars to start with.
  • Inability to manage the business and achieve short-term goals.
  • Higher probability of incurring losses in the beginning and losing all the investment made.
  • Failure to attain survival in the short-run.
  • The level of risk-taking is high, which may lead to more failures and bad decisions.
  • Additional burden or stress of managing multiple tasks by yourself.
  • The stress of being looked upon by the company’s employees and not knowing how to lead them.
  • Inability to keep up with certain employees and firing them in an unethical manner.
  • Not knowing how to micro-manage and deal with chaos at the workplace.
  • The pressure of meeting the deadlines.
  • Fluctuating levels of income.
  • The threat of competition in the market.
  • Dealing with paperwork and legalities.
  • The threat of doing dirty business, like politics.

Conclusion

Be it a job or business, the decision is yours to make. Nobody else is in the right state of mind to decide whether you should have a job or start your own business. However, one might benefit from exchanging ideas and views with the successful people in the respective fields. Also, it all comes down to an individual’s way of thinking whose future has yet to be decided. A person’s instincts and career aspirations are also two very important determinants to finalize the decision in the end. So keep digging in the facts and find out what is best for your future, a job or your own startup.

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