Putting up and operating a business is never for the faint of heart. From the start, every entrepreneur must have the skills and passion to be able to give their business the success it deserves.
Even at a young age, many children are already prepared and conditioned to what their parents want them to be when they grow up. Childhood is when our dreams were idealistic and have been products of childhood wonder, amazement and parental influence. Children are often advised and encouraged to go for high-paying jobs like engineers, doctors, accountants, and the like. If not, they are asked to manage the family business. Seldom are children encouraged to put up businesses of their own. Although there isn’t any issue with this, it still minimizes the chances of children to find their own passions and skills in terms of entering the job industry. Most people overlook the benefits of entrepreneurship and see employment as the best, if not the only course of action in finding a career. Growing up, however, opens a person’s eyes to the numerous paths each of us can take.
Being an employee has disadvantages and advantages of its own. Employees have less responsibility in terms of managing the workforce. Since they are all given their own tasks, focusing on one’s own work will be easier. Also, when there are emergencies, or an employee just wants to take a day for himself/herself, he/she can take a leave of absence without losing a day’s wage.
Guaranteed income is one of the best benefits of being an employee. Employees can always look forward to that time of the month when they can get their salary. Oftentimes, aside from the salary itself, employees can also expect different allowances and benefits. However, this will depend on what is agreed upon by the employee and his/her employer, and every payday will still depend on your employer. You still need to remember that your salary may be given later than the agreed upon date if there are unforeseen circumstances.
Employees also have fixed working hours. The usual work hours are from 8 o’clock in the morning to 5 o’clock in the afternoon on weekdays. With this fixed schedule, you can have more time to do other important things or just relax and take care of your family and yourself. If ever employees exceed those hours working, they will be paid at a higher rate than that of the standard hours. However, you must also know that most companies only pay overtime to employees that do not have managerial positions. Once you have been promoted to that position, you might lose that benefit.
Now, let’s talk about the downside of employment. Because you will be working for someone, you will not develop in your profession the same way as when you are an entrepreneur. You will be employed because of the present skillset that you have, and that is usually what you will focus on when doing your job. It is good to have a job that suits your skills. However, you will not develop this talent further since you will be given endless tasks that only require the present state of the skillset you have. What’s even worse is that if you wish to develop your other skills, you will have little to no time to do so since your hands will be full of all the work you have to do.
You will also be dependent on what your employer has for you, in terms of work and income. Because of the assurance of monthly pay, there will be instances that you might spend more than you have, knowing you will have money at the end of the month. This kind of practice can be risky if you keep overspending and depending on the job you have to support it. Being an employee, especially in private companies are dispensable and can easily be let go even without notice. This is the reason why it is difficult to depend on the job you already have now.
Upon the start of employment, you and your employer will agree on an hourly rate in payment for your service. If you are just starting with the job, the salary will usually just be the minimum wage for an employee. To most people, this would not be enough. Even worse, because this is a competitive world, you can easily be let go by your employer and be replaced instantly. That is why every employee must double their commitment and determination in doing their jobs.
Being an Entrepreneur
Making entrepreneurship as your full-time career poses many risks. Competitors with the same passion and work attitude are not the only thing you should worry about. You need to invest your time and effort into making your business as successful as it can be. Success does not happen overnight, and you must be determined and focused in your business so it can rise to success quickly and more easily. This would mean long hours in the office, and an insane amount of stress. Even with your determination, it still would not guarantee good profit. The stress of running a business can sometimes be too much, and can have a negative effect in your health and in the personal relations to your friends and family.
More importantly, you will not only invest a capital as well, but must also manage the finances of your business. Depending on what business you would want to start, your capital can either be a small amount or a large sum. This alone can make people rethink putting up a business.
But even with the glaring disadvantages of being an entrepreneur, there is a hugely tempting upside to it as well. More and more people are trying their luck in entrepreneurship, and all for good reasons. Being one will give you a sense of independence and endless opportunities, and this is highly unlikely if you stay employed. Your skills will not go unnoticed, and you can improve them to utilize those skills to their best capabilities. Aside from that, you will still have the chance to improve on your other skills and pursue other passions as well. With perfect planning and execution, you can also use these other passions into something profitable as well.
You will also be your own boss and will not depend on the tasks and responsibilities that will be assigned to you. This can be daunting at first, but everything can be improved on with practice and determination. This will help you execute what your vision really is without having to answer to superiors.
Having your own business will also help you grow with your business financially. Since you own your business, you can have a large chunk in the profits unlike being an employee where you will depend on the hourly rate that is agreed upon employment. Also, because you are the boss, you can pick the hours that are suitable for you to work, giving you time for yourself.
Being an entrepreneur and being an employee can both provide a person a secure future. Whatever profession it will be, there will always be advantages and disadvantages. However, the idea of venturing into your own and finding yourself with the assurance that you are financially secure is something we should all aspire. The real job is to find what you are passionate for and make it into something you are both proud and happy to do, and if you continue to work for someone, will you truly achieve it? Remember that it does not matter how high you are up the organizational chart. Success does not lie in a person’s job, but on how determined a person is to succeed.