It’s said that entrepreneurs are a different breed than those who work typical jobs. It’s the business owner vs employee mentality.
Employees are often worker bees, content with their role. Entrepreneurs are a little more interested in risk.
Which is Better - Job or Business?
There is room in the world for both job lovers and business owners, and one isn’t necessarily better than the other. It really depends on your personality, your goals, and your definition of success.
Pros and Cons of Entrepreneurship
When thinking about owning a business and being an entrepreneur, there are a few pros and cons.
More Thinking and Planning Required
When you’re an entrepreneur, you may spend more time planning things than actually taking action. Everyone else comes to you with their problems and expects a solution from you.
You Can See the Bigger Picture and Be Independent
As an entrepreneur, you’re your own boss. You start your business with a vision and then spend all your time and energy making that vision come true. Because you see the bigger picture, you can plan all the steps accordingly.
However, independence also puts a lot of pressure on you, as you basically have a generalized job description; you are responsible for everything.
Entrepreneurship is Risky
With an entrepreneurial business, the possibility for career growth is almost exponential. There is a great scope to learn and grow both professionally and personally. However, it is still a risky business, since it requires a lot of financial investment, as well as time and effort.
You’re Paid for Results
For an entrepreneur, it is either win all or lose all. They do not get paid for the work they do; rather it is about how that work performs in the market and industry. While this creates a higher chance of becoming rich, it also has some disadvantages; there is no financial stability or job security for entrepreneurs.
It Can Be Difficult to Create Life/Work Balance
It can become incredibly challenging for entrepreneurs to maintain a healthy work/life balance. Most entrepreneurs, feel like they are always on the job; the thinking and planning never stop. However, the advantage here is that they can also choose their own working hours.
Pros and Cons of Employment
By contrast, holding a job can be quite different than running a business.
More Time Spent on Action and Execution
For an employee, most of their time is spent actively doing things and executing the plans and guidelines given by their leader. This can be considered more of a pro than a con, for most people.
You’re Dependent and Told What to Do
For an employee, this dependence can be considered both a pro and con, depending on their perspective. While it takes away any responsibility from them, it can also be problematic if they don’t agree with the employers' ideas or have better solutions in mind.
Jobs Feel Safe
Employment has relatively low-stress levels when compared with entrepreneurship; though there may be some exceptions to this.
You have fewer responsibilities; all you have to do is the tasks you’re assigned. However, this can limit your professional growth and development as you may not be able to fulfill your true potential from a tiny cubicle.
Additionally, no job is truly secure. You can be fired or laid off at any time.
You’re Paid Only for Work Done
Employees are paid for the work they do. It doesn’t matter if the work was successful or how much revenue it brought in; they will still get paid a fixed amount.
While this can create a sense of financial stability and job security, it can also be a disadvantage.
Essentially, you are working to make someone else money, while receiving a limited amount of income yourself.
It May Be Easier to Create Life/Work Balance
Employees do sometimes receive several benefits, including paid leave. They can take time off, as needed, without having to risk their entire career.
However, the fixed working hours can become tiresome for some people, especially those who prefer more freedom and flexibility in their day.
As you can see, there’s not really a wrong choice when choosing a job vs a business. It’s about mindset and goals. Some people were simply born to be business owners. Which are you?