Getting A Job or Having Your Own Business?

“It is necessary to believe in your abilities to make ideas come true.”

A job with a salary of fixed digits or to be your own boss is what every individual has to decide at the very next day of his graduation. Well, there’s the whopping great difference between doing job and doing business but what’s good for the one, depends on some specific individual factors.

We’re living on the edge of technology, where youngsters have opened with a profusion of career opportunities and financial assistance but still debate between business and job is a fresh and hot topic between career starters. Where Mark Zuckerberg, CEO of Facebook and Jeff Bezos, founder of Amazon, has set up a new trend for young entrepreneurs, jobs in multinational companies even now hasn’t lost its charm.

There’re many determinants that form part of the debate on which is better, business or job. The decision between job versus business decides where you look at yourself in the next 5 years of your life. A right choice between business or job at the inception of your career is very crucial and it’ll be very difficult to switch at the later point in time. Frankly, you might regret that you would do better if you had chosen the other option. Before certifying any one of them with the tag of ‘Best’, it is  essential to take into consideration few basics to compare job and business.

For a second, leaving everything around, let’s step into the shoes of a young blood, who are totally freaked out by the expectations of their parents, relatives, society, and friends. That poor guy wonders with so many ‘what ifs’ in his mind to reach on a conclusion that what is better, job or business? We suggest to all those youngsters who’re standing at the fork of their career, from where they need to forecast their future deciding between own business or job, which is best? We’ve sorted out some key points or parameters on the basis of which, it becomes easy for any individual to judge the suitability to compare business and job for them.

A closer look at Job and Business

Before diving into the water, it’s good to know the depth of the pool. It’s significant to analyze the advantages and disadvantages of job and business, to make a decision between business or job. Every individual is different and has a different set of priorities and circumstances. What’s best for someone, might be the worst for other. Hence, any decision should be taken only after accounting the advantages and disadvantages of job and business.

Business

Nothing could be better than to be your own master and business gives you the freedom of enjoying your own self-decisions. In order to reach the conclusion of what is better, job or business, shouldn’t we know the advantages of business over its cons. So have a brief look at them:

Advantages:

  • You’ll be your own boss.
  • Freedom to make decisions.
  • You won’t be scolded for being late.
  • You can’t be fired.
  • Get time for your personal space.
  • Enjoy all the profits.
  • Expose to more learning opportunities as you won’t be confined to a particular work profile.
  • Satisfaction of pouring all your efforts and hard work for yourself.
  • Not compelled to follow rules rather set your own rules.
  • Give employment to others.
  • Tax deduction of business losses.
  • Being the boss adds prestige to your name.
  • Enjoy your Goodwill.

Disadvantages:

  • Huge investment is required.
  • Possibility to suffer losses at the survival stage of a business.
  • To enjoy the eventual profits, one should have to dare to take the risk. “Higher the risk, higher the profits”
  • The stress of managing multiple functions.
  • Performing undesirable duties like firing people or dealing with chaos at the workplace.
  • The pressure of deadlines from clients.
  • No, you’ll not be assured of regular income.
  • Need the expertise (or at least, preparedness if you’re a newbie) to keep up the balance between income and expenses.
  • Bulky and cumbersome government & legal documentation.
  • Battle against competitors.
  • Indulging in dirty business politics to reap profits.

Nothing comes easy in life, you have to earn it. Starting your own business is of course challenging but once you got established into the industry, who knows, you might be the next name after Bill Gates or maybe you’ll replace him in Forbes millionaires. But that’s only the half of the picture, the discussion over business Vs job is not yet over, without knowing the Advantages and disadvantages of doing the job.

Job

With the substantial growth in the global economy from the past decade, the number of job opportunities has also shown a record figure on the bulletin. This generates the ray of hope for all those jobless populations of developing countries like India, along with the boom in the education industry as well. Jobs are often considering a secure and stress-free 9 to 5 task but there’s many facets of it, to give thought to before making a choice between business or job.

Advantages:

    • Diversified working environment
    • The flexibility of working hours.
    • Earn additional benefits, insurance, and bonuses.
    • Fixed salary would be deposited into your account every month.
    • Monitory and non-monitory work recognition.
    • Promotion policies.
    • Enjoying paid vacations and holidays.
  • Fixed working hours beyond which you’re a free bird.

 

Disadvantages:

  • Increase in competition for the hunt for promotion and recognition.
  • Workplace politics.
  • Discrimination in the office.
  • Your ideas might not be appreciated.
  • Too many bosses, too many rules.
  • Fewer opportunities and limited growth.
  • Job switching is not easy.
  • A new journey to start after retirement.

These were some major pros and cons that you might experience if you choose the way towards the job. You might’ve heard your friend or cousin cursing their boss if you’re afraid of being in such a picture, so you need to understand that every individual is different in their skills, abilities and the way they deal with people. So the boss who is a demon for them, maybe an angel for you.

Job Versus Business

So far we’ve enough anatomization over business or job but a decision between job Vs business can’t be reached until we have an overall exchange of views over the difference between business and job. To compare job and business on the basis of a general frame of mind will give us the meaningful conclusion to our debate on which is better business or job.

Investment

In a JOB, no investment is required while in a BUSINESS, a notable amount of investment is needed in setting up the business infrastructure, supplies, etc.

Qualification

In a JOB, Your designation and salary depend on your academic qualification.
While in a BUSINESS, no qualification is needed as such however education never goes to waste.

Profit

There’s no profit sharing in a JOB. You earn a fixed salary figure.
In BUSINESS, a huge amount of profit is enjoyed by the owner.

Risk

In a JOB, there’s no risk at all.
While in a BUSINESS, higher the risk, higher the profit. All the risk taking falls on the business owner.

Legal fuss

While there’s no headache of legal formalities and filling of various tax returns in a JOB,
When you’re the boss in a BUSINESS, you have to cover all the responsibilities right from the establishment to monthly legal returns and filing of reports.

Designation Matters

No matter how profound your JOB is; you can’t be the Boss.
But in  a BUSINESS, you’ll be the Boss.

Motivation

Promotion, increments, bonuses, and appreciation are the motivation in a JOB.
Success, name, fame, goodwill and maximum profit are the motivation in a BUSINESS.

Freedom of work

JOB lacks freedom of work. While in employment, you have no other choice but to do the work you’re assigned.
In BUSINESS, the whole organization is open to you; you’ll be managing leading all the areas of work.

Future forecasting

There’s no need to make plans while in a JOB, study the market trends and keep an eye on competitors.
While being an ENTREPRENEUR, you need to keep all your senses active to be aware of the industry trends which you are in.

Mission and vision

There’s no mission and vision while you’re doing the JOB for others.
whereas in a BUSINESS, the Owner has the vision to foresee the business value multiplied with significant market share and profits.

Conclusion

As now we’ve discussed all the relevant aspects of Business Vs job, it’s time to wrap up the debate between business and job and extract the results. Well, straight from the shoulder, the debate on which is better business or job? Can’t have an answer, in particular, it completely depends on the individual. However, the suitability of Business or job for an individual can be measured on the basis of the above parameters which’ll somewhere help you to get out of the dilemma of which is better, business or job. Though both the business or job are meant to be done for the purpose of earning money there’s a vast difference between job and business.
For those college graduates, who’ve already established a family business, it would be wise to join their family business and take it to new heights blending the academic theories into practical experience.

On the contrary, the decision between job versus business is in favor of job, if you belong to the financially doomed background. It would also be a smart move to begin the career with a job at the initial stage, which gives you both savings and experience and then gradually set up your own business. We’re not announcing any verdict here between business Vs job but just presenting a common perception that might help you out to end up with finding a suitable answer for own business or job.

On the top of all, it’s your priorities, interest, and commitments, that decides where you’ll stand in the coming years of your life. Always aim for the moon, if you miss, you at least collect stars. 

– Swarnima Nikam, 

Strengthen the foundation of knowledge and develop yourself.”

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November 21, 2020

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