Taking big career steps is always intimidating. There are very few people who are adventurous enough to enjoy constant changes and the uncertainty that come with constant career changes. It is also something that very few people can afford. However, if you put a little bit of thought into your current position and the changes you would like to make, you can make calculated moves that will enhance your career and help you thrive in your personal life as well. One of the bigger decisions people have to make nowadays is between business vs. job.
For many people, starting their own business is but a distant dream. They appreciate the benefits of having a steady, low-risk position. They only think about entrepreneurship in abstract terms when their workload gets heavier or they are going through a prolonged hard patch at work.
Others, however, have a very clear desire to strike out on their own.
If you find yourself struggling between the two – business vs. job – read on.
What’s better for you?
There can’t really be one clear answer to the business vs. job question. It will depend on your personality, circumstances and hopes for the future.
What can help you, though, is working out the pros and the cons of both approaches to your career.
Security
One of the first items on the list when comparing business vs. job is how secure each is. Obviously, the scales tip in favor of a 9-to-5 on this one.
It’s true that people get laid off every day. However, it is also true that they are usually able to find a different position once that happens.
If they make it through a flaky economy, people usually keep their jobs for years and years.
Businesses, on the other hand, often fold within the first two years. According to investopedia.com, only 25 percent of businesses make it past the 15 year mark.
A staggering 45 percent fold within the first five years.
Having a 9-to-5 simply doesn’t come with that kind of risk.
Finally, if a change is really necessary, you can up and leave from your position fairly easily if you have a regular job.
Making changes to a whole business, however small, is a completely different ballgame.
You may need to transfer your business to another country or continent, which comes with a whole different set of troubles than moving for work on your own.
Income
This is another point within the business vs. job dilemma that really hangs on your circumstances and personality.
Starting a business requires a certain amount of capital.
It also comes with an expectation that even if your business takes off, you won’t be making a profit for a while.
If your circumstances can allow this and you want to take a chance, then running your own business is definitely right for you.
However, many people simply can’t afford not to be making any real money, even if they do manage to raise the initial funds to start a business.
Getting a steady paycheck is simply non-negotiable for many.
The Hours
There is a common misconception that you work fewer hours if you work for yourself.
Even though you are theoretically in charge of your own hours, this doesn’t mean you can afford to cut back on those hours in favor of relaxing or travel, for example.
Quite the contrary – in most cases, business owners work much longer hours and feel like they have to be available to clients all of the time.
If you really believe in your business and are passionate about it, you probably won’t mind it. You’ll be willing to make the sacrifice, especially when it starts paying off.
Additionally, at least you will be able to be flexible with your hours.
Very often, even if they put in more hours, people feel like they are able to achieve a better work/life balance when they are their own boss.
Working for the man, on the other hand, comes with its own set of challenges.
At least you get to clock out at the end of the day, however.
And for some people, this is invaluable.
The Risk
The risk of business vs. job comes into play in two different ways.
For one, you stand to lose a lot of money if your business fails.
In most cases, people either start a business by using their savings or borrowing the money.
If the business fails, you will either be out of all of your savings or you will default on a loan, falling into debt.
Neither sounds like a great option.
Working a regular job, while stingy with its rewards, means running less of a risk.
Sure, you could lose your job and have to chip away at your savings before you find a new one.
But it usually won’t cause you to lose everything in one fell swoop.
Secondly, risk also comes into play through the amount of responsibility that rests on your shoulders.
The business vs. job comparison in this case means many more headaches for the people running a business.
On the other hand, whether you are succeeding or failing, you answer only to yourself.
When you work a job, you answer to a boss who will probably expect you to put in the same effort they do.
Control
Control is closely related to the risk aspect of the business vs. job dilemma.
Even though you risk more when striking out on your own, you are also more in control.
Being in control of your business can very easily translate into feeling more in control of your life in general.
When you are working a 9-to-5 job, it can often feel like you are just a cog in a big machine.
For many people, it is very difficult to come to terms with this feeling.
This displeasure can seep into their personal life as well.
Making the Decision
Hopefully, now you have a clearer idea of where you stand when it comes to business vs. job.
Even though it seems very scary and risky, starting a business can really change your life for the better.
Why not take the plunge if you have the means?
On the other hand, if you value the security and comfort that comes with your job, then you are all set.
Many people find that they are able to really thrive within organized systems and don’t feel encumbered by them.
To each their own.
