Entrepreneurship Vs Corporate Job nowadays everyone is discussing more this topic as start-ups seem to be a new wave right now in India. Entrepreneurship or Business and Corporate Jobs are different ways through which one could earn a living. You could decide to own your business as an entrepreneur or work for someone else as an employee. What you decide determines what you become in life and each has its own pros and cons but it all depends on what you are going to choose.
People often become confused as to what they really want to do in life. This will help you know the differences between Jobs and Entrepreneurship with their benefits. You could decide the best for you. Most times, those who are confused want the benefits of both without the associated disadvantages that come with it.
It’s important to try different jobs in different fields with different companies so that you can figure out what you like and what you don’t like. It’s also important to work at different places because you want to build your connections. Once you graduate, if you’ve built up a huge network of friends and co-workers it’s much easier to find a job.
It is the only way that you could use to know your value. It is not biased and it helps you know how much you are worth. When you start a business, you get to know the skills you possess and how much it is worth, and what your business produces products or services that people pay for it.
Entrepreneurship gives you the freedom to go where you want to go anytime you want and do what you want without permission from anyone who may be your boss. You do not need to be controlled with rules and regulations of how you should behave or of what you need to do.
- Value of money:
In Entrepreneurship, your income is not fixed. This can be an advantage for you because it helps you spend money wisely. You do not spend on things that are not useful to the growth of your business. You only buy things that bring value to your business or that you really need because you do not know what amount your business may produce the next month.
- Performance rewards:
The more effort you put in to work in your startup or business, the more the profit and the better the business becomes. This is an advantage in Entrepreneurship as there is no limit as to how much you could earn and you do not have to wait for years to become promoted.
- Difficulty in building a successful business:
As sweet as Entrepreneurship may sound, it is very difficult to build a successful business as there are many factors you have to deal with before a business becomes successful such as changes in government policies, security, theft, competition, changes in technology, finance, and payment of staff, market changes, consumer taste, etc.
- No fixed Income:
In Entrepreneurship, you may earn very high sometimes that you think it will continue as that only to be disappointed the next month as you even run at a loss.
- Little or no freedom:
You will not have time most times for yourself, family or friends when you are trying to make a business successful. This is because before a business becomes successful, you must put in much time to mastering the art and outperforming your competition.
As amazing as Entrepreneurship may be as described above, not everyone has the ability or desire of being an Entrepreneur. Some people simply want to be employees and they are Ok with it. If everyone were to be an Entrepreneur, then who manages or works for the Entrepreneurs?
- Fixed income:
The economy does not affect your income and you don’t have to worry how much you may earn every month as the entrepreneur does. This gives you a sense of security because the owner of the company or management must source money to pay even when the company runs at a loss.
As an employee, you do not have to worry about a lack of time for your family. You do not need to be flying from one country to another worrying over deals except if you are the CEO or top management which comes with more responsibilities.
- Change of jobs easily:
If you are not Ok with your current job, you can quit and change to a better paying job or more desirable job. Comparing this to an entrepreneur who has invested money and time would find it difficult to change and start all over again even when he/she does not enjoy the job anymore.
You are not always paid what you do, no matter how hard you work; you will still be paid the same salary every month. Your employer always earns more than you do whether he/she comes to work or not. You are trading your knowledge, time, and efforts to make someone richer than you.
- No liberty:
You may have to compromise to gain favor from those at the top of the management. You must get to work before time and must not leave before time except with permission. You may be insulted and demoted for little mistakes.
No matter the effort you have put into a company, the company does not care and when things go wrong, they can decide to sack you without considering the years you have put into work for the company.
Both the startup and corporate settings provide for a great professional experience. They both have their own distinct set of advantages and disadvantages so one can’t really say that one is better than the other – both types are just different. The most important thing to keep in mind to make the right choice of job (startup or corporate) is to know yourself and the different companies you are comparing, to work for.