Today, we will be discussing about possibly the most burning question while we consider various ways of income, i.e., Job vs Business: What Should You Choose? Undoubtedly, both options come with some pros & cons. Before plunging into some choice, we should carefully consider both options according to our mindsets & then go for it.
Difference between Job and Business
Let us be clear about both paths. When we think about Job vs Business the most important factor that comes to our mind is freedom. Of course, if you are doing some business, you will be free from 9-5 obligations. You don’t need to drag yourself up every day to a cubicle & do things you don’t even want to do. Let me assure you, that notion is somewhat right, but not entirely. Even if you are doing some job, you need to perform some tasks on a daily basis to keep the business running, you have to make sure that you are not running a loss-ridden business. Now let us consider various sides of both Job vs Business.
Benefits of a Job
1. Regular Paycheck
For many, the main benefit of a job is that it provides a steady income. While people may claim that money can’t buy happiness, we can see some of the widest smiles from people who have just received their paycheck. Because money can deliver that feeling of constancy and safety. It makes life easier and is essential for survival. If you are performing well, you will get that paycheck without any trouble.
2. Challenges you in Intellectual Level
One of the benefits of job training and holding a full-time position itself is the continuous inspiration of your mind that will let you grow. However, it is vital to keep in mind that each job is unique. For people who love being challenged intellectually, finding a role that is not boring is essential. Otherwise, you will get bored and will go job-hopping. You will learn from the knowledge of a seasoned professional with years of practice. At the same time, you will adopt creative approaches and fresh viewpoints from a younger colleague.
3. Polish Your Skills & Learn New Ones
In a job, you can polish & upgrade your skill as well as acquire new skills. If you work at an organization, you will be provided with all the resources that you can use to accomplish your tasks. Only not having resources, you also can learn when & how to use it. With the company of experienced people in the organization, you can learn new skills you were unaware of.
4. Meet New People
No matter where you work, you will work with people from different places, different spheres of society, and people of different cultures. That will help for widening your social circle, perspective & experience. When you get employed for a job, you must coordinate with all kinds of individuals and expand your prospects.
Disadvantages of Job
1. Healthy Working Spirit Ceased to Exist
In this age of cut-throat competition, a healthy working spirit has diminished long ago. People are driven more by insecurity to lose their job to someone else rather than being driven by the urge to perform for a greater good. Therefore, this attitude gives rise to dirty politics within the workplace. Some people lack a healthy spirit to the extent that they not only try to work better than others but also try to ruin others’ advancement.
2. Instant Decision-Making is Impossible
Sometimes, some tasks call for immediate decisions, which is impossible if you are in a job. Before taking a decision, you need to have the permission of your superior, or you have to call a meeting. You cannot really make a decision, you can propose something which will be considered by the upper tier of the organization, which is a time-consuming process & in the meantime, the opportunity may be gone.
3. Will Be Monotonous If the Job is No More Challenging
Most people feel boredom in the job when it stops providing new challenges or opportunities to learn. After a certain time, that job doesn’t excite them anymore. Changing the company will not help either, because with your current job profile, you will be offered the same type of job. No company will trust you with an entirely different role.
4. Not many Tax Advantages
As an employee, there are scarce tax deductions available. The tax laws are not created in favor of the employee, they are created in favor of the employer. On the same income, the business owner has more money to gain as less is dissolved into taxes.
Benefits of a Business
1. You Control Your Own Destiny
Many entrepreneurs consider themselves as people who like to take control and make decisions. In other words, owning a business means they don’t have to work for someone else. Free-spirited, independent-minded people tend to go for business because they simply hate someone telling them what to do. Therefore, that person drives & controls his/her own destiny.
2. You Can Find Your Own Work/Life Balance
One of the most common benefits of owning your own business is the flexibility that comes with it. You can choose from where to work or when to work & how long to work. Just as important, entrepreneurs say that having a business allows them to set priorities.
3. You Can Choose Your Own Group
You can choose who you want to work with; in other words, you can create your own team according to your preference. In a workplace, you have to work with the pre-selected team by the organization, despite your best efforts, you may not get along with some members. You don’t need to worry about that if you are running your own business.
4. You Take the Risk and Reap the Rewards
We all know that owning own business is a risky affair. But, with risk comes reward. The more risks you can handle successfully, the more rewards you will get. The best part of it, the entire reward is allotted to you only as you are not working for anyone else.
Disadvantages of Business
1. Financial Risks
It is well known that the first attempt to establish a business often falls flat. There is a risk that you will lose all the money, all your investment, be it in terms of money or time, or energy returns with zero benefits. When someone is trying to set up a business, he/she must keep that in mind & be prepared for the worst.
Running a business can also be a stressful affair. With all those risks, one needs to make various plans, like how to expand the business, attract customers, get capital, and create some effective strategies. If you are running an ownership business, you must think of them all alone. All these will surely bring stress along with various health issues. As the owner, you’re responsible for the well-being of your employees, and you’ll probably have to do some disagreeable tasks, like firing people.
3. Time Commitment
People often go to business thinking they will get more time to spend with their family. Sometimes, just the opposite happens. They get so busy with business affairs that spending half an hour with family seems like a dream. You may find yourself working late nights, weekends, and holidays. While we’re all accustomed to prompt communications, our lives have also been complicated by cell phones, Internet-connected laptops, and tabs, meaning that a business owner should be reachable 24×7.
4. Unknown Factors and Threats
Despite your best efforts and superior planning before opening your business, multiple unknown factors can negatively impact your company. Keep in mind the crisis due to Covid-19. Many companies have suffered huge losses due to that, and many small businesses have shut down because of the crisis. This crisis was fully unpredictable. Also, many businesses & companies are getting affected due to the hurricane that devastated Canada. Disease, natural disasters, coups, political unrest, these types of disturbances may come at any time & without warning. No matter how well prepared one can be to face them, the true damage can only be assessed after the crisis is over.
Choosing a path is always tricky with the number of variables. But the debate of Job vs Business has been going on for ages. It is needless to say both ways come with some benefits & some disadvantages. We need to ask ourselves what exactly we want to do & how we are planning to do it. We have to consider all pros & cons & need to analyze the difference between Job vs Business: the answer will emerge itself in front of us.