Confused between “job vs business” right?
How to choose best for you?
Which has less effort and will provide you better finance?
Which one will be secured?
Yeah! I can understand it’s too bewildering to know.
Life is all about choices. From the school you passed to the career you took up, everything is a choice. It decides what you will become. When it comes to career, people will face mostly two choices. ‘A job’ or ‘your own business’. The answer depends on whether you want to work for someone or become an entrepreneur and be your boss.
Let’s first look into WHAT IS JOB?
The person’s role in society is a job, employment, work, or occupation. In other words, a job is an activity, often regular and often performed in exchange for payment. Many people have multiple jobs. A person can choose to begin as an employee, volunteering, starting a business. The extent of a job may range from temporary to a lifetime.
Business is expounded as an undertaking or organization object engaged in commercial, industrial, or professional activities. It can be non-profit organizations or businesses are net profit entities that operate to fulfill a charitable mission or further a social cause.
Businesses range in scale from sole ownership to an international corporation.
Difference between Job Vs. Business
As an entrepreneur,
- You’re the boss.
- The boss decides what should happen and he creates his destiny.
- You will generally have control over what you do.
- Often, you will have to do things you don’t like.
- Have complete control over where the business goes,
- After you made it to a respectable level.
- Remember, nobody messes with the boss.
As an employee,
- You will generally have control over your work, but you will always have someone above you.
- You should impress them if your idea is to go through.
As an entrepreneur,
- The opportunities to grow are immense.
- You set your horizons.
- To interfere in your decisions, there is no one above you
- You rule your business field.
- It depends on the effort the individual puts in, and on the demand for your service
- You have an opportunity to grow.
As an employee,
- Your growth opportunities are limited.
- You will have the chance to grow inside the organization.
- It can decrease an employee’s scope for advancement while getting stuck in an industry
- Those are mostly limited to the industry or organization they are currently associated with, they often find themselves with fewer choices.
Again, the entrepreneur is the winner here.
As an entrepreneur,
- The profit you earn is more than what your bank account has ever seen. Yes, a common fact every boss earns more than his or her employee.
- His/her income level increases with it, as the business grows,
- They generally own a large part of the profit shares.
- Depending on how well their product performs in the market, they have the potential to earn how much ever they want,
- At the same time, if the product fails, it can all go down quickly. Yes, that can happen.
The income is highly unstable, for an entrepreneur.
Life of an entrepreneur be like you will earn a lot or you go home with nothing.
It’s all about how the business performs.
As an employee,
- Works for a fixed salary agreed upon by both parties when he/she joined the company.
- They have a stable income.
- They will get their money every month, whatever happens with the business,
- Your growth will not just depend on the company’s growth, but also your performance
- Is not able to go beyond a limit.
As an entrepreneur,
- You have to make sure how it should be. Your words are last.
- You will enjoy a bigger level of flexibility in the amount of work done,terms of work hours,and time for other personal things.
- We get to set the work schedule, rules, and level of happiness.
- You have got that opportunity to schedule your office hours in a way that lets you watch your favorite team’s match. Isn’t that would be awesome?
But as an employee,
- Have a fixed number of holidays, and fixed working hours.
- If they are to take a day off or rearrange their work schedule, most employees have to get permission from their immediate managers
Perks of being your boss, right?
As an entrepreneur,
- A new business endeavor starts with a blast idea. You need investment, to make that idea work
- It’s not recommended to jump into the market with an empty pocket, though some business ideas don’t require huge capital
- You will often require an investor or someone who can back you. That’s a big risk.
- Some borrow money to start their business ventures.
- They need to maintain their relationship with any of the clients.
- Here, reputation means a lot. If the reputation goes bad, it means profits going down and that takes your investment along with it.
- If not huge capital and manpower, starting your venture require investment.
As an employee,
- If you take up a job, you don’t have to worry much about the investment
- You invest your time and energy in the business, you get paid regularly for that.
- It is always a safe bet.
- When it comes to the investment for capital to start the business, employees don’t have to worry at all.
Don’t worry, it’s not your money, brother.
If you dream to do big, the risk will be bigger. You may sometimes either get everything or lose everything.
‘The risk of others witnessing your failure, or the risk of failing. The risk of hungry competitors, orthe risk of debt the risk of bankruptcy… It’s not for the light-hearted!’
Writes business blogger Sophia Anderson
As an entrepreneur,
- You can’t afford to fail unless you have a solid backup, or you will lose your business.
- Around 70 percent of small business firms fail within the first 18 months, according to the statistics available.
- As an entrepreneur, there is a high probability for you to fail. With one wrong step, your downfall starts!
As an employee,
- You won’t be taking such risks with your job when you’re employed by a reputed organization.
- We will be just following the orders of your seniors.
- You can afford to make small mistakes and still get paid as long as you’re able to learn from it and adapt when you’re one among so many people. So, less risk for you.
The buck stops with you. You’re accountable for your actions, as an entrepreneur
As an entrepreneur,
- You will always be its creator and everyone will recognize you as one, you shed your blood and sweat to make your idea grow.
- You will receive all the recognition for the performance of your company, doesn’t matter how many people work for you or what they do.
As an employee,
You are not the face of the company.
We will feel demoralized when you’ll be overlooked by your superiors and friends sometimes.
You will often go uncredited when the productivity of the firm is taken as a whole, though you work hard for the firm.
As an employee,
- When you’re doing a job, you don’t own anything.
- You get paid for what you do and that’s limited to you.
- you’re off the ship after retirement.
But as an entrepreneur,
- what you created will be yours.
- No one can overlook you.
- You become the owner of the ship and can do whatever you want to.
- you will always have your personal signature on it.
- You’ve secured a future for yourself and your family if the business performs well financially.
As an entrepreneur,
- you make your destiny.
- There is no one to make orders over you.
- You have the freeness to work whenever you want and from wherever you want.
- Your employees will listen to you and you’re in control and so-called “boss” of everything that happens in your firm.
As an employee,
You belong to the dependent and limited population.
You won’t enjoy complete autonomy, you have someone above you.
Your lifestyle depends on the salary you get at the end of every month, you’ll have to follow instructions.
Waking up every day expecting the unexpected will happen. As an entrepreneur, you will have different challenges and ladders to overcome, each day. If you’re someone who appreciates the unexpected, an entrepreneur’s life is going to be exciting and thriller for you.
If you don’t like the predictable and monotonous schedules of a usual office job, you’re going to love being the boss.
As an entrepreneur,
- Stress is part of our everyday living. Entrepreneurship can turn out to be a stressful and lonely venture, but with no guaranteed income, and no one to guide and support you,
- It can show you the path! It can also push you into the gutter! Yes, being your boss can be stressful.
- Building something or the other from nothing requires a lot of effort.
- Mental and physical stress, bothare part of it.
As an employee,
This doesn’t show that you won’t face any stress if you take up a job in an organization. Stress is part of everyone’s life.
Your seniors, higher authorities, superiors, co-workers, everyone, and everything can stress you out.
It specifically depends on where you are and who you are. Much more is at stake, in business.
As long as he or she doesn’t have any serious commitments, an employee can leave a job and find new ones.
Boss is unable to leave the company so easily. It’s his/her blood and sweat.
The business phenomenonis unpredictable. But it’s almost impossible to predict the exact route, with experience, you will be able to chase its trajectory. And that is the cause of a lot of problems. Who takes the biggest hit? The boss! So, entrepreneurship is a lot about problems. More specifically, when you are building something from scratch.
It’s much better to be an employee, trust me. You don’t have to deal with too much uncertainty and problems in your everyday work-life.
ADVANTAGES AND DISADVANTAGES OF JOBS AND BUSINESSES:
You always dream of completing your graduation and achieving a lot, during student life, and once you get that degree, get a good job in one of the top MNC’s.
Well, initially it will be great. You start knowing many new things and can also learn new things that help you in your job.
Your life will be limited to home and work, but slowly as time passes by. Though many seek this as safe and secure few get out of this monotonous life and start dreaming big.
Not everybody can get success, but the one who takes risks will only have the chance.
Well. When you have a successful business, it is almost like a dream come true. It surely gives you more earnings and success when you compare to a regular job.
The most significant part for setting up a business is an investment, so either you need to be rich enough to arrange it or can join others for partnership.
When running a business, you need to work harder, as successor loss anything will depend on you.
You will be helping to grow the economy of the government along with providing job opportunities to many others, with the help of setting up a business.
Advantages of Starting Your Own Business:
1. Your rule, your kingdom (Boss):
- Working under someone else feels like a restriction.
- Setting up your own business makes you own in-charge.
- It gives you the freedom to choose and make a decision about your choice and has control over everything.
- It also puts down the barriers of restriction from you.
- You can run the business with your strategies, and intelligence.
- This also gives elasticity and the flexibility to choose your working hours.
- You will get the freedom to enjoy family matters.
2. Your hard work must pay you
- The biggest complaint about starting their own business is that the hard work that they do does not feel rewarding in the corporate sector.
- As the salary is fixed in the corporate sector, hard work must not be feeling rewarding
- The phrase ‘hard work pays off‘ seems relevant in the own business category, and helps you go to the ultimate level.
- In the longer run, owning a business has high scopes to be very successful in the future.
One of the most successful companies i.e. Microsoft started its journey from someone’s garage. (Learn more at https://www.microsoft.com/en-in)
Therefore, there is always a scope for betterment. All you have to do is just try it, and sure-shot you will achieve great success.
3. Secured job (No one to fire):
- These workers have no such guarantee for their jobs.
- They can be fired at any time, any employer post, and due to any reason.
- You have the edge of hiring yourself.
- Regardless of the fear of losing the source of your bread, you enjoy the freedom of working the way you want
Thus, the thought of firing yourself can never arise.
4. Secure and satisfied on mental grounds:
- Satisfaction is the driving force that pushes you to achieve better.
- You feel satisfied when you can do what you always want to.
For example, your passion is your beauty parlor. Each day, unwillingly you do not have to wake yourself. Your passion for your parlor will drive you, instead.
- The result would be you would always make sure to be enthusiastic about your work.
- Your main aim would be to impress your client.
- This in itself would give you peace, satisfaction, and can be considered as a reward for you.
5. The exposure to experience all aspects:
- You do not get much exposure, as a corporate worker,
- You experience one part of the job.
For example, let’s assume if your work is to manage the marketing of the company’s product then you solely work under the marketing team.
- You can understand and experience all the angles and diameters of your work if you have your own business.
For example, Let’s presume that you have the beauty parlor you would have to look out for the salary, accounting, trainee fees, income, profit, etc. These things do not matter who works as an assistant in the parlor.
6. No payment problems:
- You are aware of your annual income along with a little increment on your successful tries, as an employee.
- Your salary is stagnant unless you get a promotion.
- When you own a business you have the potential to earn more depending upon how you work and run the business.
- You might handle your pricing and marketing strategies and set your profit bar.
Disadvantages of Owning Your Own Business:
Few disadvantages of business management are as follows:
1. It is a risky task:
- It comes up with several challenges when you set up your own business,
- The tough challenges are one of the reasons for those who defend corporate jobs.
- When you start your own business comes with the risk of losing everything you invested just because of an unsuccessful business.
- When the business does not flourish it falls flat on the shoulder of the entrepreneur.
- People think various times before opting for their own business, as a result.
2. Financial investments:
- Before you start a business, you have to set up a capital that can take the load of all the planning that you have done.
- You have to manage everything, starting with the area of work for the employees.You have to build capital.
- If you take a loan for these capitals, it may turn off as risky, because the starting point of your business may not always begin with profit.
- It is a problematic task to manage financial burdens without any backup plans.
3. You don’t receive a lucrative income:
- Yes, there is no guarantee of your business to flourish instantly or continuously.
- You might face difficulties.
- When the inconsistent loss continuous for months, the problem arises.
- Much much bigger problems like bankruptcy can appear.
- The problems might accelerate out of your hands if you have the burden of a loan on you.
- You might move in bigger trouble.
4. Freedom to work- changes into overtime work:
- When needed, your own business gives you the freedom to take a holiday.
- You do not have anyone above you to ask for leave. You would need to work for extra hours with no extra pay, at times of need.
- Without a bit of law in it, businesses can never work out
- If you start your own business, you need to set up your assets.
- You have to share your assets by default when you collaborate up with some other institute.
- You have done an error at a certain point they might file a lawsuit when they believe that
- The obligations of business may also affect the capital and profit of the company.
- Depending upon how well you can find the solution to the disadvantages, the choice is subjective.
Setting up your own business will be a wise step if the advantages work well for the company and the disadvantages are hardly applicable.
Now let us look into the advantages and disadvantages of corporate jobs.
Advantages of Corporate Jobs:
1. The flexibility of exposure:
- This sector is full of diversity.
- Innumerable and various project posts give many opportunities to the workers.
- Employees are exposed to different roles within the same department.
- Train you to master the working experience, companies are the best platform to increase contacts.
2. Flexibility through telecommuting:
- These jobs earlier had a lot of restrictions related to the work schedule and the type of work.
- They have developed effectively.
- The employee is allowed to work from home or any other nearby place that is suitable enough.
- This makes it a comfort approach.
- The requirement of positions of regular office attendance is not in bane.
- Developing in favor of employees has become easier for workers to work under corporate bosses, with new policies,
- Policies maintain a healthy atmosphere for the workers.
- Regular office attendees also get to meet each other helping in getting social and collaborating more contacts.
3. Access to beneficial policies and bonuses:
- You are paid and get recognition for the hard and honest work.
- The salary here may not face regular increments or boosts.
- Companies provide various facilities and medical helps to the workers.
- Employees are provided timely bonuses depending upon their work or company’s success.
- No problem arises with the financial issue.
4. Group projects and team handling:
- Group projects are usually assigned to companies that have staff and vast projects to work.
- This allows each one of the employees to come in front and show leadership skills and teamwork abilities.
- This platform may provide promotions.
- The two motivating factors are promotions and recognition.
- When you are the boss of yourself, you cannot feel complimented, as no one is above you.
The advantages of a corporate sector worker or advantages of employees are quite bigger but the disadvantages have not loosened their grasp on this topic. Let us check out the disadvantages of employment first, and you may decide later on what suits you best.
Disadvantages of Corporate Jobs:
1. Healthy working has long since decreased:
- Large corporations go through a tough market and a continuous struggle to maintain their position and reach the top.
- The family feeling from the employees has long since diminished, with more competition in the market.
- Everyone is running in the race to work hard and achieve success in the form of promotions.
- Some people lack a healthy spirit, what they do is, they don’t work hard and even try to make others fall into pitfalls.
- As the employer cannot keep track of the everyday happenings between the group members, more and more competition also affects the system.
2. Individual recognition is again affected:
- Both large companies or small-scale companies face an equal amount of interaction.
- The staff is enormous in large companies.
- Your ideas may work wonders, but you don’t get the acknowledgment.
- Sometimes the companies force upon so much work that they even are not paid to that level.
- One is not able to get the dream pay or the deserving reward, due to the smaller budget.
3. Immediate decision-making is impossible:
- You may get stricken with an extraordinary idea for a project.
- You need to take permission before taking any kind of decision, in companies first.
- The idea does not seem as effective as time flies.
- This creates a problem to implement ideas even when they could have pitched well in the market.
In One Go:
Advantages and Disadvantages of Business
Being your own master gives makes you feel high.
- You would be your boss.
- we can make decisions.
- You would not be scolded for being late.
- Getting fired is not that easy.
- You get time for your space.
- we can even enjoy all the profits.
- You would be exposed to more learning opportunities as you won’t be confined to the particular work profile.
- You would not be compelled to follow rules rather set your own rules.
- Must give employment to others.
- If you are the boss it adds prestige to your name.
- You can happily enjoy your Goodwill.
- For the business atmosphere, a huge investment is required.
- You may confront certain possibility to suffer losses at the survival stage of a business.
- We may confront the stress of managing multiple functions.
- You may have to perform undesirable duties like firing people or dealing with chaos at the workplace.
- May feel the pressure of deadlines from clients.
- No, you’ll regular income isn’t assured.
- You have to make bulky and cumbersome government & legal documentation.
- You generally have to face a battle against competitors.
You’ve to earn it as nothing comes easy in life.
ADVANTAGES AND DISADVANTAGES OF JOB
- Not just a name, you have an identity
- The paycheck.
- You enjoy the joy of being independent.
- You can add the new one to your slam book.
- It helps you polish your skills.
- Helps to let your life-breath.
- You have a happy retirement. …
1) if you are doing the job in a private company they can kick you out any time without giving a valid reason.
2) you have to follow every instruction and there is no freedom at all
3)your hardwork pays to your boss not you
4)you may feel like you aren’t the king or boss you are just like a servant
Online Business Ideas
Owning and maintaining an online business gives entrepreneurs the platform for making money from anywhere in the world.
As an SEO consultant
Becoming an SEO consultant could be a lucrative option for you, if you know the ins and outs of search engines and have technical skills in platforms like Google Ads and Google Analytics,
How much of an impact search engine optimization (SEO) can have on their business, many small business owners don’t realize.
To show your business skills to business owners the benefits of using analytics data, strategic keywords, and content structure to gain more organic web traffic.
You will need to continue your education on SEO to stay relevant and successful in this field, keep in mind that Google’s algorithms are always changing,
As a Social media consultant
As a social media consultant,
- Someone can help in determining the best tactics, posting schedules, and content for their target audience.
- So will your business, as their follower count grows.
- Businesses often tend to struggle with more visual platforms like Instagram, Pinterest, Tumblr, and Snapchat, while Facebook and Twitter are still the top business networks.
- Many businesses don’t realize how big they are, how effective they can be, and how to make them work for their brand, all of these platforms have huge consumer audiences
- Nearly everybody already has one, but the competition should not deter you from starting this online business journey because blogging may seem like an outdated business strategy.
- Blogging may be a profitable business for you if you love writing or have important information to share.
- The key to success is consistency and quality, starting a blog as a business is very simple with website builders like Weebly and WordPress.
- You must continually write and produce high-quality content that provides value to your readers, to gain a steady following
- Content that educates, informs or entertains your readers give them a reason to follow you.
- You can make money through your blog by selling products like online courses, digital coaching, e-books, or webinars, once you’ve mastered the creation of consistent content
- You can also sell ad space or sponsored posts.
- This business strategy may take a little more time and effort to monetize, but it can be very profitable in the end.
- You may want to look into affiliate marketing as a source of income if you love leaving customer reviews on sites like Amazon.
- It requires little to no involvement with the product you are promoting, as unattached affiliate marketing is a basic pay-per-click campaign
- As you’ll be marketing a product that you use and enjoy, involved affiliate marketing is perhaps the most effective.
How to start a business?
10 steps to start your own business-
Conduct market research
This research will tell you if there’s an opportunity to turn your idea into a successful business. It’s the path that is used to gather information about potential customers and businesses already operating in your area. You can use that information to find a competitive advantage for your business.
Write your business plan
The base of your business is your business plan. It’s just like a roadmap for how to structure, run, and grow your new business. You can use it to request people who are working with you — or investing in your company — is a smart choice.
Fund your business
Your business plan will be helping you to figure out how much money you’ll be needing to start your business. You’ll need to either raise or borrow the capital if you don’t have that amount on hand. Fortunately, there are several paths than ever to find the capital you need.
Pick your business location
The business location you choose is one of the most important decisions you’ll make. The choices you make could affect your taxes, legal requirements, and revenue, whether you’ve been launching an online store or setting up a brick-and-mortar business
Choose a business structure
The legal structure that you often choose for your business will impact your business registration requirements, how much you pay in taxes, and your liability.
Choose your business name
It’s damn not easy to pick the perfect name. You would want one that reflects your brand and captures your spirit. You will also be wanting to make sure your business name isn’t already being used by someone else.
Register your business
Once you’ve finished picking the perfect business name, it’s time to make it legal and protect your brand.
Get federal and state tax IDs
For important steps to start and grow your business, like opening a bank account and paying taxes, you’ll use your employer identification number (EIN). It’s just similar to a social security number for your business.
Apply for licenses and permits
By staying legally compliant, keep your business running smoothly. The licenses that are being provided to you for your business will vary by industry, state, location, and other factors.
Open a business bank account
A small business checking account assists you handle legal, tax, and day-to-day issues. Fortunately, the great news is it’s easy to set one up if you have the right registrations and paperwork ready.
Online Business in 2020:
In 2020, You can start your business online. There is no need for physical stores. Also, because of the rising cases or COVID-19, everything is becoming online.
And, the people who used to earn online are in a big profit because the Internet is never lockdown.
Nowadays, online business is more profitable than running an offline shop.
There is no need for a large space to do start a business.
Yeah! Now, you can even start a business in your home too.
You can now register for Amazon seller or Flipkart seller through their website.
Flipkart Seller: https://seller.flipkart.com/
All you need is
- Your mobile or laptop must have an internet connection.
- The internet price is very low and almost everyone has a smartphone, these days.
- You would need to select the product which you want to sell online.
- Even you have a choice to buy products at a cheap price in small or big stocks (quantity- 5 or 50) from Alibaba.
(Alibaba is an online market for wholesale products at a very low price. Refer to: https://www.alibaba.com/)
Business with no Money: Freelancing
Well, I’ve to say this- Freelance is a large business in 2020 and the experts say Freelancing is going to grow rapidly in the future. Now, It is a better choice to start your freelancing career.
All you need to know is:
- Every IT firm, almost are providing work from home, and this is not going to stop, it will continue to grow.
- Nowadays, working from home is more reliable for companies and for employees too.
- You will get lots of ideas on the internet, to start your business online.
- One of the ideas is Freelancing, you can get your guide over the internet.
- Freelancing is the best business to start with no money.
- It is an independent business where you can work from anywhere and anyplace.
Where to Start Freelancing?
There are several freelancing platforms:
Do register on these websites and make an attractive profile so that clients can see it.
It is important to have skills. You upgrade your skills on anything, such as graphic designing, content writer, social media marketing, web developer, or software developer.
If you don’t have time to learn skills, you can earn money by a simple job like data entry. It is just copying and pasting jobs in excel sheets. Data entry is the so-called easiest job on freelancing websites.
The more you will grow higher, the more you get work.
There are some ideas to start a business with no money in 2019, in the above infographic.
Why Business is better than a Job?
How much do you earn in a 9-5 job as a newbie?
Maybe approx. Rs. 70,000 a month!
But the truth is you can only fulfill your need by doing a job a month.
To become financially successful in a fairway, there is nothing other than business
You will earn a limited amount of money by doing a job.
There is no limit on the money but in business. The more you work, the more your business grows, and the more you will earn.
Entrepreneurship comes with a lot of risks, while it can provide you an opportunity to grow beyond limits. You’re more likely to get stuck in your career, while jobs are more stable. The choice specifically depends on an individual’s potential and career goals. Always remember that you make your destiny. Do make sure that you invest time and thought before making your life-changing decisions.
I hope that I have been able to portray out all the necessary points and prospects.
Every sector involves a certain kind of risk and advantage. It generally depends upon the individual thoughts and interests to choose what they want to follow. By knowing what the path offers and does not offer, One needs to discover the path to follow.