Business Vs Job: Which is Better?
Business and job both are a mode of employment, and both the Indian economy and the standard of living of an individual get a significant impact from them.
Many people often face a conflict: whether to start a business or be an employee. The debate on this is fresh and endless. While some find having one’s own business and being self-employed more convenient, some prefer corporate jobs more secure.
Business and job both have audiences with equal support in favor and against the topic. Before deciding which boat you want to ride, give a thorough reading to this article to decide for yourselves what suits you best. Both business and job have their pros and cons, with the help of this article, you will learn the advantages and disadvantages of business and job leading you to decide which is better?
Read More: businesscommunityindia
What is Business?
A business is an initiative taken by an individual or group to produce and sell their idea to the consumers. Anything that is helpful, beneficial, and creates market demand can be traded in business. The sole purpose of most of the existing business undertaking is earning profit and expansion of business.
What is Job?
Being in a job means working under someone else, where the person under whom you are employed decides your work time hours, salary or wages, etc. The responsibility and authority to perform such duties are limited in a job. A job is preferred by many since it provides security and stability. You will find more about the advantages of doing a job in the following article.
Job or Entrepreneurship: What to choose?
Entrepreneurship is about an individual or a group coming up with various innovations, creating and developing something new, and constantly coming up with more recent and unique ideas. In contrast, a job involves continuing a similar type of work.
Whether one should work as an employee under someone or be an entrepreneur is a personal choice. It might help you decide what business or job is more suitable for you. Read the full article to understand the advantages and disadvantages of entrepreneurship and a corporate job.
Like everything else, both business and job have their pros and cons. Hence the debate remains evergreen. Below is a brief list of the advantages and disadvantages of a job and business.
Advantages and Disadvantages of Business and Job
A job is more stable, as, with a less initial investment, an employee earns a good salary that is fixed compared to that of an entrepreneur. In business, there are various risks of uncertainty, market demand changes, customer preferences, etc., resulting in low income or no income or even bankruptcy. Also, even though the income earned in the industry might be more, it lasts as long as it keeps running. Hence a job offers more stability.
#2. Being a leader
In a job, you have to work in a limited and restrictive space, under the monitoring of higher supervisors resulting in a lack of leadership attitude in an employee. Whereas, in a business you are boss. You have the freedom to decide and act as per your choice. There is also no restriction if you are self-employed as you are in charge. Therefore unlike in jobs where the working hours are fixed, being an entrepreneur, you have the elasticity to choose your working hours and your profits.
#3. A risk-taker
Every business comes with a risk, and one should choose to start a business only if he is willing to take the risk. Since market demand and business environment are dynamic, the risk is certain. This includes the risk of losing everything invested in the business if it goes downhill. But the job doesn’t involve any such risk. An employee needs to perform only the specified task and not worry about market dynamics.
#4. The stress load
Where in a job, an employee only needs to complete the assigned task, resulting in less stress since an employee’s responsibilities are limited. Management of the entire business enterprise lies on the shoulders of the businessman resulting in a more hectic schedule. Also, there is no certainty of income. Therefore the stress load is more in business
#5. Abundance Income
In a job, since the salary is fixed irrespective of the employee’s hard work, he will be paid the same. An employee is rewarded with an increment or promotion only if he has been consistent in his job for a long time. In business, the hard work of a businessman is directly proportional to his earnings, so a lot of hard work and dedication will result in more profit-making. An entrepreneur’s earnings have no limit, with no possible evaluation of how much he can earn in a month or a year. A business usually generates huge income, which is impossible for a person to achieve through a job. So if you’re driving force to work is an abundance of money, the business will be the right option for you.
#6. Exponential Growth
Hard work has nothing to do with the growth of an employee. Employees increment or promotion is a long process, and it takes years and dedication to get the targeted position in a company by an employee. But unlike job an entrepreneur is exposed to various hardships and challenges. In the beginning, entrepreneurship is a one-person show which means they are responsible for doing everything for the business on their own. It includes working long hours, coming up with new ideas, juggling between various projects, etc.
#7. Secured career
As said, a successful business is more secure than a successful employee. But for a company to turn into a successful venture usually takes a long time, and one has to be exposed to many risks. Not everyone is ready to take risks and therefore, the job is preferable and secure too many. The carrier of an employee is always secure unline an entrepreneur where he has to constantly fight for making his place and keep his business running. Even if one loses his career, he has several other options to apply for another position. Therefore job offers more security.
#8. Financial Investment
Starting a business requires having good ideas, planning, and capital investment. The business owner should have the required money to take the load of all the planning. To fulfill the capital requirement of the business, do owners take loans that often come off as risky? Unlike in business only investment an employee has to make is on his education to acquire a degree. An employee need not make any monetary investment in the company he has been hired for. So in investment terms, a job is much better.
#9. Monotonous repetitive cycle
An entrepreneur faces various tasks and challenges regularly because of changing market requirements or other factors. Running business results in much exposure as an entrepreneur has to deal with all the business departments starting from accounting, sales, production, customer relation, etc. Whereas in a job, an employee has to suffer from a monotonous repetitive cycle of “eat, work, sleep, and repeat.” Since the employees usually get the same specified task for a long period, there is little intellectual growth. It is also seen that employees typically tend to grow bored of the same schedule.
#10. Maintaining a positive image
It is one of the crucial bases of the distinction between job and business. An employee’s personal life has nothing to do with his professional one. Irrespective of how an employee’s character is in his personal life, it has nothing to do with his job profile as his job status solely depends on his work performance in the office. However, entrepreneurs need to be very cautious in their personal and professional lives. A defame in his personal life can severely impact his business. An entrepreneur needs to maintain a positive image at all times.
#11. Overtime work
In a business, they have the freedom to work converts into extra time working because the businessman wishes to satisfy the deadline. Unlike business, the employees need to work only for a specified period every day and are paid extra incentive to work overtime in a job. The entrepreneurs even tend to work as long as 16 hours or more to meet the customer demands, deadlines, etc.
#12. Legal obligations
For a business to start, a person needs to register legally and follow all the legal procedures to set up the company, which takes a lot of time. There are no such legal formalities involved while doing a job. Not only is abiding by the legal obligation time accepting, but any fault that occurred by the business owners or persons involved while following the legal procedures will result in severe legal casualties, which may even include the dissolution of the business.
Growth of Startups in India
India has become a new hub for startups. India has been creating thousands of startups every year. The significant rise in startups was seen from 2020 during a lockdown, where numerous citizens lost their jobs due to the epidemic’s frugality.
Rising unemployment due to limited job opportunities and excess job applicants is one of the primary reasons people opt for self-employment. Thanks to the internet grabbing the mass Indian consumer attention is comparatively more straightforward.
Businesses no longer need a physical existence. Social media like Facebook, Instagram, and WhatsApp prove themselves as an excellent aid to the rising newbie entrepreneurs.
With the assistance of these social media, entrepreneurs can easily connect and expand their business and create more customers.
Considering the above factors now, you will be able to analyze your preferences? What interests or triggers you more? Sufficient points have been mentioned for deciding business or job, which is better?
Whether a person should begin his startup or work as an employee under someone is solely his decision. Whether you prefer risk-taking or a stable job carrier is entirely your choice.
But it is a fact that whatever is your choice both business and a job comes with their respective pros and cons.
Tough competition is everywhere, whether to keep your business running or make progress in your job by trying to get a promotion or a desired designation in the company. One has to work equally hard to prove one’s mettle.