Working for yourself or going for a job, what would you prefer?When it comes to earning we have two options, either work for yourself or go for a job. Both options have their own pros and cons and in the end it comes to us to choose the best for us
If we work for ourselves, we know that we will need capital, skill, human resource and above all a business idea. Even in case of family business, we will need new ideas to expand it (except few businesses)
Working for ourselves will have following advantages:
1. You will be your own boss.
2. You will reap all the benefits of your labour.
3. You learn multi dimensional skills.
4. You will have the freedom to experiment with your decision.
5. You may have a lot of time if business gets well settled and in auto mode.
6 You will be a job creator.
Few more benefits will be there which members can add up.
On the flip side, there will following challenges:
1. There will always be an uncertainty of fixed Income.
2. Responsibility of employees will be there.
3. There will be competition.
4. You will have to take all decisions without guidance or brain storming.
5. Risk of business collapse due to change in economic conditions.
6. You will be engaged 24x7, for business growth and maintenance.
7. You can incur huge losses too.
Now in case of job, there are lot of benefits that lure more people towards it.
1. Job promises a fixed income every month.
2. Your job ends by the end of the day.
3. You are certain of income hence can plan for expenses easily.
4. Work responsibility is limited.
5. Risk of financial losses are minimum.
Job has the following disadvantages:
1. Scope of exponential income is very limited.
2. Your are always answerable to your superior or boss.
3. Don't have the freedom to experiment or take decisions.
4. Have to ask your seniors for leaves in case of emergency.
5. Don't learn all the skills of a business.
6. Competition from colleagues and politics is a lot as someone always tries to overthrow you.
Now both the options depends upon an individual based on his risk taking ability and his ambitions. Above all what idea one has for setting up a business as most of the general business have a lot of competition and the business dynamics are changing very rapidly every day.
What do you think is best for a youngster who plans to begin his career either as a service man or businessman?