If you are an employee or an entrepreneur reading this article, you are well aware that your profession has its pros and cons. At every level, there are challenges with seen and unseen opportunities. You cannot deny that your career/ business will always shine; there are few bumps here and there, but how you tackle those is what makes you shine! Isn’t it?
Let’s take a glance at the pros and cons of being an entrepreneur versus an employee if you are planning to start your business or career.
Employee Pros
1. Receive a gradual paycheck
One of the good things about a regular job is that you will receive your salary every month. You know your monthly take-home salary. So don’t have to worry about going bankrupt unless your spends are more than your savings. Don’t get lured towards unwanted things; instead, save that money for something bigger!
2. Proper work schedule
Being an employee, you know your working hours and the same is informed you by your HR department before joining the organisation.
And if you work extra hours, the same is compensated in terms of monetary gains or a compensatory off. There are norms that every company has to follow, and one of them is- not making your employees work for extra hours unless it’s compensated.
3. Taxation is easier
You are well informed about your estimated taxes. All your taxes and other deductions are taken care of by your human resources (HR) department. Your employer issues you a TDS certificate, and it helps while filing ITR and saving tax by investing in different tax saving schemes.
Employee Cons
1. Boredom
Job monotony will get to you finally. Most people hate the morning commute, the office, the atmosphere and the tedious work. If you dedicate your whole life to it, you would possibly end up depressed and lose the will to create an amendment.
2. Realising your true potential is hard
A 9-to-5 job will cause you to desire you’re operating within a box. You attend work day-in and day-out while not asking any questions about different people’s duties and stay confined to your tasks and your cubicle.
3. Operating with instructions
Being an employee involves taking orders. The staff that dislike authority and directives might even see supervisors presence. Whereas supervisors supply steering, they conjointly carry power over other teams.
Entrepreneurship Pros
1. I am the Boss
Entrepreneurship means having the ability to decide on the work that you’re attending to be doing. You have the leverage of doing important things and of your interest. You can delegate other tasks that employees can manage.
2. Profit Making
Another fascinating perk of being an entrepreneur is that you in person get to earn profits. If you were an employee, you would instead look for ways to bring your company profits. However, as an entrepreneur, you get to reap your work’s advantages!
3. Freedom
An entrepreneur is a freelance to form his/her selections. No boss to command or obsessed with somebody to form selections. You direct your employees and ask them to follow your rules by giving deadlines.
Entrepreneurship Cons
1. Limited Income
You have no assurance of regular payment and compensation. It depends on how well your business is doing and how determined and hard-working are you to achieve your goals. There are external factors as well, including market fluctuations, vendors/purchasers, and so forth. There’s no absolute assurance of what proportion you’ll have next month.
2. Risk (Financial & Emotional)
Risk is always there if you are a start-up or an established company. When you start or support your business, you’ll not only have to put your time, career, personal savings/finances, but you’ll go through a lot of stress that might affect your health. Take care of yourself, cancel unwanted stress in your life. In your entrepreneurial journey, you’ll face many challenges, and in every step, there are risks involved. Don’t get dishearted; plan yourself way before meeting them and taking the edge off.
3. Undesirable duties
You will be in charge of either doing or overseeing everything that has to be done. You’ll get slowed down in elaborate work that you don’t relish.
4. Multiple Responsibilities
As a self-employed entrepreneur, you start a business based on your skills and passion. You are also responsible for managing, planning, and directing a company’s operations. You also need to create policies, set goals and meet with potential investors and clients. To know your natural path, take a personality test to determine which of the eight wealth profiles is the natural path that can help you grow your business to the next level.
