Deciding on a career path can be one of the most important choices we make in our lifetime. A career that we’re not only successful in, but also enjoy doing will affect all aspects of your life in one way or another. But do we explore all the options before making a decision?
The average person will switch career paths several times within their lifetime for various reasons. Over the last few years there has been a lot of discussions throughout mainstream media, blogs and social media whether being an entrepreneur is better than a traditional 9-5.
Employee vs. Entrepreneur
One question that may get ignored by many people looking to start a new career, or simply entering the job market for the first time, is whether or not they want to be an entrepreneur or an employee. In fact, most people struggle with the difference between the two because they only saw employment as the choice that was available for them.
We are often encouraged to find a great job, and many of us don’t think about creating our own employment by becoming a business owner. Knowing the difference between employment and business mindset is crucial to understanding which option would work better for you as an individual, and how being an employee or a business owner can suit your own personality and goals.
The definition of an entrepreneur is someone who “undertakes an enterprise.” An entrepreneur is someone who starts a new organization – a business, or takes on an existing organization with the intent to rejuvenate it. Entrepreneurship most commonly establishes in the form of self-employment.
Entrepreneurship: Is it for you?
For those who are determined, who want to take on a challenge, want more control of their time and money, and thrive in the anticipation of building their own future, taking the empire-building path may be the best choice. However, as an entrepreneur, you will be responsible for all of the financial costs of the organization, for marketing and promoting yourself, and for gaining your clientele. Entrepreneurs’ days don’t go from 9 am till 5 pm, and they are always working on ways to improve their organization. In addition, the entrepreneur can also be held legally liable for the organization, which is a personal risk, as well as a business risk. Here are three benefits of being an entrepreneur.
1. You can create something on your own – For many of us, having something we created from the beginning that brings value to the world gives us a sense of pride in our work that we may not have had before.
2. Do what you love – This is one of the most intriguing aspects of being a business owner, because we can actually do what we love to do.
3. Being financially free – This is many entrepreneurs dream to have more free time and have the ability to still be financially free.
Benefits of 9-5
Working a 9-5 usually gives us income stability to have things in life we at least need in life. We can provide for our families, pay our rent or mortgage. This career often times gives us security that many of us are seeking to be able to live in a stable in environment. Here are three more benefits of having 9-5 career.
1. Lesser stress – As an entrepreneur you have the responsible of your entire organization, but as an employee you just have to focus on your specific job. Although a lot of 9-5 careers can be stressful but being an entrepreneur is one the most time-consuming things we can ever do.
2. Better relationships – If you’re in a traditional 9-5 career you have more free time to spend with your significant other, family and friends. This gives you the opportunity to not miss those special moments in life that so many entrepreneurs tend to miss.
3. Lesser risk – Entrepreneurship is prone to a lot of risk, unlike stable careers. There is no guarantee that you will start making an “x” amount of money after “y” amount of days, or even years.
Nowadays, even those “stable” careers are susceptible to a lot of risk, given the statistics of the number of people who let go due to lay-offs and budget cuts. So, this is a matter of the degree of risk when you compare employment and entrepreneurship. Will you lose more if you lose your, or if you fail to do business as an entrepreneur?
Which do you prefer? Entrepreneurship or the stability of a 9-5 job? What benefits do you appreciate from each work arrangement? Comment below and if you enjoyed this article please share!
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