Are you an entrepreneur or a wannabe entrepreneur? Do you think you did the right thing starting on your own?
Here is my take on entrepreneurship vs job.
Art vs. Maths
Entrepreneurship is like art. You are never sure whether it will yield the result that you have been looking for. The ending may turn out to be quite different than the way you had planned it.
Job is like Math. First, you concentrate on getting the right education, then look out for the job that enhances your professional experience. Then you work towards getting promotions till you reach the peak of career in terms of satisfaction and capability.The path is logical, traveled many times and like a simple math equation, parameters are few.
Certainty of pay check vs. none
Entrepreneurship is not really for people who cannot survive without pay check. The entrepreneur makes nothing for months, sometimes for years. He/She toils for what interest her than what pays immediately.
Jobs pay immediately. Within one month of taking a job, one starts getting salary in the account. It is usually fixed and certain.
Incremental vs. explosive
Entrepreneurship is difficult. But it can lead to explosive growth if worked through with patience. The explosive growth can make you rich and famous. Think Zuckerberg, Bill Gates, Steve Jobs and many others.
Jobs are logical increments over time. You start at the junior level and move on to become a senior. A few gets into higher levels. Salary increases consistently with every rise in position.
Passion vs. consistent track record
Starting own venture is about passion. You cannot think about consistency. There is none. Either you make it or you don’t. Your paintings sell or they don’t. Selling is important but passion is more important.
Job is about meeting deadlines consistently. Job is like going from point X to point Y without detour. People with jobs have to consistently meet expectations and in turn get rewarded with promotion.
Diversified vs. concentrated skills
Entrepreneurship is equal to being stranded on an island with a toolbox(sometimes not). You have to learn to design and create your own boat and then escape in it. You need to be multi-skilled if you want to survive.
Job is about getting better at the skill you obtained in your education in. More often than not you become an expert in your area. That is your bread and butter.
Creation vs. continuation
Entrepreneurship is about ideas, creation and developing something new, It is about solving problems in a unique way. It is about thinking out of the box. It is about targeting opportunities.
Job is often about continuation of same work and doing it in much better way. Creativity may be useful but is not necessary for survival. You need to do work on time. Organizations appreciate creativity but nurturing that it is not the priority.
Direct vs Indirect job creation
Entrepreneurs find and exploit opportunities that create thousands of jobs. They look for improvements and then utilize them to start companies that bring in more jobs.
People holding jobs indirectly create job. They take loans, buy houses ,cars. This keeps money in circulation. Businesses invest to fulfill needs of job holders often creating jobs in the process.
Whole day vs. 9-6
Entrepreneurs often lose track of time . They work more than fifteen hours a day. They always have their plates full. They find it difficult to adjust to the demands of family and society.
People in job often work for fixed time and find enough time for their families.
Wealth creation vs. being rich
Wealth is different from richness. Wealth is when you have assets that generate income for you. Rich is when you get a fat salary to spend. Entrepreneurs generate wealth in long term. They may be rich but they are more wealthy than rich.
It is hard to create too many assets with job unless you have a very high paying job. Often people with job purchase two or three houses on loans and then call themselves wealthy. It is not true because they are not wealthy till they clear off the loan and start earning money from those houses.
Adaptability and flexibility
Entrepreneurs are survivors. They know how to survive in worst conditions because they have been there. They know how to utilize whatever they have to create business. They have to be flexible, need to learn new skills in order to get into new lines of business. Entrepreneurs can survive in recession and boom times.
People in jobs often find it difficult to adopt from one skill to another. If they lose their job, they are most likely to apply for another job in same area. Their chances of success depends on availability of such jobs and competition. Boom time brings untold money and happiness to job holders while recession is very disastrous.
Entrepreneurship is risky. You could lose all your money. You have to plan and move ahead.
Jobs have relatively low risks unless you are working in risky, hazardous job. Even if you lose your job, you will not lose a lot of money and often you will get similar job,maybe at lesser salary but still.
So which is better?
No one can answer but only you. It all depends on your drive, your capacity to take risk, the goals of your life. These are just a few pointers that help you decide.