Guest post by Jacob Dillon.
If you are the person who looks at the world from different angles, you are restless, you strive for change, you are not satisfied with what you are doing, you can overcome hurdles and challenges, you can build something from nothing then this article is for you.
Here, we’ve discussed all that you need to know about being an employee as well as an entrepreneur.
Just continue reading.
Reasons Why People End Up Quitting Their Employee Position and Becoming an Entrepreneur
Here are some of the reasons why people end up quitting their employee position and become entrepreneurs.
- Freedom: When working as an employee, you lack the freedom to do your own things at your own time. When it comes to going for a vacation you must wait until you take your leave but as an entrepreneur, you can do what you want, when you want
- Control: When you are employed by someone, you have no control over the business. The owner decides how he/she wants his business to be conducted. In case bad things happen, you are both affected. According to an article on the EssayOnTime platform, being an entrepreneur means you have total control over what you do.
These are just a few of the reasons that compel people to quit their 9-to-5 jobs and become entrepreneurs. The list is endless.
The Good and Bad Side of Being an Employee
If you are thinking of working for someone or for yourself, here are the good and bad sides of being an employee.
The Good Side
Assured Income
There is nothing good than working knowing that at the end of the month, you will have your salary no matter what happens. When working as an employee, you are guaranteed a fixed amount of money in your bank either weekly or monthly.
Less Responsibility
Unless otherwise, but being an employee you enjoy less responsibility. Why? Your supervisor assigns you a particular role; you focus on working on that particular role only. You only need to ensure you’ve completed the tasks you’ve been assigned by your boss on the required time.
Leave Perks
As an employee, you are entitled to a lean each year and it is accompanied by its benefits. During this time, you may decide to work on your other things or just take a rest while you still get paid.
The Bad Side
Fixed Income
Although working as an employee has a guaranteed income it is often limited to your agreed salary with your employer. You will only get more than the agreed salary if you happen to work overtime or get a pay rise.
Dependence
When you are employed, you will have to adhere to your employer’s guidelines and become dependent on your monthly salary. This can be stressful especially for people with big families when the salary isn’t able to cater to all their needs.
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Challenges You Have To Overcome To Become an Independent Businessman.
Here are some of the challenges you must overcome if you want to an independent businessman.
Trust
Not everyone is going to believe in you. In fact, some will despise your ideas or they may scare you that you are going to fail if you take that route and oftentimes some of the people who will tell you all these are your close friends and family members. However, to overcome this, you need to follow your dreams. Not everyone will believe in you when starting, but they will believe in you when all goes well.
Finance
It doesn’t matter what type of business you want to venture in, funding will always be one of the important things to build your ideas and actualize them. Many people fail when it comes to funding their venture, but even if you ask those that have made it will tell you that the best funding you can get is your passion and your commitment to do what you feel happy about doing.
Patience
Nothing good comes easy and nothing good happens overnight. Most successful businessmen failed on a number of different ideas before they become what they are today. You need to be patient and know that the road isn’t straight, it has lots of ups and downs and you have to prepare yourself to learn all the lessons thought your way.
We are living in a rapidly evolving environment where beginning a start-up is harder especially when it comes to learning how to move your way up the ladder.
Stephanie Tilenius, who is a former Google employee and the founder of Vida, a mobile continuous care platform for preventive health and chronic health conditions states that as an entrepreneur, you must be an optimist and pessimist. She also states that the most complex part of the entire process is the psychology of it.
On the same note, Kamakshi Sivaramakrishnan who is also a former Google employee who quit the company and started Drawbridge, a tech company states that entrepreneurship is “a constant game of risk management”
Kamakshi believes that while many people choose to become entrepreneurs to make money and others want to be free to run their own ventures, her reason is different since she wanted to make an impact. She notes that as an entrepreneur, you have to be comfortable even if you feel unconformable.
The Good and Bad Side of Being an Entrepreneur
Well, although there are bad sides of being an entrepreneur, here is the good side.
Freedom
When working for a company, you are bound to follow the rules and regulations of that particular company whether you feel happy about them or not. The freedom you get is when you have a completed the tasks of the day. As an entrepreneur, you are free to do what you want when you feel.
Flexibility
As an entrepreneur, you can decide to reschedule your work to meet your needs. You can decide to postpone some tasks that are not urgent and decide to spend the time with your family. But as an employee, you will have to avail yourself to work every day.
Control
When working as an employee, you have to do what is assigned to you whether you feel like doing it or not. But as an entrepreneur, you have full control over what you do. You can choose what to do that is of great importance to your business and leave out that which is not of importance.
The Bad Side of Being an Entrepreneur
It Takes a Lot of Time and Commitment
Time and commitment are paramount when it comes to being an entrepreneur. You will have to spend a lot of time doing all things yourself, especially when starting. Entrepreneurship isn’t easy, and for you to be successful, you have to dedicate a huge amount of time to it.
You Have Many Hats to Wear
You are the CEO, accountant, secretary, head of marketing and many more roles until when you can employ a specific person for each position. This requires you to learn a lot so that you don’t mess up with your business.
Irregular Paycheck
Being an employer, you will have to give up on a regular paycheck. Your income is determined by the growth of your business. When the business slows down, your income suffers.
Unexpected Work Schedule
Being an entrepreneur means you have more work to do and more hours on work. You might be thinking of doing something different and all of a sudden something else comes up and you need to attend to it before you can go on with what you were doing.
Bottom Line
There you have it: All you need to know about being an employee as well as an entrepreneur.
As we come to the end of this article, we would to state it clear that although becoming an entrepreneur after working for several years can be risky, it may be worth it. You will be in a position to evade some of the challenges we’ve mentioned above.
That being said, we would also like to tell you to follow your passion and do what pleases you best.
Jacob Dillon is a professional writer and distinctive journalist from Sydney. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook
