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Entrepreneurship vs The 9 To 5 Grind
You deserve a career which satisfies you, one which can support, protect and nourish you and your loved ones. To achieve a career like this, you need to choose a path which aligns with your passion and personality. Whether you are self employed or work for someone else, at the end of the day, your career should be able to keep you happy. While there are some bravehearts out there who like to go down the path of entrepreneurship, others are happy with the 9 to 5 grind. If you are unable to choose which path is better for you, we are here to help you with just that.
Entrepreneurship: Pros and cons
Entrepreneurship comes with its fair share of ups and downs. Before you choose a path for yourself, it is extremely important to understand the field into which you are venturing. Here are a few pros and cons of entrepreneurship.
Pros
1) Freedom
The most obvious advantage of entrepreneurship is freedom. You get the freedom to make your own decisions, design things the way you want them to be, choose your working hours and the list goes on. In simple words, you are your own boss.
2) Money
There is no denying the fact, some entrepreneurs, in a day, earn much more than a regular employee earns in an entire month. Unlike the 9 to 5 format, your money is directly dependent on the amount of effort you put in and the profitability of your business’s idea. Entrepreneurship gives you unlimited income potential as you can venture into multiple fields. Moreover, all the profits come directly into your pocket.
3) Every day is different
Another advantage of entrepreneurship is, your life does not become monotonous. Every day in your life as an entrepreneur is going to be completely different. There are new challenges and new risks every day. Most importantly, as you face these new challenges and risks, you grow and become a better version of yourself with every passing day. In simple words, your life is not stagnant.
4) Early retirement options
Entrepreneurship gives you an amazing option of early retirement. If successful, entrepreneurship gives you enough bank balance to quit working early and do something else you love. For instance, an entrepreneur like Mark Zuckerberg, who is just 35 years, can retire now and still have enough money to sustain him for the rest of his life.
Apart from this, you will also have an option to change industries or expand your market if you ever feel unsatisfied with where you are.
Having said this, here are a few cons of entrepreneurship of which you must be aware, before you make the dive.
Cons
1) Risk
You may have already heard this enough, but entrepreneurship is an extremely risky process. The chances of failure, especially if you are a first timer, are much higher than the chances of success. You will need an iron will to emerge successful as an entrepreneur. What is more? There are high chances your startup might fail within a few years of its inception and you may end being bankrupt altogether. You will be surprised to know, 20 % of the startups fail even before a year and 50 % before reaching the 5 year mark.
2) Workload
If you think the workload is too much in a regular job, wait till you become an entrepreneur. It may come as a shock to you, some entrepreneurs work almost 80-90 hours a week and Elon Musk is one of them. There are no specified timings for entrepreneurs. While this work can be exciting, it is also extremely exhausting.
3) No guaranteed income
Yes, the money again. Another obvious disadvantage of entrepreneurship is, there is no guaranteed income. As mentioned earlier, how much you earn as an entrepreneur is directly dependent on your efforts. There is no regular income that will come on the first of every month. While sometimes your business may be extremely profitable, there may also be times when you hardly earn a penny.
Now onto the big question.
Is entrepreneurship better than the corporate 9 to 5 grind?
This answer might differ from person to person, but according to us, the pros of entrepreneurship definitely outdo the cons. Apart from letting you be your own boss and getting you unlimited income, entrepreneurship helps you create something new for the world around you. There is no better feeling than making a difference in others’ lives with your products and services. If you can get over the initial struggle, entrepreneurship is the most satisfying, rewarding and fulfilling career option one can pick.
Having said this, a regular job also has its share of advantages. It gives you a stable income, job security, limited workload and most of all, a less risky environment. You don’t always have to be an entrepreneur to be successful. You can be successful even by contributing your best to the company for which you are working. Your success depends on how you perceive it.
5 Best Career Options To Earn More
How do you know if entrepreneurship is the right option for you?
The answer is simple. Get a clear understanding about your own personality. Entrepreneurship may be the best career path for many people, but if it is not something you enjoy, then you will definitely be unhappy. Who are you as a person? Do you like taking risks? What are your financial goals? Are you happy with a routine? Can you be okay with a variable income? Most importantly, do you have a passion? A problem which you are determined to solve? A revolutionary idea maybe? Ask yourself these questions before taking the leap. If you are not driven by passion and start a business only for its benefits, you are most likely to fail.
One thing you should always keep in mind is, be it entrepreneurship or a regular job, do something that makes you happy, something which makes you want to go to work every morning and something which keeps you fulfilled.
Which is the ideal option for you? Entrepreneurship, or the stability of a regular 9 to 5 job? Comment below and let us know.
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