More often than not, the internet is flooded with
information on reasons why every one should be
entrepreneurs. While I do not doubt that it is necessary
that more people embrace self employment, it is also
necessary for people to have an open mind towards
employment and look at the pros and cons of both
before delving to start the next Microsoft. The
following are reasons why there should be more people
in employment than there are now.
1 LESS RISK
Granted, it is a a fact that there are risks to being in
paid employment, however, you are more likely to retain
your job than a business start-up is to thrive in the
market.. Statistically speaking, 90 percent of start ups
are bound to close in the first five years of existence.
In fact, by its very definition, an entrepreneur is one
who is willing to take risks.
TIP, think of this-its almost always news when a
company lays off a number of workers but it gets no
mention when the same number of business start-ups
or SMEs close down.
2 DEFINED WORK HOURS
It is an obvious advantage for many employees that
their work hour is defined. Usually, right from your
employment you are told when you will be needed to
work, and often times, you get paid for any extra time
spent. For an entrepreneur however, work hours are
usually not defined as they have to work around the
clock to ensure that the business goes smoothly.
3 DEFINED CAREER PATH
Also, being in paid employment in most cases offers
you an opportunity to rise to the top of the ladder. It is
expected that if you spend a certain amount of time, or
put in extra effort on a job, you ought to get promoted
as often as possible till you get to the pinnacle of your
career. For a business owner, the career path is not
defined, as your rise to the top is solely dependent on
how well your business does. If it crashes, you burn
4 DEFINED PAY
Related to the above point is the fact that with your
rise to the top of the corporate ladder, your pay is
defined as you go along. In most corporate
environments, there is a fixed salary scale which serves
as a guide for payment. This is an advantage because it
can help the employee plan and make adequate budget
for the month under review. An entrepreneur in most
cases does not have this advantage because his take
home pay is dependent on the amount of effort put in
to the business. Fluctuations in monthly income is
usually the case.
5 SOMEONE HAS TO DO IT
This point is pretty much self explanatory. Imagine if
everyone of us owned a business, who then would be
the workers to carry out the running of said business?
That being said, who then should be an entrepreneur
and who should be a worker? We examine that in the
6 NOT EVERYONE CAN START A BUSINESS
An entrepreneur is someone who has developed the
strength of character and resolve of will to be a leader
and a go getter in the business world. Not every one
possesses the innate ability to own a business. Several
people have tried to set up shop and failed at it,
perhaps that explains why there are so many
businesses that end up comatose.
7 SPECIAL EMPLOYEE BENEFITS
Most companies have special packages to see to their
employees welfare. Such packages include leaves, paid
vacations, as well as healthcare and child support.
While it is not a hard and fast rule for all companies,
there are many of such advantages in paid
employment. For most start ups actually, such fringe
benefits are not applicable. It is not only the case with
start ups however, but even established business
owners usually do not bother to claim such special
benefits for themselves as most have to see to the
running of their business enterprises daily.
8 NARROWER RANGE OF SKILLS NEEDED
As an employee, you are usually employed to fill a
particular need. For example, you may be employed in
accounts, IT, or admin. Hence, your specialization is
only needed in your field. For a business owner
however, and especially with start ups, they have to be
proficient in a whole range of skills and abilities as they
usually are solely responsible for running and ensuring
the success of their business.
9 OPPORTUNITY TO DIVERSIFY
As an employee in an organization, you can decide to
pursue other job opportunities if you are not satisfied
with your lot in a company. You can even decide to
augment your income with other sources such as a
business by the side of your main employment. An
entrepreneur however must better his lot within the
confines of his occupation.
10 OPPORTUNITY FOR LEARNING
Last but not the least is that you have the opportunity
to learn more about how organizations are run, as well
as other aspects of the job that will come in handy if
you do decide to start your own business later.
So there you have it. While we do not mean to
discourage people from starting up their businesses, it
is ideal that you properly weigh the advantages and
disadvantages before you delve into it.
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