Job vs Business: A detailed analysis that will help you choose the right one.
What should I do? Job or business? A question can arise in your mind at many phases of life, like:
1. Maybe you haven’t completed your education, and yet you’re worried about the future.
2. You’re done getting a degree, now there is a fight going on in your mind, job vs business.
3. You have successfully launched a business venture, but it does not satisfy you with the current results.
4. Out of curiosity, you want to explore all your options and decide which one is better, in job vs business.
Whatever be the reason, it requires a proper analysis of job vs business.
Work is all about commitment. Whether it is a job or a business, you can’t spend 8-10 hours of a day doing something that doesn’t satisfy you. There’s no point in such a worthless struggle. You can’t grow in an environment that doesn’t support your sense of fulfillment.
There are positives and negatives in each field. But you can’t expect to achieve anything in life without putting in a considerable amount of effort. You need to hold your ground in this highly competitive world and you won’t be willing to put up a fight for something you don’t believe in.
It’s significant to go through the pros and cons of your options before finalizing a decision. The solution that may seem best for a person might be the opposite for others. Therefore, it is crucial to understand the importance of making the right choice that will affect the rest of your life.
Which is better, a job or business?
Whether it is a job or business, whichever suits your potential, is a better option for you.
If you are ready to take the risk, you have leadership qualities, new ideas, vision, passion, a creative mind, ability to make things simpler, also, if you like to keep yourself updated, alert, if you can handle stressful situations then you will thrive well in business.
If you like a stable life, a fixed time of work, don’t want the extra burden, if you can do a task as per the expectations, you can work with a team then opting for a job is a sensible decision.
Some skills required are common for both the job and business-like communication, management, etc.
Ultimately, spend some quality time with yourself only to decide what will work for you, a job or business.
What should I choose, a job or business?
If you have an interest in certain things, the time spent would be satisfying. However, only interest is not important, capabilities also matter. It can be like someone loves to sing and he or she wants to become a singer. But whenever it comes to actual singing performances, he or she turns out to be a poor singer. After many efforts also, the results are not up to the expectations. Here, the issue is of capabilities. It is easy to work in a field in which you have the upper hand. Sometimes interests can be deceiving. Hence, capabilities and interests should work in harmony for the best results, whether it be a job or a business.
Now, this job vs business comparison will make you aware of the positives and negative sides of both.
Job vs business infographics
Difference between job and business based on advantages and disadvantages
Advantages of business
1) Ownership & Control
You lead the business when you are the owner. You have a say in every matter. You control situations, exhibiting your leadership qualities. If leading is what you’re good at, then the business is the preferable and profitable option for you.
Being a leader bears its responsibilities. It motivates you enough and has a clear vision for your company/brand. You are free to decide and test your progress. You never give up, even in the toughest situations, because you are aware of your hard work and those around you.
2) Time is yours
You are the boss of your time. It is not like a 9 to 6 job. You can decide on a suitable time to work. Further, you can decide the time of your employees to work.
3) Growth & Financial gain
This is the key point in Job vs Business analysis.
The rate of growth is higher in the business than that in a job. The reason behind it is, there are no middlemen between the fruit of your success and you. When the business grows you get the fruit in direct proportion. Your hard work pays you and not your boss.
Returns are directly proportional to your effort and intelligence.
However, when you are doing a job, you get an income comfortable for a company to pay you.
The main body of the company takes a major part of the profit and they distribute the rest among its employees. Hard work doesn’t feel much rewarding as they fix salaries in the corporate sector.
You make progress only via promotion. But many times, it’s an exhaustingly slow procedure that and office politics have an influence on it.
4) In pursuit of dreams
The driving force that pushes you to achieve better is your dream. You feel content when you’re able to do what you always wanted to. Whether it is growing your business or financial goals, you create a different mindset. Every day, you don’t have to wake up unwillingly. Instead, your passion drives you. As a result, you’re more enthusiastic about work. Your motive is to see your dreams turn into an undeniable reality. This is a reward for you.
5) Development of the unique skills
While doing a business, you handle different situations and people. There are different things involved in business, such as raising capital, legal issues, client, and employee problems. You have to look at all the departments of the company. You’ll also learn how to run a team to get the best results, how to satisfy clients, and make them work with you permanently to achieve your mutual goals. Teamwork is key to running a successful business.
Business is an accurate test of your management, marketing, communication and negotiation, problem-solving, leadership skills, etc. Being able to manage your finances is also critical for business. You need to monitor your profit and loss carefully.
And if one lacks these skills, he or she tries to develop it.
6) Creativity & Implementation of strategies
There is a lot of exposure to creativity while doing business. Actually, for creative people, business is a better option than a job. Creativity not only boosts the business but also gives you a distinct satisfaction. When you have a creative mind, you are always coming up with innovative methods and different strategies. Building your own business allows you to implement these strategies and grow amazingly.
Creativity gives a company its competitive edge and inspires an unparalleled end-to-end user experience. It fuels big ideas, challenges employees’ way of thinking, and opens the door to new opportunities.
When you run a business, your focus shifts to gaining more and more knowledge about the area you’re dealing with. You need to stay up-to-date with the new technology, marketing strategies, modifications of government laws, and much more. You’re open to new experiences and there’s always room for personal growth.
Disadvantages of business:
Setting up your own business comes up with several challenges. Those tough challenges are the reason people defend corporate jobs. If you are comfortable living in a very secure life, then the business might not be the best choice for you.
2) Capital requirement
Whether it is installing machines or any other setup, advertising, paying employees, or clients, you need to finance your business.
Initial years in the business consume a lot of capital. Starting your own business comes with the risk of losing everything you invested: time, effort, and money. If the business cannot flourish, it falls flat on the shoulder of the entrepreneur.
However, if you are smart enough, you’ll find out ways to cut the cost of most tasks.
3) No fixed income
It does not assure you of a safe, fixed monthly income as it is with a job. Income from business can vary from month to month or quarter to quarter, depending upon the format and performance of your business. You will not gain a considerable profit initially. You must work with perseverance and definite dedication to success.
4) Legal Formalities and taxes
These are the unavoidable part of the business.
a) Legal formality: Registration, contracts, different taxes, etc. involves vast documentation. Sometimes these things can become very complicated and hectic.
b) Taxes: When you are doing a job, the tax structure is simple. However, as a businessperson, you need to pay many types of corporate taxes.
c) Audit: If a business exceeds a certain limit of income, you need to audit your business. If your chartered accountant is not clever enough, you could face many complications.
Your business, your responsibility!
You can’t say like this department doesn’t come under my responsibility if any problem occurs. However, you can escape in this manner while doing a job.
6) Involvement & Stress
Many times, when you do business, the ideas, plans, concerns remain with you whether you are at a business place or attending the wedding of a relative. Business becomes like a family member. It won’t leave you alone.
Also, if you cannot run the business efficiently, stress will come into action. It can be as different things like big loans, competition, financial downturn, etc.
Hence, it is necessary to manage your business in such a way that it does not affect your mental and physical health.
7) Effect of global economic crisis
Whenever there is a downturn in the sector of your business, your business can slow down. Employees also suffer from such a crisis, however, in business, the effect is more. If the company cannot match the growth of previous years, you need to put all expansion plans on hold.
This means that having adequate cash reserves is the only way to survive an economic downturn. But not all businesses have such an advantage.
Government employees are safer because their income does not get affected by the economic slowdown.
Advantages of job
1) Fixed Income
When you work for a corporation/institution, you get a salary on the fixed date. Though your performance is not that good in a particular month, it will not affect your salary.
(Exception: In some jobs, employees get incentives for the completion of the target. In such a case, performance plays a vital role.)
2) Fixed hours of work
It’s a major difference in business vs job. While doing a job, you need to work for a fixed time. After your job hours, it does not bound you to a company or organization. You don’t take work home. You also live a life outside the office.
3) No capital requirement
Unlike business, you don’t need any capital for doing a job. Just finish your daily tasks and receive a fixed salary every month. Hence, you are in profit from the day you get your first salary.
4) Less responsibility
When you do business, as an owner you are responsible for every matter related to your business. However, in a job, your responsibility is limited to your department or your designation.
5) Holidays and leave
You can enjoy the holidays given by your company or organization. Also, you can take a certain amount of leaves whenever required.
If you are doing a government job, then you have more advantages. You may receive medical and accommodation facilities, depending on the job you do.
6) Free time
You need not think about the company when you are out of work hours. Your free time is completely yours to spend. You can enhance your skills, give time to hobbies, plan a dinner with your family or go to the movies with friends. Nobody is going to disturb you.
7) Simple tax structure and no hassle of legal issues
A simple income tax return filing will do your work if you are doing a job. There is a big difference in taxation between jobs and businesses.
Also, you are free from legal requirements such as obtaining NOCs, getting a business license, making and managing different contracts. In short, the legal process is simple.
8) Increase in Job satisfaction percentage
According to The Conference Board’s survey, job satisfaction is highest in 2020 in this decade. In 2010, job satisfaction was 42.6% lowest ever recorded. In 2020, it is 56.9%. This growth is because of development in labor market conditions, such as job security, wages, and pension/retirement plan.
Disadvantages of job
1) Very slow growth
When you are doing business, you can see your company grow as you keep achieving one milestone after the other. But in a job, the growth is painfully slow.
Yes, you will get promotions but it will take a very long time compared to growth in a business.
2) Bound to time
You are not your boss and therefore can’t decide the time of work. You just follow a timetable set by your company or organization.
3) Less scope for creativity
You have to do the work as per the expectation of your boss or your company. If you do a task with a creative approach and if your boss or team leader does not like it, then it is of no use. They prefer sincerity to creativity.
(Exception: R&D departments of the companies)
If you’re always looking for something new to experience, chances are you’ll not be able to tolerate the boredom of having the same workplace routine daily. Business is very dynamic, it keeps a person engaged and alert.
5) Income is not up to the expectations
Your income is not directly proportional to your work. Yes, it’s the fact. As the upper body eats most of the fruit, you have a minor part to eat, despite the impact of your contribution.
6) The pressure of the boss
You work under the leadership of directors, team leaders, managers depending on your post in the company or organization. In some situations, you’ll even start questioning yourself whether you are right or wrong. Many times you have to face the anger of your boss, though you are right.
7) Limitations on progress
You can get promotions but whatever you do, your progress while working for someone else has some restrictions as compared to owning a business. You can’t make it big beyond certain limitations.
Final Thoughts on ‘Job vs Business’
From the above Job vs Business analysis, business and job both have some advantages and drawbacks.
Now, it’s the time to see which one suits you better: starting your own business or doing a job. We live in a highly competitive era where only the fittest survive. You must give your best to sustain yourself in your field. If you are doing a job now and want to shift to a business, it is highly possible and you can become successful too. Many entrepreneurs quit their job for doing business,
and now they have achieved colossal success.