Sola Adesakin, Lead Coach and Founder, Smart Stewards.
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People are often torn between the security of a job and the freedom of starting their own business.
Most of the time, we are told to get good grades and get a job that pays well and gives us a good life. But there is also something appealing about being your own boss and having control over your money. Entrepreneurship is risky, and about half of all new businesses fail in the first five years. On the other hand, having a job gives you a sense of security and a steady monthly paycheck.
I have been on both sides of the divide, but now that I am fully working my entrepreneurial muscles, I want to share a few things worth considering.
Entrepreneurship is a way to follow your interests and feel a sense of satisfaction that may be hard, but not impossible, to get as an employee. But not everyone can run a business because it requires taking risks, working longer hours and often being alone. You will likely have to give up your privacy in order to put yourself and your business in the public eye. This is because, in the beginning, you usually have to do everything you can to build a brand, help the business get noticed and drive revenues by leveraging various tools.
An employee's life could be considered easier to navigate because they don't necessarily have to make hard decisions that affect the company's growth. But every day, more and more people are unhappy with their jobs.
According to a 2022 CNBC article, "50% of workers reported feeling stressed at their jobs on a daily basis, 41% as being worried, 22% as sad, and 18% angry. Sixty percent of people reported being emotionally detached at work, and 19% reported being miserable." Only 33% reported feeling engaged.
Both choices have pros and cons that you need to think about carefully before deciding which one is best for you.
Let's Compare
As an employee, you will usually have a steady schedule, salary and benefits. You can also feel safe knowing that you work for a company that gives you structure and direction. But you might not have as much freedom and flexibility as an entrepreneur, and you might not have as much say over your work and where your career goes.
As an entrepreneur, you can choose your own projects and set your own schedule. You can also have more say over how much money you can make and where your career goes. But you may also have to deal with uncertainty, risk and responsibility. To start and run your own business, you need to be self-motivated, disciplined and ready to face the challenges that come with it.
As an individual, an employee is part of a larger team, while an entrepreneur is the team, or is a big part of the team. The company's leaders set the goals for employees, but an entrepreneur sets their own goals for growth and development. Let's take a look at a few other differences between employees and entrepreneurs:
• A manager often tells an employee what to do, but an entrepreneur decides what to do and what to prioritize.
• An employee's job is usually more specialized, while an entrepreneur may have to do a lot of different things and be more of a generalist.
• An employee can get help from many different departments, but an entrepreneur has to seek help.
• The pay of an employee is always the same, but the pay of a business owner depends on how well their business does.
• As a whole, the effect of an employee is usually minute, while the effect of an entrepreneur on their business is massive. It may be hard for employees to find their way around, especially in a big company.
• An employee's personal growth is more linear, while an entrepreneur's path to growth is usually less linear and more based on learning.
• A big difference in risk also exists between an employee and a business owner. Changes in the business's finances or how those changes affect the employee are less likely to have an impact. An entrepreneur, on the other hand, takes a much bigger risk when it comes to their business's income and the business environment.
Doing Both
You can work for someone else and start your own business at the same time, but it can be hard to balance the two. This is often called a "side hustle," where you work as an employee during the day and run your own business or venture in your free time.
One way to do this is to find a job with flexible hours that can fit within your schedule. This can give you more time to work on your business ideas outside of your regular work hours. You could also start a business that is related to your current job or that uses the skills and experience you already have.
Being an entrepreneur takes a lot of time, energy and commitment, so it's important to make sure you have enough time and money to do both jobs well without sacrificing the quality of your work or your personal life. It is also important to consider your company's rules about employees starting their own businesses to avoid conflicts of interest.
Whether through employment or entrepreneurship, the best way to satisfy the deep desire we all have to live our own lives is to get clear on what we want and stay committed to it. Clarity and contentment can help keep confusion and comparison at bay. Seek clarity on what you want and where you are headed in life. Be content with what you have now and while on your way to more.
No one can tell your story better than you. No one can show off your gifts as much as you can. No one else can think of your goals as big as you can. No one can reach your goals as well as you can. No one can care about your life more than you do.
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