Which is tough - Job or Business? - Understand the Pros and Cons of both paths

At some point in our lives, many of us face the dilemma of choosing between a job and starting a business. The fact is that both job and business offer their own merits and demerits.

A job provides you with a sense of security, a predictable income, and up to some extent peace of mind. On the other hand, a business offers you benefits such as freedom, unlimited potential, and the feeling of being your own boss.

From graduates of top educational institutes to a person from a limited educational background, everyone finds it difficult to decide between a job and business. Through this post, we will try to understand what might be the correct choice for you regardless of your education and upbringing.

Challenges of a job – Reasons to leave your job and start a business

We will start by letting you know about the benefits of starting a business as compared to doing a nine-to-five job.

Freedom – It is the most talked-about advantage of a business. You will be your own boss and you won’t have to answer to someone else’s demand.
Passion – A business offers you amazing potential to pursue your true passion. You can do something you love without feeling stuck in a job that you hate.
Unlimited Potential for Growth – A business doesn’t put any kind of cap on your earnings. With your hard work and dedication, you can increase your income and build wealth for yourself.
Flexibility – Being the owner of your business provides flexibility in your schedule. You can work whenever you want and from anywhere you want.
Personal Growth – Starting your business venture challenges you to learn new skills, expand your knowledge, and eventually grow as an individual.

Why is doing a job better than business?

Following your passion and being your own boss sounds fantastic. However, you must note that running a successful business is not everyone’s cup of tea.

Steady Income – A job gives a guaranteed income. You will never have to worry about the ups and downs of running a business.
No Risk – Remember, starting a business needs investment and it can be risky. You will be investing not only in money but also in terms of resources and time. With a job, you will never have to deal with such risks.
Stability – An established job comes with great stability. You are entitled to benefits like health insurance, retirement plans, and paid time off.
Less Responsibility – When you run a business, you are responsible for everything. With a job, you just need to focus on your specific role and leave the bigger decision to someone else.
Work-Life Balance – There are many businesses that require you to work for long hours. A job usually comes with fixed working hours allowing you to have a better balance between work and personal life.

Job vs. Business in 2024 – Who should choose what?

If you are unsure whether you should pursue a job or start a business then you must consider the following factors.

Consider your financial goals – As per the data, professionals with a bachelor’s degree in India can earn a median salary of around 4 LPA. On the other hand, income for a small business owner varies widely depending on the industry. So, you should sit down and think about what you are planning to achieve in the next few years.
Risk-taking capability of your family – It is a fact that more than half of businesses close down within 5 years of starting. So, running a business is always a risky matter. Make sure you check the financial condition of your family before starting a business.
Do you have an entrepreneurial spirit – Some people are just not made for doing business. You must try to find your passion. Start a business only if you are really interested in the same.
Government Rules and Regulations – Always consider government rules and regulations in the city in which you intend to start a business. Ensure that policies are favourable and support your business.

Champion Businessmen who left their jobs to become successful

There are many inspirations available if you are looking to leave your job and start your own business. Let’s take a look at a few of such inspirational personalities.

Steve Jobs – Steve Jobs co-founded Apple and revolutionised the world of technology.However, many of you might not be aware of the fact that he also left his well-established job before founding Apple.
Mark Zuckerberg – Zuckerberg dropped out of prestigious Harvard University to create Facebook to change social media forever.
Warren Buffet – Today, Warren Buffet is one of the richest people in the world. He also left his job as a salesman to start his journey as an investor.
Elon Musk – Before starting his own companies like Tesla and SpaceX, Elon Musk used to work as an employee at Rocket Science Games.
Henry Ford – We all remember Henry Ford as the founder of “Ford”, one of the top automobile companies in the world. Before starting his own venture, you used to work as a machinist.

Self-made billionaire who become successful in their jobs

Starting your business is not at all necessary if you want to be a billionaire. The following individuals have proved the same by excelling in their jobs.

Satya Nadella – Born in Hyderabad, Satya Nadella joined Microsoft in 2014 and went on to become the company’s CEO in 2014.
Tim Cook – Tim Cook is the current chief of Apple. He joined the company in 1998 and worked in many key positions before becoming the CEO.
Jamie Dimon – Jamie Dimon is an amazing business executive who took JPMorgan Chase & Co. to new heights.
Indra Nooyi – Indra Nooyi is the former CEO of PepsiCo. She successfully led the company’s expansion and growth, becoming one of the most influential female executives and billionaires.

Conclusion – Job or Business Which is Better in India

To conclude the whole debate between a job and business, we can say that both are winners. It ultimately depends on your circumstances and preferences. You should do a job if you prefer stability and a guaranteed income.

On the other hand, if you are willing to take risks, starting a business could lead to greater financial gains and freedom.

The decision is always going to be yours. There is no one-size-fits-all answer. You must consider your strengths, interests, and long-term aspirations to make the best choice for yourself.