Have you been job hunting but, haven’t found an ideal job that showcases your talents, education and interests? Let me ask you a question:
: Have you thought about starting your own business?
: Which one should you choose: job or business?
Advantages of Starting Your Own Business:
1. Your rule, your kingdom (Boss):
2. Your hard work pays you (and not your boss):
3. Secured job (No one to fire):
4. Secure and satisfied on mental grounds:
5. The exposure to experience all business aspects:
6. No payment problems:
Disadvantages of Owning Your Own Business:
The following mentioned are few disadvantages of business management.
1. It is a risky task:
2. Financial investments:
3. You may not receive a lucrative income:
4. Freedom to work- turns into overtime work:
5. Financial obligations:
Advantages of Corporate Jobs:
1. The flexibility of exposure:
2. Flexibility through telecommuting:
3. Access to beneficial policies and bonuses:
4. Group projects and team handling:
Disadvantages of Corporate Jobs:
1. Healthy working spirit has long since diminished:
2. Individual recognition is again affected:
3. Immediate decision-making is impossible:
I have to warn you though, making the leap from employee to entrepreneur means changing not only your lifestyle, but also your mindset. Before spending time, money and energy starting a new business, you should ask yourself about the advantages and disadvantages.
: Do I have what it takes for a job or to own a business? Am I better suited to being an employee or an entrepreneur?
Here are seven major questions that might help determine if you have a business owner’s mindset:
1. Can you start and finish tasks independently?
Employee Mindset: The boss or manager gives you a task to be completed within a certain time period and you’re expected to complete the assigned task.
Business Owner Mindset: Business owners know how to, and even like to, work independently. They are willing to take full responsibility for creating and completing their own work schedules. To take this one step farther, if you are thinking about starting a home-based business, you must also consider that there will be times when you’ll be spending hours working alone, without the company and support of others.
2. Can you set and achieve short- and long-term goals?
Employee Mindset: As an employee, you are working to achieve someone else’s goals.
Business Owner Mindset: A business owner takes on the responsibility for planning, marketing and overseeing the success of their business. Running a successful business means taking the time to formulate and implement a well thought out business plan. You will need to write a concise mission statement, an innovative vision for your company, short and long-term financial goals and a feasible and effective plan of action.
3. Do you have the self-discipline and self-motivation to work for yourself?
Employee Mindset: A boss or manager sets and oversees your tasks and hours.
Business Owner Mindset: Successful entrepreneurs are masters of time management and multi-tasking. Self-discipline is a vital factor to growing a successful business. A business owner must be consistently self-directed and self-motivated to do those things that will keep his/her business moving forward. Self-discipline is about doing what you say you’re going to do when you say you’re going to do it.
4. Can you manage money wisely?
Employee Mindset: Someone else takes all the financial risks for building a successful and profitable business.
Business Owner Mindset: If you decide to start a business, how do you intend to finance your business? A key factor to starting a business is being prepared to handle the financial ups and downs of opening and growing a new business. Are you willing to take business classes, learn new money management skills and even hire professionals who can help handle your finances?
5. Do you know how to measure success?
Employee Mindset: Your boss sets the standard by which they measure and reward your successes – pay raises, awards, recognition, etc.
Business Owner Mindset: A successful business owner knows, almost instinctively, how to set his or her own internal and external “barometers of success.” As an entrepreneur you are responsible for setting your own standard of excellence. It is important, even before beginning your business, to be fully aware and understand your “barometers of success” and how you professionally measure success. Do you measure success by money earned, recognition received, etc.?
6. Are you comfortable creating your own paycheck?
Employee Mindset: Your employer is responsible for your paycheck, benefits and other job related expenses. You can plan on getting paid regularly.
Business Owners Mindset: Business owners are responsible for creating their own paycheck, retirement plan, taxes, insurance, vacation pay, etc. There will probably be times when you won’t receive a regular paycheck. Being your own boss means taking risks and living with the financial uncertainty that often comes with owning a business. Are you willing to take financial and professional risks? Are you willing to live with the stress that often accompanies an uncertain paycheck?
7. Do you know your professional worth?
Employee Mindset: An employer tells and shows you how much you are worth by the amount they are willing to pay you.
Business Owners Mindset: As an entrepreneur, you determine your own worth!
After answering these seven questions, what have you decided – are you going out job hunting or starting a business?
Starting a business will give you major life benefits:
1. Freedom each day to do as you wish.
2. Ability to change your future today and for years to come.
3. Ability to work around your family and your interests.
4. Ability to talk with someone new daily and build relationships.
5. Ability to have fun at work all the time.
6. Ability to help someone get something they want or need.
7. Ability to earn XTRA income on your time.
8. Ability to earn residual income.
9. Ability to have personal development.
10. Ability to work with like-minded community.
11. Ability to have no income gap.
12. Ability to have low startup costs and guarantee of success.
13. Ability to have no employees.
14. Ability to have many more benefits.
Now that you have a bit of insight on both the types i.e, job and business, you must carefully decide upon what suits you well. Remember, no matter what you decide, at the end of the day, you will have to face both the aspects.
You might be lucky enough to land in a corporate job that provides you with more pros than cons or your luck might work well in your own business. There are innumerable possibilities to any decision. However; the choice is still in your hands.
Will It be a Traditional Business or a Networking Business?
Will you be a Victim or a Victor?
Michael Kissinger is a coach, consultant, business analyst, university professor, entrepreneur and mentor to People Who Want to Successfully Work for Themselves. He has 30 years experience and is known around the world as the author of the popular Blog site Your Beautiful Life where you will find biweekly or monthly success tools for growing yourself, your wealth and your business.
You’ll also want to subscribe to his complimentary Ezine, Unlimited Success for Entrepreneurs and Small Business Owners. Contract information:
Phone 415-678-9965 or Email: email@example.com or LinkedIn: https://www.linkedin.com/in/michael-kissinger-a66b214/
2 thoughts on “MKS: Job or Business? Which One is Better Start Now?”
Thank you John. Hope all is going well for you and yours.
Michael, you provide such valuable information. From your blog rover friend John.