WHY PREFER A BUSINESS OVER JOB?

BUSINESSES BRING RICHES

The answer to – Why Prefer A Business Over Job – goes the age-old saying that businesses can make one financially rich, which a salaried employment can’t. Notwithstanding this proverbial notion, in today’s scenario it makes sense to start-up than to be a job seeker.

BIRTH OF START-UP

‘Start-up’ was not a term to be heard of in India even in the early 2000s. But the IT boom since the advent of internet has transformed the career choices of people – to be a job seeker or become a job creator and identify new business opportunities to add value for society and self.

In pre-internet days, becoming a successful entrepreneur was not an easy task. It required money, manpower and business acumen. So the distinction was clear – if you belong to a non-business class, look for a suitable job without getting into the hassle of venturing into a commercial project.

DEMOCRATIZATION OF ENTREPRENEURSHIP

But today technology giants such as Google, You Tube, Facebook, Twitter, Instagram and the likes of many such social media platforms have democratized the world of entrepreneurship from the exclusive privilege of existing business classes to anybody with a passion and drive to generate profits from a new project with or without much money to invest.

Gone are the days of advertising as the sole medium to reach out to prospective clients. In the age of digital media, brand building is just about having a website or creating a few good You Tube videos or even a Twitter or Facebook id with significant number of followers.

Taking this identity forward, one can start many a non-manufacturing business without even investing a rupee from your bedroom or drawing room using a computer or a mobile. Even manufacturing units can be initiated on a lower scale and expanded gradually.

PURSUING A DYNAMIC FUTURE

Entrepreneurship for youngsters is more pertinently important today because spearheading a creative career is far more fulfilling than earning a livelihood through mundane work. For, this is the age of disruption, and there is unlimited scope to create inter-disciplinary innovative applications in diverse fields. It is an opportunity to prove to the world what difference you can make to fellow citizens on earth with your unique thought processes and capabilities, which perhaps may not be achievable in a salaried job.

HIGER EARNINGS IN BUSINESS

It is indeed true that a self-employed person can take home 100% of his accruing profits on his endeavours or for that matter an owner of a partnership firm or joint venture can claim 100% of the proportionate gains. But an employee is paid as salary a miniscule part of profits that his share of hard work brings.

PERSONAL GROWTH

Running a company makes a person more alert, agile and knowledgeable. Moreover, as one continuously thinks of identifying new business propositions through creation of innovative applications, a businessman develops a vision to perceive things from a higher altitude, thereby acquiring creativity, intellect and wisdom.

On the other hand, in a job one is just an executor – i.e. an employee has to carry out tasks as asked to execute. Therefore, one registers a lesser inner growth and intellect.

FALSE SENSE OF PRIDE

Many individuals have a fascination to work for blue chip companies and MNCs because they believe such positions would enhance one’s professional and social recognition. In fact, this sort of a notion is not correct and being in the reflected glory of a renowned corporate is nothing more than foolishness. Such perceptions prevent many from initiating a business.

The value of a person lies in his skills and abilities and not the organization he works for. A stalwart in any field is always vied for by large companies because his superior talent and knowledge can deliver extra-ordinary gains for the organization. Rather there are instances, where a distinguished professional joining a business house enhances the company’s image.

Thus, building great competencies matter the most – one is recognized for ‘who you are’ and not where you work!

A JOB DIMINISHES YOUR VALUE

When you work in a company all your efforts go to build the brand of your employer – customers and clients recognize your organization and not your hard work. Once you leave the company, you are forgotten and your brand value is zero. Again you need to look for a suitable job, which may or may not be immediately available.

Compare this to investing all your efforts for your own company – your identity and brand value are established in the public domain. This turns you into an independent revenue generating entity for a long period of time.

NO JOB SECURITY

For every employee in the private sector, job security is the primary concern. As per current trends, other than government and PSU positions where work is secure till the retirement age of 60, most private companies prefer a young workforce between 21-35 for cost considerations and administrative reasons. If you age above this bracket, the uncertainty of career lingers on as chances of being fired are high.

NO RETIREMENT & FLEXIBILITY

On the other hand, whether you are a self-employed person or running a company you are the boss and your career remains secure forever without any retirement age. There is no tension of losing your job or don’t have to fear office politics.

There is unlimited personal freedom with no tension of office commitments or even of commuting to your workplace on time. Flexibility of working hours and the liberty to move around as you wish are great advantages over a fixed timing job.

RETIREMENT BENEFITS

While one may think a businessman is not entitled to get retirement benefits – so how would you survive in old age? True, post-retirement everybody needs money. But in reality, much of the money you get is your own money deducted over your service years and managed in different retirement schemes. While being in business too you can opt for different retirement benefit plans.

THE REAL BONANZA

The real bonanza lies in the company and products that you have built. As businesses grow older, it acquires a wider clientele and higher brand value. This rule applies not only to large corporates but even a small shop running for decades. These tangible and intangible assets can be sold at a huge premium which can make you a billionaire when one reaches the age of retirement.

So businessmen too have retirement benefits!

BECOME A CELEBRITY

And one can even turn into a celebrity if his start-up becomes a hit. In such a scenario, the venture can be exited within a few years of its establishment at a lucrative valuation, which can make the founder fabulously rich.

In today’s digital age, online marketing can overnight make a brand viral. There are numerous examples of such success stories. So, start your entrepreneurial journey right away!