Job Vs Business Which is a Better Job or Business?

If you are in your late teens or 20s, at some point, you must have surely faced the dilemma, which is better, a job or owning a business? The answer to that question is not quite simple. The answer completely depends on your needs and your wants. For example, if you want to lead a simple life wherein you want a routine and time to pursue your hobbies, then a job might be a better option. Or, if you want to pursue your vision, a business might help you achieve that.

There are pros and cons to both doing a job and owning a business. A job generally involves completing a monthly task for a company or an individual, and they pay you a fixed monthly salary. A business, on the other hand, is an organization that runs for commercial or non-commercial objectives. In a business, an individual or group works towards a common goal.

There are different aspects on which we can compare the two, which are discussed here.

Risk

This may sound a little old school, but jobs involve less risk than starting your own business. But that shouldn’t stop anyone from taking a risk. A job doesn’t only ensure a fixed monthly salary but healthcare benefits, pension, and paid leaves. Also, jobs are quite unidirectional. Whereas business does not offer any of that, you must provide these benefits to your employees if you are the boss. If you are looking for a safer option, a job is better for you.

Investment

Business demands investment, then be it in terms of time or money. It requires a lot of time to build a good, profitable business and sometimes elbow grease. It requires money, too, to execute the idea that business is based upon. It requires more effort, too, as one is starting something from scratch. On the other hand, a job does not require money as an investment. Once you land a job, you only have to spend time on meeting targets and stuff. A business owner might have to deal with more stress too.

Profit

As an employee, one can make a certain amount of money in a certain amount of time, and if you are skilled and have experience, you can climb the corporate ladder fairly quickly too. However, as a business owner, you can earn that same amount of money very quickly, or it might take longer. Statistically, business owners make more money than salaried employees.

Qualifications

There are no qualifications required to start your own business. Anyone can start a business, irrespective of their educational background, if they have the right expertise and knowledge. Jobs, on the other hand, do require an educational qualification, experience, and some certifications. However, many companies are shifting away from that model and hiring people based on their skills and not qualifications.

Work-Life Balance

In a job, you only have to work fixed hours, i.e., if you have a 9-5 job, you only have to work during those hours, or even if the company needs you to work extra hours, they pay you for that. In a business that you own, you can work for as many hours a day as you want. You can work 16 hours a day or take the day off if you want to. You are the boss.

Freedom 

Looking outside, no one might have more freedom than the boss. But the grass is greener on the other side. However, the lives of business people can be way busier than their employees and, on top of that, stressful.

Vision 

Vision is another aspect based on which jobs and businesses can be compared. You are supposed to work towards your boss’s vision as an employee. But that may not always be the case. You could look for a job in a company that shares similar visions as you do. In a business, you are working towards making your vision a reality. You decide how the business is run and lead your employees in the same direction.

Responsibility 

Businesses can be extremely stressful. There are a lot of things you need to take care of. It would help if you met with the investors and managed deadlines independently. It would help if you made a lot of sacrifices too. Not to mention, in a successful business, the boss is also responsible for all their employees. And as the business grows, the responsibilities also grow. With great power comes great responsibility indeed.

In a job, one does not have as much responsibility. But that does not mean that it has no responsibility at all. You need to complete tasks, meet deadlines and report to superiors. Responsibility also grows as you are promoted to higher positions.

Stress

Obviously, with all the responsibilities that come with business, it is way more stressful than a job. This does not mean that jobs are free, but they are certainly not as stressful as a business.

Personal Satisfaction

Although this aspect can vary from person to person, it is well observed that business owners are generally more satisfied than employees. And more than half of the employees are unsatisfied with their jobs.

Experience 

Both a job and a business require experience. And one only gets better as they gain more experience. Starting your own business gives you knowledge and experience in finance and management. Business teaches you how a product is made and marketed. Business forces one to learn different soft skills.

Growth

Growth in jobs means getting a raise and promotions. It often requires academic or professional certifications. In a business, growth can mean a larger customer base, additions to the product line, and more profit.

Switch

It is easier to switch from one job to another. However, it is not the case in business. An owner or a boss cannot abandon their company and go to the next.

Conclusion – Job Vs Business

To summarize, the answer to the question is better job or business? It would be different for everyone depending upon what they want and what will make them happy. Your needs will determine which of the two will be better for you.

So, if you are choosing between the two, consider all the aspects discussed, compare the pros and cons, and then move forward.

Good Luck!