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Discussion in 'Self Improvement and Being Successful' started by shailagomez, Aug 24, 2010.
What would be you choice you think that will help you for your future?
Sorry, shailagomez. I don't understand what you're asking. Do you mean choosing between starting your own business or having a career within a company? If so I think it's good to gain experience with a company before branching out on your own.
Even if your new business isn't in the same field, you still gain valuable knowledge on how different aspects of a business work in tandem if you've been employed somewhere first.
I'm also not sure if I fully understand your question shailagomez. However, if it's a choice between starting your own business or pursuing a career, it really depends on your personal circumstances. For example, the advice to someone who has a mortgage and a large family to provide for, would be to be more cautious than someone who doesn't have family or major financial commitments.
If you don't have major financial commitments I'd suggest the starting your own business option, the experience will be great as will the challenge. If you want to get the most out of life, chose the most difficult and challenging option and live closer to the edge.
If you can please reply with a little more info, we will give you more feedback and suggestions.
I'm sorry if it's not clear to you guys. It's all about choosing between your career and business which is more advisable to sustain the needs of a person.
It really depends on the individual shailagomez. One person might be happy with a secure and reliable job where as another might have a strong entrepreneurial drive and a need to be self employed in their own business. What's right for one, would not be right for the other. There is no definitive answer to the question.
Business is far more better i think as compared to working as an employee in a comapany. This is due to a simple reason that what all profit is made, is going into your pocket.
Both are important, business and career, but on my opinion I would choose career. For me career is what will make me fulfilled as an individual. If get successfull with my career then I can start or put up my own business and make a career out of it.
As others have said it depends on the person, but let's look at some pros and cons of working as opposed to starting a new business.
1. Stability & regularity, you know when your money is coming and it is coming.
2. No need to "reinvent" the wheel, you work in a system which is working (most of the time, otherwise the company will go bust).
3. You can make friends, and have a social circle via work. This may sound trivial but we usually - unless we are business people - spend the majority of our lives in the office/workplace and some people even have no real friends besides those they know at work.
4. Status. Status not as in showing off, but recognition that you are a reliable person if you are working for a relatively respectable company. If you're working for a business that no one has heard of you may not get that, or worst case "who is he/she??"
1. Restricted and have to follow rules, for some it's not a problem, for others it is.
2. May have a horrible boss.
3. Office politics.
4. Not able to earn as much money as you can when your own business really flies off.
5. Lack of independence in how to use ones time.
1. Potential to make huge money or more than a 9-5.
2. Freedom of time once your business is more established, you can chose your own lunch breaks! However in the beginning you may have to work even more than in your 9-5, one of my mentors worked until early morning.
3. Enjoyment, it's a creative process, starting something and seeing it grow rather like watching a child develope.
1. Lack of stability, dependent on the next order/deal.
2. Can be lonely and restrict your social life in the beginning, depends on what you do and how you do it, for some from the very beginning they are freer and have a bigger social life!
3. In the beginning you may not have the recognition of your reliability that you enjoy if you work for a normal company.
Anyway good luck in whatever you do.
That's an excellent break down of the advantages and disadvantages of employment versus having your own business Jahan Choudhry, thanks for sharing that with us.
One of the advantages of being self-employed is that you cannot be fired. When you are self-employed you are your own boss and it is important to remember that, you need to take 100% responsibility for everything and you need to discipline yourself. Sometimes people who work for themselves have bad bosses, i.e. themselves and they need to work on improving their management techniques, so that they can manage themselves and the business better.
Yes, actually Fergal your post just reminded me of some important things.
1. You have to deal with your own tax if your self-employed (though you can, as many do, delegate that to an accountant).
2. Deal with other mundane but necessary things such as photocopiers needing to be fixed, IT systems, premises etc.
However some people love it, these "problems" - some say challenges - just add to the excitement for some who prefer problem-solving to boredom. However for others it is just a nuisance.
It is a personal choice both has its own benefits and drawbacks. I personal find permanent job more satisfying and secure.
Thank you guys. Nice information that you have shared. It would be very useful for me in making decisions.