Choosing the right career can be one of the most critical choices that you need to do in your life. A career that you don’t only enjoy doing but also makes you successful affects the facets of your life in a positive way. But do you explore all of your options before making a decision?
For the majority of people, whether as an employee or entrepreneur, career inflicts a chain-link effect on their personal lives as it relates to family, friends, relationships, social interaction, etc. Selecting the right path for you is a not a run-of-the-mill matter but rather a serious factor that dictates your pursuit of happiness, personal fulfillment, and overall satisfaction.
Whether you want to be part of 1.6 million currently employed individuals in the US or to the 8.6 million self-employed people who wrestle in the entrepreneurship arena, this article is for you. Below is a checklist that you can use as a guide to help you determine whether you should be an employee or an entrepreneur.
What Should You Really Be? – Employee or Entrepreneur?
Employment is For You if…
1. You Have Multiple Responsibilities and No Safety Net
If you are still paying your loans and debts, have a family to care for, and your emergency fund is insufficient, then employment would be a better option. Entrepreneurship is too risky especially if you’re still starting and it’s something that you can’t afford when you have full responsibilities on your plate.
2. You Prefer Flexible Working Opportunities
Some companies who allow you to work from home and even pay for the equipment in your home office. If this setup is feasible for you, then this kind of employment will provide you the self-employment environment with the stability of a full-time job.
3. You Prefer to Work at a Set Time Rather Than Being on Call 24/7
If you’re the kind who cease thinking about work the moment you close down your laptop, then a 9-to-5 working lifestyle suit you. It allows you to focus on your passions and hobbies after working hours.
4. The Profit From Your Sideline is Lesser Than Your Salary
Do not quit your job if your business is not bringing substantial income than your full-time job unless you have a large safety net. When you calculate for this, take into consideration how much you’ll pay for taxes and insurance costs which your employer does for you in your full-time job.
[RELATED: How to Go From Employee to Entrepreneur]
Entrepreneurship is For You if…
1. You Love Taking Risks
From acquiring potential clients to increase your profits, entrepreneurship is quite a different environment in comparison to full-time employment where you do the same routine every month. If you live in the ‘high risk, high-reward’ setup, then entrepreneurship suits you.
2. You Blossom Under Pressure
In business, you earn according to the output or work that your produce, disparate from a full-time job where you earn based on the number of hours that you log in. If you’re the type who thrives under pressure and always looks for ways to grow and improve, entrepreneurship could be your calling.
3. You Know How to Pitch a Sale
Keeping your business alive means selling and marketing your business to potential clients. If a room with strangers thrills you, then you have the blood of an entrepreneur who can get customers and clients and give out affordable business cards through your networking savvy.
4. You’re Not a Specialist but Rather a “Jack of All Trades”
You’re the marketer when you’re the entrepreneur, the HR officer, the finance officer, the sales person who gives out cheap business cards, and the business development expert, all in one. If you love self-development and continuous learning, you’re cut for entrepreneurship.
5. You Have a Loyal Client Base and Your Revenue Continues to Grow
If you’re basking under this situation, it’s about time for you to quit your day job and jump in. Before you become an entrepreneur and jump ship, make sure your business is stable enough and continues to grow. It’s your bread and butter, and you’ll need your business to live and make ends meet.
Always remember that choosing your path, whether corporate or entrepreneurial, is not a contest of popularity but a life-long decision with a significant effect, both on your professional and personal lives. Both options have their pros and cons. And both options can bring you joy and success. So, choose your path wisely.
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- What Should You Really Be? – Employee or Entrepreneur? - September 4, 2017