To get a job or start my own business? What should I do?

The decision between starting your business and being your boss, or being the corporate 9-5 kind of person with a guaranteed paycheck is a tough decision to make. It becomes worse when you’re job hunting and can’t find a job that best suits your interests and skills, or when you’re frustrated about having to face all the tasks alone in your business. It’s a dilemma, and it’s really hard to decide which move to make.

Should you take the risk and go-ahead to start your business or should you settle for a job that pays your monthly bills and to an extent provides some form of security and stability?

There are benefits to being an employer or an employee.

Let’s look at some of the benefits:

Benefits of a 9-5:

• A stable and steady income.
• You get to build relationships through team-based learning with your colleagues in the workplace.
• Access to professional training and developments that you might not be able to afford on your own.
• You only have one role in your job.
• Access to a work community even outside your job, which is a great platform for networking.
• You are entitled to health insurance, sick/maternity leave, holidays, and other benefits.
• Personal growth and development promotion through healthy competitions and collaborative work.
• You can always get another job if you lose your current one.
• You have flexible working hours, thanks to the advent of remote work.
• You have set hours for work and you don’t necessarily have to take work home, except on rare occasions.

Benefits of being an entrepreneur:

• You’re the master of your destiny.
• You make your own decisions and call the shots.
• You have the power to shape your own career in a unique way.
• It boosts your self-confidence and strengthens you.
• Your earnings are unlimited.
• You do what you love thereby following your dreams and passions.
• You have control over your time.
• You can choose who to work with.
• You have the chance to empower other entrepreneurs through your influence.
• You become a leader both professionally and personally.

Now that you are aware of the benefits of both sides of the coin, consider these 6 questions to help you know which one suits you best:

1. Can you manage money?

As an employee, you wouldn’t have to bother about the finances of the company, as there’s someone whose role is to ensure the company makes profit and records successes. The person also manages all financial risks.
As an entrepreneur, it is compulsory that you are equipped with money management skills, or that you hire a professional who can take care of all your money matters for you.

2. Can you take risks?

It’s safe having a 9-5. It is a road most traveled with minimal risks and you are guaranteed security.
The road to entrepreneurship isn’t a smooth one. It is full of risks, less traveled, with lesser security and safety. Yet, you have to take the road. Not taking a risk is the biggest risk of all.
Mark Zuckerberg in his famous quote said: “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

3. Can I quickly make decisions?

In your 9-5, you can decide to take enough time before coming to a decision, probably because you overthink things or you need to ask for advice from your colleagues.
An entrepreneur does not have the luxury to prolong decisions. Time is precious and decisions have to be made as quickly as possible. An overthinker isn’t fit to be on this path. All decisions lie on you and you have to be quick about it.

4. Are you disciplined enough to work for yourself?

Are you? In your job, your boss, line manager or supervisor stands and oversees your tasks and ensures you maximise your set hours before you close for the day. What happens if you don’t feel like working?
An entrepreneur keeps the business moving forward through consistent self-discipline and motivation. It also means being able to multitask and be time conscious. There is no room for excuses, and at any time, you are prepared for the task.

5. Ready for a change?

In your 9-5, you are used to a set of routines you follow every day. There are meetings, schedules, and reminders to keep you on track for every task and you know what to do.
An entrepreneur is always on the move. Tasks are changing, and schedules have to change with them too. Nothing is static, and the entrepreneur must be willing to accept changes.

6. Can you create your paycheck?

No matter what happens, you are guaranteed your paycheck at the end of the month or even bi-weekly if that’s your preference. Other benefits also come along with your salary.
As an entrepreneur, you are responsible for creating your paycheck. There are times when the accounts will not be balanced and you’ll have to forfeit your reward for that period. It’s a financial risk you must be willing to take. You must embrace the financial uncertainties that come with being your boss.

After answering all these questions, we would like to know what your decision is.

Scale My Hustle can also help you make a decision based on your answers. We are just an email away at hello@scalemyhustle.com

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Featured image: istockphoto