The article below is my comparison of which is better – job or owning a business. It seeks to challenge the common prevailing thought in the society, and aims to cover which is most profitable in the long run. Perhaps the word enterprising is key, while evaluating which of the two choices is more suitable for the long term.
Human brains have been conditioned on security. At the start of the civilization, it was food, shelter, and security from the beasts; and now the security aspect is in terms of a stable income. However, throughout the history it has been the adventurous ones who have gone on to make big names for themselves by simply shunning the prevailing “common-sense” at the time or challenging it. For instance, had Christopher Columbus not left to explore the other lands, he was unlikely to have discovered the Americas.
Presently, most people tend to believe jobs are better or rather conditioned to believe in that simply because they seem to be stable. This is far from the truth. The main reason for a success of any business is in its operational hours – the money works for you around the clock (there are many other reasons). After a certain time, business works around the clock, where as an employee usually works a 9 AM to 5 PM job. Think something greater than the power of compound interest for the sake of the argument.
Another reason why people believe jobs are more secure than starting a business, is because businesses are more risky. This is absolutely correct; the chances of businesses failing are more than its success. However, these statistics generally apply more to the new businesses or out of the box businesses. For instance, Google before it became Google, or Microsoft before it became Microsoft. In both cases, the chances of other companies to succeed on similar lines are still not that great.
To own a successful business, you do not have to go on re-inventing the wheel. You can rent your apartment, basement, share a room, or start consulting on the area of your expertise. You simply need to find something where there is a local demand.
This does not mean one should simply quit their day jobs and start a business from scratch. However, one should always be open to the idea of the entrepreneurial gains. Taking more calculated risks earlier the better. In the end, taking a risk within your area of competence is better than being comfortable.
There are numerous examples of self-made millionaires and most of them got there by owning a business. The point is, one must have an open view and challenge the societal norms if they’re to make a difference in their lives or that of the people around them. Essentially, that is what a business and entrepreneurship is about.
Then the question becomes what can I do outside my regular job? Here are my suggestions:
- Rent a room or basement in your house (if you own a property) to a tenant.
- Start a blog and monetize it.
- Sell your used items or things you no longer need on Craigslist, Kijiji, eBay, etc.
- Offer your creative services on Etsy, eBay, etc.
- If you like pets, perhaps offer a service related to that. For instance, pet grooming or babysitting pets..
- Explore the possibilities of freelancing in the field you specialize in.
- Accounting/Finance: Offer to do taxes.
- Write articles and get paid.
In the end, if there is one book that I would really recommend to give you a better perspective of the occupation, it would be to read the book, Mastery by Robert Greene. This has nothing to do with financial success but everything to do with becoming successful at your occupation, trade, etc.
If you want to know about becoming financially independent, check out the article I wrote by clicking here.
Note: The above article in no way suggests having a business is superior and a sole option. It simply suggests that over a longer period of time you’re better off owning a business. You can have a day job and a business, and that’s okay. This article is my attempt to challenge the prevailing view on how having a business is risky and a job is “safer”, “more secure”.
Tell me about your story or a situation wherein you thought it was a “risk” and the consequences or the difference it made to your life.