Job or Business?

Job and Business are two completely different aspects to earn a living. However, when the question arises which one is better, it totally depends upon people's own perceptive. Some may think doing a job is better as it gives you a sense of security and a fixed payment on the first of every month.  Whereas, some people prefer business as there is a sense of authority while doing a business. It is not appropriate to point out one aspect to be better than the other but we can definitely analyze the pros and cons of both the aspects. Let us have a look at the pros and cons of both the aspects of making money:

                                        Source: "Money" by 401(K) 2012 - Under Commercial Use Allowed License

Jobs:

Pros:

1)     When you have a job, you have a fixed income every month. You can plan your expenses accordingly. You have a steady life when you earn well from your job. Depending upon your income, you set your expenses and savings. There is a definite plan for the expense and savings for every month.

2)     When you have good experience in a particular field while doing a job, you establish yourself as an expert in that field. By doing so, you can also switch your job if you are currently not satisfied with your current job which often results to the increase in your salary as you will be providing good value to the company that you are applying for.

3)     There is no initial investment (moneywise) apart from knowledge in a particular field to apply for a job. If you have knowledge about the job that you are applying for, chances are that you will get the job. Once you get that job you do not have to worry much about the earning from it as long as you are focusing on your job.

4)     If you devote your time and knowledge to a company for a good number of years, there are very strong chances of you getting a promotion. If you work hard enough in your job role, you will get promoted every 4-5 years which will lead to increase in your salary. Promotions and growth are two very important advantages of doing a job.

Cons:

1)     There is a certain routine that you need to follow while doing a job.  If you take leave from your job frequently it will create a bad impression of you in the company. So there are certain things that you cannot avoid while doing a job like reaching on time, not taking too many leaves, obeying companies rules and regulations etc.

2)     Taking vacations, attending functions or marriages can be tricky. You may not be able to take vacation whenever you want to when you are doing a job.

3)     You may not have the authority to change things you do not like which is exactly opposite in business.

4)     Once you retire, your income will decrease substantially. Even if you are financially stable after your retirement, your children may need to start their career from the scratch itself. They will get job opportunities depending upon their educational qualifications.

Business: Coming to business, it can be tricky as well as very profiting. Here are its pros and cons.

Pros:

1)     When you start a business, you are the owner and you can execute and implement things according to your convenience. There is a sense of authority in doing business. Managing and operation of the business will completely depend on you which will give you a clear idea of how to run a business. This valuable experience will help you in the future when you may think of expanding it. 

2)     There is no time restriction while doing a business. You can employ people to take care of different aspects of your business. Even if you reach late someday, your employees can look after it. However, all the important decisions will necessarily have to be made by you.  

3)     Some businesses do not require active participation which is never possible in a job. When you do such a business, you do not have to actively participate in it and still earn good revenue from it.

4)     Attending family functions, marriages, parties are never a problem. Since you do not have any time restrictions while doing a business, you will not miss any of your important events.

5)     When you reach a certain level, you can expand the business and also diverse it the way you want to earn even more income.

     

     Cons:

1)     There is risk involved in every business. Sometimes, you may have to suffer huge losses in a business which may take a lot of time to recover.

2)     Setting up a business and establishing it requires time and a lot of effort.

3)     Business can be very unpredictable. One month you may earn a huge profit and the other month you will earn average. There is no fixed income in any business. Proper implementation of ideas and well maintenance of your business will only lead to success.

4)     As there is no fixed earning from it, your expenses and savings may vary.

Thus it is totally up to yourselves to choose between job and business. Both of them have their own advantages and disadvantages.