Employee v/s entrepreneur has been a matter of debate since a very long time. While one provides a financial security, other provides the thrill of being your own boss. Well, there is no denying the fact that both employees and entrepreneurs have an equally challenging work and have their own share of good days and bad days. Here is a list of pros and cons of being an employee and an entrepreneur:-
Pros of being an employee
#1. Benefits and perks- By being an employee, you get numerous benefits like health insurance and retirement benefits.
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#2. Financial stability- An employee does not have to worry about the financial highs and lows. Getting a fixed income can take some stress off your mind.
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#3. Skill specific- Employees do not have to mandatorily juggle with different domains. They just have to deal with a specific kind of task.
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#4. Fixed hours and vacations- As an employee, you have your days and vacations planned. You are not expected to work beyond the office hours and can enjoy an uninterrupted holiday.
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#5. Taxation- Another perk of being an employee is that you do not have to care about the perplexing taxation. Your company will take care of it.
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Cons of being an employee
#1. Commute- In case your workplace is at a distance, you cannot do anything about it. The long hours of travel may end up consuming a whole lot of your time. This might leave no scope for a social life.
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#2. Monotony- Your work as an employee seems interesting at first. However, gradually you may end up finding it monotonous and might need a break from it.
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#3. Lack of control- As an employee, you do not get to decide what you do with your day. Being at the beck and call of your boss, you need to stick to the tasks given and deadlines.
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Advantages of being an entrepreneur
#1. You pick your workplace and schedule- One of the major benefits of being self-employed is that you get to frame your own schedule according to your work habits. You even get to pick your own workplace. All of this implies that you can easily take out time for your friends and family.
#2. Leadership- As an entrepreneur, you are not answerable to the people in your office and can lead people as per your company’s vision.
#3. Creating your own policies- When you are self- employed you get to lay down your own set of rules, regulations, and policies. The working of the company is entirely your call.
#4. It can be thrilling- Work as an entrepreneur is never monotonous. Every day brings you something new. Moreover, nothing beats the feeling you get when your company succeeds.
#5. Intellectual growth- Being an entrepreneur, you grow in terms of intellect. Entrepreneurship demands coming up with innovative ideas and provides you the opportunity to experiment with your methods.
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Disadvantages of being an entrepreneur
#1. Uncertain income- As an entrepreneur, you need to prepare yourself for the months where you might end up earning lower than you are used to. You need to carry the burden of bottom lines on your own.
#2. No off days- Self-employment does not leave you an option of a stress-free evening. Work can come up anywhere and anytime.
#3. No single job- You need to be familiar with various domains when you have a venture of your own. From legal framework to accounting and marketing, entrepreneurs need to know the basics of every area at work in their company.
#4. No success guarantee- Before starting as an entrepreneur, you need to keep it in mind that no business guarantees a 100% success. There are chances that your venture might not be successful.
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We would love to hear from you. Give us your inputs on the employee v/s entrepreneur debate. Kindly use the comment box to share your thoughts and opinions with us.
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