Many people dream of starting their own business. The scary statistic that 95% of startups fail doesn’t keep thousands of entrepreneurs from trying their luck. Meanwhile, the 9-to-5 job comes with numerous benefits, which some people aren’t ready to give up.
If you are wondering what the pros and cons of both of them are to make a decision, this article could give you a hand. We’ll talk about how being a subordinate could differ from being your own boss.
Working Hours: Set vs Chaotic
One of the best parts of a 9-to-5 job is that it’s…well…9-to-5. If you are a subordinate, you usually know your exact working hours. This helps you plan your days accordingly. After you leave your workplace, you are usually free as a bird. You can spend time with friends or family, entertain yourself, do some freelancing, and much more.
Running a company means working 24/7. If something goes awry, you have to be ready to react whether it’s the middle of the night, your birthday or Christmas eve. Even though potential business owners hope to set their own working hours, such a luxury usually doesn’t come quickly.
Vacations and Holidays: Every Year vs Haphazardly
When you are hired, your boss tells you when you can take the next vacation and how many vacation days you can count on. There is also a list of official holidays, during which you can expect a day off. For example, you can leave for Christmas holidays without worrying about what’s going on in the office or buy airplane tickets to Europe months ahead since your vacation days are set in stone.
When you own a business, your holidays and vacations depend on how well your company is doing and whether you have someone you trust to delegate work to. Whenever you go on vacation (and that’s not likely to happen for the first few years), you have to be ready to come back at any time and solve problems remotely.
Payments: Regular Pay vs “It Depends”
The greatest benefit of having a 9-to-5 job is regular pay. You know what your salary is and when you get it. Of course, sometimes delays happen, especially when the company isn’t doing too well. But if you don’t like where things are going, you can always quit.
As an entrepreneur, you have to be ready for financial difficulties. It may be months or even years until your company starts bringing any profit. Many people invest all of their money in a business only to see it fail. When you are just starting a company, it’s better to forget about financial stability for a while.
However, if you succeed, you can earn substantial amounts, which are hardly comparable to what you are paid as an employee.
Flexibility: No Strings Attached vs Dependency
If you find a better job, decide to start your own business or move to another country for good, you can give notice and leave in a couple of weeks. Nothing keeps you attached to a particular company so you are always free to go.
As a business owner, you are attached to your company in more ways than you can imagine. You are the heart and soul of your business. Any time you decide to give up or quit, your entire company suffers and so do people who work for you. Selling a company and starting over could be time and effort consuming. According to a certified business broker, Cress V. Diglio, it may take up to a year to sell a business.
Responsibility: Not Too Much vs Tremendous
When you are a subordinate, you have fewer responsibilities. You are only responsible for the direct tasks you do rather than their effect on the overall well-being of a company. When something goes wrong globally, your superior is likely to be held responsible. Without all this responsibility weighing on your shoulders, your nerves are in good shape.
When you run your own business all the responsibility is yours. Any mistake you make can reflect on the company’s operation. You have to worry about other people getting their job done. If employees fail to execute their responsibilities, you have to make sure they rectify their mistakes.
Career Growth: Limited vs Unlimited
With a regular job, you have limited opportunities for career growth, especially if you are working in a small company. There are only so many positions you can fill. If you have numerous goals and aspirations, it’s hard to fulfill them with a 9-to-5 job.
As an entrepreneur, you can set unlimited goals and work hard toward achieving them. You won’t have a boss questioning your decisions and interfering with your work. You can decide which risks are worth taking and which direction your company should be going in.
Independence: Limited vs Personal
When you are a subordinate, you are dependent on what your boss tells you to do. You can’t make your own decisions regarding any task without consulting your superior. This limits the amount of work you can do and how creative you can get with it.
As a business owner, you can do what you want with your company. You have an opportunity to direct other people to achieve your goals and make money while they are at it.
It’s worth noting that sometimes the independence company owners strive for becomes obvious only after several years in business. At first, they are focused on helping the young company survive, taking up their niche, and avoiding mistakes.
Stress: Average vs Severe
The stress 9-to-5 workers experience may seem severe when they don’t know how much business owners stress out. The more responsibilities you have, the more stress you face. Entrepreneurs are responsible for the way the company works as well as for people who work in it.
A mistake made by a superior can be much more drastic than a mistake made by a subordinate. The worst thing that can happen to a 9-to-5 worker is getting fired. An entrepreneur’s error could lead to losing the business and facing financial and legal consequences.
Depending on what your goals, resources, and desires are, you can consider switching from a 9-to-5 job to running your own business. Both options come with a variety of advantages and disadvantages. Whatever you choose, remember, you can always change your mind.