Entrepreneurship vs a (9 to 5) Job

Choosing a career path is the hardest and most important choice in your life. By choosing the wrong path, all other aspects of your life will be affected. The average person will change their career paths almost five times in their lifetime. So, if you're feeling stuck and a little bit confused over what path to choose, you're not alone. Over the past few years, there's been a lot of discussion everywhere across blogs, on social media, on whether being employed is better than entrepreneurship. If you've been considering quitting your job and starting the entrepreneurship journey, you need to watch this video. If you still don't know what career path to take, watch this video too. You will find the most valuable information that will guide your decision. Now, let's begin, shall we? Before we do though, have you already subscribed? If not, you're missing out on a lot of amazing information. Let's start with looking at the advantages of being an entrepreneur. Entrepreneurship isn't an easy journey. It could possibly be much harder than taking the 9-5 traditional route. Being an entrepreneur will involve plenty of sleepless nights, multiple losses, uncertainties, and is only built for the strong-willed. This path is quite risky, but with risk comes rewards. Successful entrepreneurs are in fact always juggling the risk versus reward aspect in every decision made. While it may be the harder route to take, it comes with numerous benefits. 5. Working within your own limits As an entrepreneur, you'll be your own boss. You get to make your own decisions, choose when you want to work, and you're not answerable to anyone else but yourself. However, you must manage yourself, create plans, and decide on all actions to be undertaken in your business. Unlike in a work environment where you would have to comply with the rules and regulations created by another individual. 4. Reward for efforts They say the only way you can be truly compensated for your efforts is through entrepreneurship. It may not make sense, but let's delve deeper into this. See, when you're employed, you can only work a certain number of hours a day, and your salary at the end of the month will be the same. It won't matter if you worked harder than your colleagues. The salary is already defined and set in stone. As an entrepreneur, by putting in more effort, you will realize more rewards. The more the effort, the more the returns in sales, the more your business grows, and the more you can afford to take home. 3. Capacity to increase income bracket It's easier to get richer from being an entrepreneur than from being employed. Yes, you could get rich from employment, but it will be a whole lot harder than those that follow the entrepreneurship route. This is because your salary can never multiply overnight, and as mentioned above, your earnings won't magically double because the company you're working for is growing. However, as an entrepreneur, when your business does well, your net worth increases with it. And here's an interesting statistic. It's reported that 72% of the rich built their wealth from their businesses. 2. Self-satisfaction Doesn't it feel good to build something and watch it grow? Watching your inventions grow brings about some unmatched self-satisfaction. When you are employed, you are building someone else's dream, but when you are running your business, you are building your own. While it may have many challenges along the way, going home every other day knowing you're building something will keep you going. A survey was conducted, and the results indicated that 65% of entrepreneurs were satisfied with their career path, and only 15% of the employed were satisfied with their jobs. Now that's something to think about. 1. Job creation When you choose to start your own venture, once the business grows, you'll have to employ people. By being an entrepreneur, you will contribute positively to the economy by creating jobs. Now that we've looked at the benefits of entrepreneurship, let's look at why a 9 to 5 may not be so bad. 1. Security Most people believe that having a job gives you security. But is it really true? Let's look at what is currently happening in the world. Recently, the whole world was hit by the coronavirus pandemic, and it is estimated that about 20% or more people lost their jobs. People who work on minimum wage on an hourly basis are currently jobless, so security isn't really a benefit when it comes to unfavorable economic conditions. 2. Guaranteed paycheck Yes, sure, at the end of every month, you will be guaranteed a specified pay. But soon enough, if you get too comfortable, you will become a slave to your salary. Most people live from paycheck to paycheck and depend on their monthly earnings to survive. If by any chance they get laid off, that will be completely tragic. 3. Capital for business The only reasonable benefit for working a 9 to 5 job is to get capital for your business. This is the only reason why we think you should go to work. Get a job only to give you money which you can save from. Once you've saved enough, quit your job and pursue that dream you've always had. Otherwise, if you don't, you'll end up a slave building someone else's dream. While entrepreneurship may be the more lucrative option, it's not built for everyone. Here are 5 ways to know if you have what it takes to be an entrepreneur. The challenge of being an entrepreneur isn't in starting but in staying in business. It has never been and will never be easy to start and run a successful company. The whole process is hard, but if you don't pursue it, you will never really know if you stand a chance at being successful. If you want to know if you've got what it takes to succeed as an entrepreneur, every successful entrepreneur has the following skills. Do you? 1. The ability to execute ideas. Paul Graham once said that the Y Combinator never invests in ideas but in the people. Execution is everything to entrepreneurs. Anyone can have the best ideas and have all the money needed to fund it, but if they fail at execution, they don't have a business. To add on to this, you won't even need a new idea to execute it into a business. Dating has existed for years, but Tinder found a new way to help people find online dates and executed the idea successfully. Google wasn't the first search engine, but it executed the idea brilliantly. People have ideas all the time. There could be someone who even has the same exact idea as you have right now. The only difference will come in the execution. Ideas can be bought off anywhere, but the execution is what matters. So, as you're deciding whether entrepreneurship is for you, ask yourself and be very genuine about your answer. Do I have what it takes to execute ideas into complete businesses? 2. Risk-taking. They say in business you cannot take risks. Entrepreneurs are faced with risks all the time, and they often have to make the most critical decisions that will determine the future of their businesses. One characteristic that stands out with all entrepreneurs is their risk-taking ability. Let's have a look at Richard Branson, one of the wealthiest men on earth. He is a self-made billionaire who has had to take the greatest risks ever recorded in history. When he first established Virgin Atlantic, no one believed his airline would be able to take on British Airways, one of the world's leading airlines. He was faced with the challenge of either shutting down or persisting through what is now referred to as one of the most brutal business wars of all time. He persisted with his small market share despite the dirty unfair tricks from British Airlines. With just one lane, he grew his company into a billion-dollar empire. Do you have the same risk-taking ability? Are you willing to risk it all to see your business grow? 3. Ability to get over failures This may sound really obvious, but it isn't. The entrepreneurship journey will be full of surprises and disappointments. This is where your limits will be tested. For most people, being driven to the core results in giving up, but for others, they use this to fuel their drive. You could be running your business smoothly making all the profits you've ever dreamt of, and then bam, coronavirus happens, and you're forced to shut down until the pandemic ends. Let's say you're in manufacturing, and you decide to manufacture a ton of goods offshore, then on arrival, you find out half of them are substandard or damaged. This is exactly what happened to Greta Van Riel, the founder of Skinny Me Tea. She decided to manufacture her goods in China, and when the containers arrived, the whole shipment was damaged. In an instance, she lost millions of dollars worth of items. What would you do if this happened to you? Would you be able to pick yourself up and still pursue your dreams? Or would you call it quits and look for another venue? These are the hard questions you need to ask yourself. 2. You listen and are willing to learn Successful entrepreneurs spend a considerable amount of time reading and improving themselves. The rules for success continually change. Whatever works for Yahoo may not work for Google. To be a great entrepreneur, you have to constantly learn, unlearn, and relearn new concepts every other time. You have to constantly read books or listen to audiobooks. And of most importance, listen more than you talk. Listen to what your employees have to say. Pay attention to the reviews of your customers. Be open to listening to other people's ideas, as you may not always have the right solution to every problem. There's no shortcut to success, well, unless you hit the jackpot. But for most of us, we have to adapt to being a lifelong learner. Warren Buffett spends 80% of his day reading. Richard Branson never went to college, but has read more books than the average person. Are you willing to dedicate a large percentage of your time to learning? 1. Being a visionary Those who succeed are those who dream big. To be a successful entrepreneur, you have to be a visionary, no exception. You have to utilize where you want your company to be within the next few years. And when it gets there, don't settle and have more dreams. In order to have a successful business, it's believed that the founder has to delegate the work so that they can concentrate on the vision of the venture. Without this, the company will have no direction or goals to achieve. Most startups fail because of no direction. So, you made your first sale, what next? Are you the type of people who have vision boards? Do you draft out to-do lists and have goals to be met every other day? Well, if you are, then entrepreneurship could be right for you. Well, that's it for today. Thank you for watching. We hope you learned a couple of things that would help you decide whether to go the traditional way or to start a business. Whatever career path you choose, we wish you all the best. Make sure you watch our other educational videos that will make your life better. And if you haven't subscribed, what are you waiting for? We have great videos every other day, so you better tap the bell icon so you don't miss out. With that said, have a great day and see you in the next one.