These days it seems that many are able to start their own businesses and appear to be successful. They end up going to get their schooling, graduate, and then set out to be their own boss. Some even forgo advanced education and simply go straight into generating some type of revenue. How do you know this is for you, and what path should you be taking when you finish your studies and are looking for your next move?
There’s pros and cons to both
At times, it seems that becoming your own boss, running your own business, and collecting all the revenues yourselves appear as the most viable option. It can be rewarding, but it also can mean dedicating yourself completely and wholeheartedly to this type of path. Running your own business means handling every aspect of the company, from taxation and finances to product development, to marketing, and ultimately to sales and retention. It means wearing many hats, and when successful, you reap the best benefits.
If that's the case, and you don't need to worry about reporting to someone every morning, why doesn't everyone do it? Well, when you go down the route of entrepreneur, you really never clock out. The time that isn’t spent on your business, especially in the early days, means resources are not being applied to grow and manage the business. Instead, it's multiple full-time jobs with no guarantee of success and an extensive amount of effort beforehand.
When you select a career path and work for someone else or a company, there's a certain guarantee and routine with it. You can work on a predictable schedule, and at times, there's a path you can follow that brings you up the corporate ladder, so to speak. Yes, for most of that career, you will report to someone, and that person you may not always be aligned with, but the guarantee comes from the stability that surpasses running your own enterprise.
Yet this stability comes at the cost of creativity and flexibility at times. Yes, there is a holiday per se, but it ends up being a structured feeling, with the inevitable return to the workplace. You won't have the freedom to take months off at a time or hire help to do your work for you while you manage or grow a part of the company.
Also, when it comes to profit sharing, it ends up being much better when you actually run the business yourself.
Which way to go?
There's no right answer here; ultimately, it depends on what you see for yourself. However, there's also no reason you cannot switch paths. That means you can work on your career early on and build your own business and way with some experience down your belt, or vice versa. It all comes down to what you're more comfortable with in the end and what is most beneficial with your skill sets and risk aversion.