Entrepreneurship Vs Employment? Deciding the Path You Want to Take

Is it better to own a business or be employed? That is a question many people ask. Both have their merits and their challenges, and there are opportunities for learning, growth and financial reward on each path. My hope here is that I can share with you the differences between entrepreneurship vs employment, as well as between the traits of entrepreneurs and employees, so you can make a more informed decision about your future. 

What’s the difference between a job and a business? 

Many people think this is obvious, but the question is a valid one. When you have a job, you are working for someone else in their business in your area of expertise, whereas entrepreneurs work for themselves. But what many don’t realize is if you do not set up your business in a way that grants you greater freedom, you can create a job for yourself that is far more demanding than working in another’s company would be, which is not the entrepreneurial dream. 

While you might be your own boss as an entrepreneur, the goal of a business isn’t just to work for yourself. The goal of a business is to make a difference in the world AND be profitable. That means designing a business plan to bring in far more revenue than it takes to cover wages and expenses, and then dedicating yourself to working that plan, which will ultimately deliver financial freedom and the impact you want to make in the world. 

To design an effective and profitable business you must:

• Unveil your competitive edge to know exactly where you can make the greatest difference and maximum profit
• Build a winning formula for your customer service
• Create a solid business plan for success

While there are many accessible step-by-step plans to help you build your business or career, a great deal of your success as an entrepreneur or as an employee will come down to your personal preferences for your work and home life, as well as your personality traits. 

 

What are the personality traits of entrepreneurs and employees?

Understanding yourself and the things that help you feel fulfilled in your life and career are of the utmost importance when choosing between entrepreneurship and employment.  Much of that comes from your personality traits and work preferences. 

By reviewing the characteristics of successful entrepreneurs and that of contented employees, you will be able to quickly self-select between entrepreneurship and employment. 

Personality traits for entrepreneurs:

They are passionate about their causes. Many people start their own businesses because they want to make a difference in the world in their own special way, in an area that matters deeply to them. That passion magnetically pulls them toward it, and because of that drive, they are willing to sacrifice time away from their personal lives to bring their business vision to life. 

Entrepreneurs enjoy taking risks. Starting your own business means stepping into the unknown and doing many things you have never done before. There will be a great deal of uncertainty because of it, not the least of which is the uncertainty caused by the financial risks of starting a business, particularly at the beginning. The most successful entrepreneurs can navigate and tolerate this kind of risk. Many even enjoy it! 

They make critical decisions quickly. Accomplished entrepreneurs move fast because they know that business success is built on the ability to fail quickly, learn from it, and use that information to take the next step forward. The faster they can do this, the easier it will be to outpace other competitors in the marketplace, which is less likely to happen if they spend a lot of time weighing the pros and cons in their decision-making process.  

Entrepreneurs ask astute questions. People who excel in business can take in information, quickly connect the dots, and then ask questions that reveal information not communicated. This leads to deeper conversations and personal connections, bringing greater understanding and opportunity. 

They recognize the need to enlist expertise. Entrepreneurs will go it on their own to bring their dream to life when it is necessary, but the most successful among them realize that doing this will take them longer to get to their goal. Instead, they recognize the need to find experts that complement their skills or fill in areas of weakness to build strength in all aspects of business and its expansion. 

Personality traits for successful employees: 

They prefer income security. A job comes with a steady paycheck, vacation pay, and sick leave. Depending on the company, benefits may also be part of the compensation package. Together these things can provide greater peace of mind and for these people, a higher quality of life, leading to greater feelings of fulfillment.

They prioritize time sovereignty. Unlike entrepreneurs, an employee is more likely to be able to leave their job behind when they are done work and enjoy their time away from it. Whether it’s shift work or a regular 9-5, it is easier to set boundaries so their hours away from the office are their own. 

Employees enjoy working within established systems and processes. Successful businesses establish systems and processes for the greatest efficiency and productivity to reach and exceed their growth targets. This framework allows employees to focus their energy on specific goals, better outcomes, and problem-solving, leading to greater productivity and job satisfaction.

Employees like to achieve maximum productivity. The most successful employees enjoy having a structured work environment led by managers, administrators, directors, chiefs, and boards, who guide the company at various levels. This way, the employee can focus on their areas of expertise and efficiencies, doing their best work in their positions.

They desire career growth and promotion. Dedicated employees actively look for ways to advance themselves within their careers. This includes pursuing personal and professional development, as well as the advancement of both hard and soft skills for the greatest professional progression. This ultimately leads to promotion into higher-paid positions that align with their abilities, career advancement preferences, and life goals.

>>CLICK HERE FOR A CAREER SELF-ASSESSMENT AND DEVELOPMENT GUIDE TO MAXIMIZE YOUR PROFESSIONAL GROWTH<<

Choosing between entrepreneurship and employment really comes down to personal preferences and your vision for your life. No matter which choice you make you can accelerate your path to success by working with a mentor. Seek one out in your company, or if you want to work with a Master Mentor in your business to help you sidestep shiny object syndrome and get crystal clear on the goals that will help you accelerate your growth, CLICK HERE TO LEARN ABOUT MY MASTER MENTOR PROGRAM NOW. It might be exactly what you need to achieve the business success you crave.