Any person with an entrepreneurial spirit cannot deny the appeal of working solo. Flexible hours, independence, autonomy, unlimited income potential — working solo is alluring.
However, there’s also the other side of the coin that draws several downsides of self-employment. The downsides that are continuously destroying the dreams of an entrepreneur — lack of investments, failure to make it big are on the other side of the coin.
That’s why a growing number of people don’t want to split on their own and are opting to work for someone else — and all for good reasons. Let’s find out what the reasons are:
① Garnering Experience
The best way to be experienced about running a company is to first start working with a company. The advantages of working with a company are many. You get to learn the ropes of running a company. You get to acquaint yourself with the issues that can be improved, and the factors that can drive sales. With hard work and dedication, you sure stand to succeed in your company.
② Not Putting Everything on the Line
“Half of the entrepreneurs don’t see the first five years after starting up.” The piece of information just proves how risky it has become starting a business on your own. Many people fail to extend their dream into something substantial. Many also opt to put everything they have on the line in hopes of making it big. Working for someone else first isn’t that risky at all.
③ Getting Promoted
More experience leads to more value. If you’re stuck in a certain position, you may not be able to expand your knowledge further. A company has several structural branches. Starting your company and occupying the highest position altogether will not offer insights on those branches’ mechanism. Starting from scratch with a company and getting promoted introduce you to inner workings of a company.
④ Shared Responsibility
When working for someone else, your tasks may be shared by everyone around. And, everything doesn’t automatically become your sole responsibility. Just starting a company on your own won’t offer anybody else to shoulder the responsibility. If your own company ends in failure, it is you who will have to withstand the losses. But, working for a company, you get to share the risks with everyone.
⑤ Generous Benefits
When you’re an employee working for a reputed company, you could relish in several generous perks. These perks could include employer-paid cell phones, or WiFi bills, special lunches, festival bonuses, tuition reimbursements, etc. These are just a couple of perks you may receive when starting up. The perks may get more generous after taking up a more responsible position. These may not mean much, but they can aggregate huge value when assembled and received on a regular basis.
The world today we’re living in is more open. Multinational companies rushing in, clamping and toppling local companies, starting a company on your own is a gamble. These multinational companies can challenge you with more resources, more manpower and strong networks. To be able to know about all the challenges they pose and potential solutions, it’s better to become an employee than an employer.