Employment or entrepreneurship? Tough choice?

It need not be. Rather, it is not. Both have its benefits. And some risks.

The right questions for an aspiring student who has aced in academics perhaps would be: what are my ambitions, can I invest efforts that’d do justice to those ambitions, do I prefer job security or like taking calculated risks, or both, what is the exit strategy?

The aforementioned query can lead to a more informed decision, especially for students who have completed or are on the verge of completing their higher education, particularly from top international study destinations.

Let’s dissect this further to figure out which path may work better in long term.

Rights & Responsibilities.

As an entrepreneur you will have the final word in decision making. But you will also be liable for the outcome. As an employee, you’d be expected to do your best and follow the protocol and process set by your head/s of department. The result, in spite of your performance, would not be your responsibility.

Security

If a regular paycheck is your thing, then an employed career in chosen specialty would suit you best. More so if you are stressed about paying student loans. But if you think you have a business idea, or can take the helms of your family business, and have the appetite for waiting it out then you are cut out for entrepreneurship.

Mind you, as an entrepreneur, you could be enjoying the profits as well as bearing the losses.

Flexibility & Control

Evidently, entrepreneurs may initially not enjoy the work-life balance. Obviously, more efforts – time, money, mindspace – have to be invested to reach a point of growth where things could go on auto-mode. But this also means that they have the flexibility of working hours.

They can take a nap or take a break when they choose to. They are also in control of decision- making, deploying techniques and technology, ideas, etc.

While employees would enjoy the work-life balance (except during those days of work-load), they usually do not have flexibility of working hours. It may be different if they have availed of post-study work opportunities in countries such as U.S., U.K., Australia, Canada, Ireland, etc. where companies offer flexible modes of work.

But they would not have any privilege of decision-making, and would have to follow ideas or procedures even if they are disliked.

Growth opportunities

Static (more or less) for the employees. Of course, there would be annual performance-based promotions and a scope to enroll in professional development programs (varies from one company to another). However, it’s a tall ladder and growth would come – more often than not– one step, one year at a time.

For entrepreneurs, on the other hand, even sky is not the limit. One only has to look at Elon, Jeff and the likes. They came from nothing and now command tremendous equity – personal and professional.

Conclusion

Review your orientations, personality, financial standing and risk-taking appetite. Have an open mind. As a fresh graduate or post-graduate from globally ranked reputed universities – German, French, Kiwi, or any other – you may choose to first start in a traditional employment set up and see how it fares. That career could lead you to entrepreneurship.

Or if you have started as an entrepreneur immediately after studying abroad, and find yourself in a tough spot few years later, you can always switch to a more stable employed career option.

Whatever you choose, give your one hundred percent.