Employee or Entrepreneur – A battle in minds of many while choosing career options.
“Which career path to pick?” – this is one of the most daunting questions for final year students. Today, they have multiple options ahead of them, and the two most lucrative ones are – they can take 9to5 work bus and become an employee, or they can shape their ideas into reality and become an entrepreneur.
Employee or Entrepreneur – the decision is very hard, but Colitco is known to create the informative articles for students to read, so we would like to present two statistics in front of you to make an informative decision –
- According to a rough estimate, 41 lakh youth lose jobs in India due to the pandemic, and on the counterpart, in FY19, there were only 8 lakh jobs generated.
- In 2019, 1300 new tech startups were founded, and as per Startup India’s official estimation, there are 2-3 new startups emerge daily. Additionally, when employees are struggling to find jobs during the lockdown, significant growth in the startup industry has been reported.
Today, if you opt to become an employee, you can’t expect to have a steady income and job security. So, when you have to stay on edge, why don’t you take a bigger step and become an entrepreneur. This article on startup India states mere truth and today’s truth is that being an entrepreneur is more beneficial than an employee.
Why Being an Entrepreneur Weights Over Being an Employee?
‘Best business for students’ – today, if you check the student’s web browser history, you will definitely find a search for this keyword. Furthermore, when the National Innovation and Startup Policy 2019 for Students and Faculty mentioned that educational institutions have to allocate their 1% of total budget towards entrepreneurial activities – the pathway of becoming an entrepreneur is indeed turning hurdle free.
Image Source:- GD TOPIC: JOB VS ENTREPRENEURSHIP
But, if you are still confused, you should be an entrepreneur because –
1. Be your Own Boss
Image Source:- Benefits of Entrepreneurial Education
It is the most enticing reason to become an entrepreneur – you can be your own boss and manipulate your own time. You don’t have to worry about the pleasing boss, job cuts, or restricting your creativity. You can make decisions that you find worth it without any pressure.
2. Earn at your Own Pace
When you are an employee, you have agreed to work under a fixed salary and limited incentives. But, when you are an entrepreneur, your income is in your hands. You can burn mid-night oil to earn more, or you can adopt a laid back approach – it’s all in your hands.
3. You Can Lead a Happy Life
As per Forbes, entrepreneurs are happier people than employees. There’s a work satisfaction in their lives as they are using their creativity to build something that they love. On the contrary, no matter how many efforts an employee makes, they rarely get job satisfaction.
4. Work on your Terms
The good articles for students to read are more inclined towards entrepreneurship because it facilitates millennials to work on their own terms. In the millennial workplaces, innovation is the key; thus, nap rooms like concepts are adopted to boost productivity. If you want to work the way your heart desires, you have to an entrepreneur without second thoughts.
Related Article:- Startup vs MNC – What should you join after your graduation?
How to Become an Entrepreneur? – A Quick Way
Image Source:- How to Become an Entrepreneur
This article on startup India must have charged you to become an entrepreneur, and you will be seeking for the quickest way to be your own boss. The best business for students can’t be launched overnight, but you can start with two main things first –
1. Learn StartuP Valuation–
Image Source:- Preparation for Seed Funding by Startups
Startup valuation is a simple process of measuring the worth of your company. During the seed funding phase, investors will pour funds into your startup to gain equity rights. Thus, when you are taking your startup idea for seed funding, valuation helps you in determining how much an investor should put to gain desirable equity in your company. Therefore, fundamentally, startup valuation removes the guesswork from seed funding rounds when valuation is based on vital factors –
- Quantitative proof of customers’ demand.
- Positive market image.
- A prototype model of the pitch.
- Revenue generated by company before funding.
Distribution channel used to deliver products or services.
2. Talent Acquisition –
Image Source:- Concept of Talent Acquisition
Once you have received the adequate seed funding, you have to hire the right candidates for your company next. Always remember – your employees make the company. You have to allocate good talented people who can understand and support your goals. While scouting talent for your company, focus on the following points –
- When you can’t offer good financial packages to your recruits, you should share a long term vision with them. With exciting thought, Steve Jobs convinced John Scully, a Pepsi executive, to join Apple at that time.
- You should appoint people in your team who believe in your idea. In short, hire your fans because they will work harder than people who don’t believe in your idea.
- Don’t limit your hiring process to one area – make it remote and hire professionals at moderate rates.
When you become an entrepreneur, you can create jobs for numerous other people with your one initiative. It’s upto you – whether you want to become a job creator or taker?