A business is any organization that sells a product or a service. To run a company as entrepreneur involves purchasing and selling of goods and services.
Business is a company where any commodity or service where a person or group of people sell in the market to earn profit. For example, organizations ranging from a barbershop to a grocery store to a toothpaste manufacturing and many more are categorized under business. There are 4 types of Businesses :Micro-scale, Small-scale, Medium-scale and Large-scale.
However, Micro scale industries consists of the majority of the businesses in the country. Ranging from small farmers to pot makers and different other vendors.These are very small operating firms operating on low costs and very low-profit margins. These business focus on the volume of orders.
Small businesses, they barely have business models and they can’t afford to do market research as well.Low budget businesses having a shortage of employees and a limited business structure.
Medium-sized has sufficient revenues and capital with decent to good amount of employees. They are companies legal organizational structure.
Large scale companies have good brand name, they are successful companies having a strong managemental business plan. Companies like Tesla motors, Google, and Apple, Microsoft are examples.
What is a Job?
Getting paid to work under someone or a company is a job, however jobs vary a lot, there are many kinds of job. In fact a Job description is the most important thing while selecting. It is a description of a structural analysis. Job analysis involves the duty, alerts, and responsibilities, etc.
Now We will Discuss Advantages and Disadvantages of Business
If you want to learn about the advantages and disadvantages of Business vs Job make sure to be with us till the end.
Firstly, You are your boss of your own world, no one controls you. You are independent enough to make decisions regarding your business firm.
Standard of living -:
Secondly, Since you own a company yourself, it might give you a better lifestyle (not in all cases). Since you are the entrepreneur you are the one who decides all the business decisions. You might want to spend more time on non-organizational activities, spend some quality time with your family. You might also shift your work from home. Its your decision. With today’s technology it is even easier.
Financial results -:
Thirdly, Since you own your company you may also get better financial rewards, even though you have taken a risk. In business vs job It gives a chance for you to grow your company and increase your profit from 1X to 10X which is no away possible in a job.
Involving in activities like business networking, trade fairs, reading about concerned business industry etc, gives opportunities for learning and gaining knowledge. Knowledge in various fields helps in expanding business.
lastly, Working in the field of preference gives satisfaction to the employees. You will be able to put your knowledge concerning that field with your skills without any work pressure giving personal satisfaction end of the day.
Disadvantages of Doing a Business :
Firstly, It is never easy to operate a company. It always involves risk. Though a lot of funds are required to get started in an organization.Although there are few low investment business startups. Sometimes,entire savings or even a debt is needed to start a company.There is always a risk of financial loss if the company does not get profitable overtime.
A lot of stress-:
Secondly, In an individual business all the other decisions are taken by the employer, there is a lot to worry about already. In fact it can be employee salary, payment, customer problems, product defects, and many more.
Thirdly, An employer may work more depending upon business, than if you had worked for someone else,.of-course you have the opportunity to take the time side aside from the entrepreneurial world. But due to a large workforce many owners get entangled in large working hours a lot of times.
Duty and responsibility for everything-:
Lastly, in the question business vs job, when you start a business, you are accountable for everything, owners have to do the task that they don’t like. That’s not the same for a job. Their founders are the ones doing everything from marketing to sales everything.Whole and sole responsible person.
Advantages of doing a Job :
Holidays and leaves-:Firstly, Companies provides sick leaves and annual leaves to their employees. In some cases the company also gives its employees paid leaves which is fixed. Since an employee may get leaves annually it can plan out holidays and short trips sometimes.
Secondly, promotion is not guaranteed but an employee does always have a great chance to be promoted faster than part-time employees. Another advantage is that being a full-time employee, the employer looks at you as a long term investment, getting promoted might sound easy but employees have to work hard consistently for it. An employee gets an increase in salary every time you are promoted.
Stock and Insurance benefits-:
Thirdly, companies offer stock benefits to all their employees which means they offer shares of the company if they are happy with the work you do. Companies also offer different insurances schemes to their employees. These insurances involve health, accidental death, disability, life whereas some companies offer family coverage as well which is a advantage.
All full-time employees have a fixed schedule regarding the hours of work. In most cases it’s 9-5 is the timing for a full-time employee or changed as per company needs. No one can call you in the last moment and shift your timings of work. It means you are free to plan the rest of your day.
Lastly, Employees get paid for the amount of work they do. there is a fix salary.An employee gets paid on a monthly basis which is fixed, based on that you can plan your expenses in long term. It even save some of your salary for future investments, if you work well, salary is what you will get every time.
Disadvantages of Doing a Job:
Firstly, Being an employee, you are always dependent on the employer on the work he allots you to do. Employees have to do every work the company asks you to do. Unlike a business, an employee doesn’t have the freedom to make his own decisions and has to obey the orders of its employer or manager.
Secondly, The salary of an employee is always fixed to the amount decided. It is a limited salary, changes are made to salary when there is a promotion or demotion. Based on the organization, a salary cant be changed. It is always fixed in nature.
Thirdly, Security is not always necessary in a job. There is always a high chance of getting fired, fresher or even years of experience employee can be asked to leave the job as per company needs. Since jobs are not permanent, an employee can be replaced by anyone any time which has a high risk of no job for an employee.
No flexible hours-:
Lastly, an employee is required to work fixed specific hours every day, and he is paid for that every month, an employee’s working hours cannot change. It is usually between 9 – 5 depending upon different shift timings.
To conclude things, In this blog, I have mentioned details about the topic business VS job.
There are also many advantages and disadvantages in business VS job. A business is an organization that promotes and sells a product or a service in the market to earn profit.A job is when you work under someone and you are paid for the work you do with any company. This blog also explains the various Pro’s and Con’s in complete detail and also explains their meanings.
Mr. Tushar Pawar is a Emerging Businessman and an Actor , Professional Model, International Winner representing India in Modeling, Soft Skill Trainer, Groomer, Motivational Speaker.
To know more connect on tusharpawar_insta.