Many times, I have had many individuals walk up to me, asking for my expert opinion on either starting a business, or getting a job.
It is a pretty tough question that doesn’t come with a straight answer. All the time, I have always avoided recommending any.
Being an entrepreneur comes with tremendous benefits, but it isn’t for everyone. Before you decide to start a business or grab that job offer, you first need to assess yourself.
First, you want to take a hard look at the industry you want to dabble into and see if your skills and psychological makeup will help you succeed.
When I started this path years ago, I almost gave up. It is a journey, and the road is filled with fierce thorns and barriers.
There will be a time when you’ll be overwhelmed and feel like jumping over a bridge. Of course, that has happened numerous times to past entrepreneurs.
If you’re in Nigeria, you will need to work harder to compete with someone in developed countries. That is because almost everything in Nigeria works for your doom.
The business environment of Nigeria is hostile, especially for small businesses. In such a hostile environment, it takes guts to succeed.
If you’re in this dilemma, asking which path to follow in life, this article will help you make the right choice.
Table of Contents
1. Do You Have Passion For Self-Reliance?
Do you want to be in control of your time, finance, and life in general? Then you’re probably a born entrepreneur.
Before I applied to study Entrepreneurial Studies five years ago, I had always loved the idea of being a boss.
It has never sat well with me to work for another person, although I did temporarily to amass experience and skill.
But generally, I had always wanted to be in control of my professional destiny. Through such a path, I will be able to attain financial freedom and happiness.
So far, I have failed numerous times and gotten depressed too. But like my professor once said, failure is the ladder to success.
If self-reliance is something you can’t trade for anything, then follow this guide on how to start a business.
2. Motivation Beyond Money
The core drive of an employee is the paycheck, and most times, it is rarely enough to handle the bills.
But like many others out there, they are stuck since it puts food on the table.
An entrepreneur, however, is motivated beyond money. His dreams aren’t money, but the freedom it offers.
Entrepreneurs don’t just want to attain financial freedom; they want to build a name and a legacy. Does that sound like you?
If yes, then I would strongly advise you to start a business. Please take note that it takes a great deal of time, money, and energy to build a company.
Loving the idea of freedom doesn’t make you an entrepreneur; it only serves as a motive.
When this motive is strong enough, it becomes the motivation you need to start a business.
But if you’re concerned with money right now, get a job because a business might fail to pull through. When you get a job, you’re sure of the monthly paycheck, unlike when you start a business.
If you genuinely love running a business, then, by all means, pursue that dream to the last.
3. Can You Handle Stress?
I battled with stress while in college, and I thought that was the limit a human can go. I made lots of significant decisions to scale through.
But starting a business is a whole new game of stress, even depression, if things aren’t working as they should.
During the infant stage of your business, you’re going to be working a lot more than an employee. I remember staying up all night, trying to work on my business.
Due to my excessive passion and determination, I was able to hit progress despite the overwhelming stress.
Everyone handles stress differently, and you need to master stress to be an entrepreneur.
By giving yourself an honest assessment, you will be able to determine whether to start a business or get a job.
4. Can You Manage Money?
The reason many businesses fail is often mismanagement of finance, which is a sensitive arena for entrepreneurs.
If you don’t like the idea of managing your business finance, then consider being an employee.
When you’re running a business, you need to learn how to handle the financial ups and downs of starting a new business.
You might need to take up business classes or learn some money management skills.
If that sounded like a hard nut to crack, you could always hire a professional to handle your finance.
I am not very good with numbers, so I employed an accountant.
If you must succeed as an entrepreneur, financial management should be your number one skill. If you lack it, you should be able to hire someone who can.
If not, it is better to get a job.
5. Disciplined Enough To Work For Yourself?
You will need a lot of discipline and motivation to work for yourself, compared to working for someone else.
For an employee, the manager sets and oversees tasks and work hours. An entrepreneur, on the other hand, has to be a master time manager.
Also, he needs to be good at multi-tasking since he might be doing most of the tasks alone.
It takes discipline to be consistent and to do things that help the business move forward continually. In other words, self-discipline is about doing what you said you would do.
No laziness, procrastination, or anything!
If you’re convinced that you lack discipline, or the drive to work without the immediate pay, getting a job will be best.
So, should you find a job or start a business? It is a question you need to answer for yourself.
Consider the pros and cons of both choices to make the right decision. Please have in mind that both paths are right; they all depend on what you want out of life.
But as a Nigerian with a slim chance of getting a job, starting a business will be ideal since there are many lucrative small scale businesses you can start.