If you were given a choice, would you prefer to be employed and receive a steady paycheck OR have your own business and your own time to pursue the endless possibilities of entrepreneurship? I’ve done both and have experienced firsthand the fun, the stress, the woes and the rewards of both worlds. So let me share with you the real deal and where these roads really lead.
The Road of the Steady Paycheck
The truth is, I like receiving a steady paycheck. Being employed by a stable company provides you the assurance that every month, no matter what, there’s money coming in. There is that certainty that allows you to properly budget your funds for household expenses, junior’s tuition fee, some small luxuries like watching a movie and perhaps even save some cash for a rainy day.
Employers provide standard benefits too like SSS, Philhealth, PAGIBIG and 13th month. And if your company is generous, there are the extra perks such as rice and clothing allowance, professional training, healthcare, salary loan, bonuses, incentives, 14th, 15th and 16th month...if you are lucky.
The price that you have to pay for this “certainty” is your skills and your time. For me, the higher price to pay is giving up time. For about eight hours every day, that’s one-third of your daily existence, you have to be at work, following or giving orders, depending on your position in the company. There are many people who enjoy this structured way of life. They work hard for eight hours. When the clock strikes, they are out the door, leaving behind work concerns for yet another day. Then they spend whatever time remaining that they have in the company of family or friends.
On the other hand, the world is fast changing. Many careers now involve working night shifts. There are also different classifications of employment (ie. probationary, regular, casual, contractual, etc.). The certainty of your paycheck is actually dependent on your employment status as well as the health of your company. As long as you work in your company and the company continues operations, you get paid for your services. That’s the certainty that you can safely expect.
Your paycheck, benefits and time are also dictated by the position and the type of job that you have. The lower you are on the ladder, the more structured your time and the lower your paycheck and benefits. Rank and File employees can pretty much leave work at the door when the clock strikes. Meanwhile, the higher your position in your company, the higher your paycheck and benefits. This is because you have more responsibilities and pressures. If you are in management, the company will need more of your time. There are many nights that you have to bring home work. Overall, it is not a bad deal for the higher steady paycheck that you get and the added perks.
The Road of the Entrepreneur
Starting and running your own small business is another story. This road is filled with infinite possibilities. Read between the lines---infinite possibilities could go either way: you can do well and earn a substantial amount of wealth or you can lose your shirt if you fail.
You see, the main advantage of being in business on your own is that you have control over your time. You are only answerable to yourself when it comes to attendance and you decide the best use of your time. This freedom gives you the opportunity to be the master of your own destiny. How you use that privilege is completely up to you.
So does this mean that entrepreneurs have all the time in the world?
No, definitely not, quite the opposite. In the beginning, your business will take most of your time. From morning until night, chances are, you will be thinking about your business. Unlike an employee where you are only responsible for your own department, as an entrepreneur, YOU ARE all the departments. You will quickly realize that mistakes are costly and so you learn very fast to do what it takes to stay afloat or else, lose your business.
As an employer, paydays won’t exactly be your favourite day of the month. The constant challenge of getting sufficient sales to pay your employee’s salaries rests upon your shoulders. Not to mention, managing finances to make ends meet for your company and for yourself. In other words, as an entrepreneur, you are only as good as your company’s last sale.
There is a silver lining though. When you have gone through the hurdles and have bravely faced the challenges of finding long-lasting solutions to make your business run better, things get a lot easier. If your systems are in place and you have good people, you will suddenly have more money and more time to spend with family and friends. It’s a tough road, but the rewards are very good.
Which Road to Take
In all honesty, both roads have its bumps, thrills and own challenges. Choosing which road to take all depends on your personality, preferences and situation in life. What is more important is that whatever road you choose to take, make the most out of it. Live it well, enjoy the ride and make it a happy and rewarding journey.
Jhoanna O. Gan-So is president of Businessmaker Academy---a business, finance and corporate training center that offers short course seminars on business and entrepreneurship, human resource management and corporate skills training. She is also the managing director for HR Club Philippines. To know more about these organizations, you may visit www.businessmaker-academy.com and www.hrclubphilippines.com or call (632)6874645. You may email your comments and questions to: worklife@businessmaker-academy.com
