In a recent post, I exposed some of the attributes of entrepreneurship over employment. In case you you haven’t read it yet, please feel free to find it here.
This post is a continuation of the previous one.
Entourage
The people we surround ourselves with can have a big impact on our personal and professional growth.
This is true for both entrepreneurs and employees, but there are significant differences in the way they approach their entourage.
Employees often find themselves surrounded by people who are imposed on them. They don’t have control over who their boss or colleagues are, and they may not always have a choice in the projects they work on.
This can be a limiting factor in terms of personal and professional growth, as employees may not be exposed to the best mentors or colleagues who can help them develop and learn new skills.
Entrepreneurs, on the other hand, have the freedom to choose their entourage and surround themselves with the best.
Challenges and setbacks are what make the road to success even more interesting. It is therefore critical for entrepreneurs to seek out mentors, advisors, and partners who can provide guidance and support.
By choosing to surround themselves with people who are positive, supportive, and driven, entrepreneurs can create a network that will help them remain motivated and succeed.
Work-life balance
Entrepreneurs often struggle to maintain a work-life balance, as they are fully invested in their business.
The overseeing of every aspect of the business may make them feel the need to constantly work and be available.
This can lead to long work hours, working on weekends, and blurring the lines between work and personal life. The ultimate goal is to ensure that their business is successful.
Employees, on the other hand, typically have set work hours and may have the ability to disconnect from work outside of those hours, allowing for a better work-life balance.
However, it is worth noting that some entrepreneurs prioritize work-life balance and make a conscious effort to set boundaries and take time for themselves.
It ultimately depends on the individual’s priorities and approach to their work.
Autonomy
Entrepreneurs enjoy a great deal of autonomy and control over their work. They are free to make decisions about their business, set their own schedule, and determine their own course of action.
Indeed, they have room for creativity and innovation, without being held back by organizational constraints.
Let’s not mention their ability to take calculated risks and make decisions without having to seek approval from superiors.
Though it comes with its level of responsibilities, such autonomy can be incredibly liberating and empowering.
In contrast, employees typically have less autonomy as they must work within the confines of their employer’s policies and procedures.
Following a set of rules and regulations set forth by their employer can be limiting in terms of creativity and flexibility.
Income potential & value
One of the key differences between employees and entrepreneurs is the way in which they create value and generate wealth.
Employees typically sell their time and skills in exchange for a predetermined salary or wage. A mere pay scale is often what determines the value of their time and skills is often, which can limit their potential to create wealth.
Entrepreneurs, on the other hand, exchange value for money and have no limit on the wealth they can create.
They create value by identifying and solving problems, filling unmet needs, or providing unique products or services that people are willing to pay for.
This value creation can lead to significant financial rewards, as entrepreneurs have the ability to earn income based on the value they create rather than simply selling their time.
Basically: while employees are limited by their salary or hourly wage, entrepreneurs have the potential to earn much more.
Successful entrepreneurs can reap the rewards of their hard work in the form of profits, equity, and other benefits.
As this post is coming to an end, might I ask: if you were given a choice, what would you go for? Would you prefer entrepreneurship over employment? Or would you choose employment over entrepreneurship? And what would justify such choice? I’d love to read your thoughts over the comment sections.
This post was about why I would choose entrepreneurship over employment. Feel free to comment and share.