Start Your Own Business vs Employment

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Starting your own business vs Employment
Hassan Gujjar 08-0244
Muhammad Awais08-0346
Uzair Munawar08-0368

Start your own business
Running your own business is a rewarding but engaging career and life choice. It demands your time and focus. Start by expecting to live your work until it is established so it can get off the ground. There are many different opinions about how to start a business from researching and writing a detailed business plan -- to organize it all -- to just jumping into a passion and trying to make money out of it. Basic Steps

Think of everyday problems and then think of how to help them. •Start with your idea.
Put together a business plan.
Determine if you need financing.
Put together your initial marketing plan.
Build your infrastructure early.
* Move forward and get started.
Employment
Employment is an agreement between an employer and an employee that the employee will provide certain services on the job, and in the employer's designated workplace, to facilitate the accomplishment of the employer organization’s goals and mission, in return for compensation. The agreement can be verbal, implied, or an official employment contract. In employment, the employer determines the where, when, how, why, and what of the work that is performed by the employee. The degree of input, autonomy and self-directedness that an employee experiences on the job is a by-product of an employer’s philosophy of management and employment. Employment ends at the prerogative of the employer or the employee. Start your own business vs Employment:

There is no silver bullet for this question. Business and employment are much related to each other, otherwise business owners would never find employees and employees would never get a job. It’s a matter of your personal taste. It’s like a choice whether you want to work in small or large company. Your Personal Time

Employment – normally, you work from 8 am to 5 pm with one hour lunch break. The rest is your own personal time that you can spend however you want. Own business – you will have no personal time at all. You will be busy handling your business

Independency

Employment – yes, you have kind of dependency on your employer. But, it’s not very clear who depends on whom. Own business –In addition to the politics inside your organization, you have to learn the politics your customers play with. Enemies can kill your business, but sometimes you have no other way rather than getting more enemies.

Mobile Phone

Employment – I used to switch off my mobile phone before I went to bed. Own business – the phone is always on as customers or colleagues can call any time complaining about the eventual issues. Such night calls happened only once or twice for the last year, but still phone is on as you never know what happens next.

Risks

Employment – probably the most risky thing is to get laid off. You also get depression together with eventual financial troubles as it’s not funny at all to get laid off. Own business – in case your business fails, you might pay your debts back for many years. And you get depression too.

Lifestyle

Employment – you get a paycheque regularly. The amount in your paycheque defines your lifestyle. Own business – since the majority of income comes back to business, we spend only reasonable amount of money for living, buying things we really need. It’s kind of downgrade for me comparing to my lifestyle when I was employed. Sure, in case of successful business you will probably never remember the financial difficulties, but nobody can guarantee the success.

Career and Power

Employment – there is for sure the fighting for better position, better salary and more power. Own business – probably, no career issues if you are the only one in your company. If not, then you might face difficulties if you haven’t carefully discussed and signed your partnership agreement.

Knowledge and Experience...
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