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Most people start their working life as an employee. Even some of the world’s most successful entrepreneurs worked for a measly salary in less than glamorous jobs before they made the switch to work for themselves. Oprah Winfrey was a grocery store clerk. Amazon.com founder Jeff Bezos worked at McDonald’s.
Whether to keep on working for someone else for the rest of your life or to make the jump to entrepreneurship is a big decision. There are certainly advantages and disadvantages to both. You may not want to lose the security of a guaranteed salary. On the other hand, you may hate the predictability of an 8-hour workday.
Let’s take a look at the pros and cons of being an entrepreneur vs an employee to help you decide whether you are more suited to one or the other.
The Pros of Being an Employee
1. Stable Income
If you work for a salary, you are assured of a stable income each month. Employees with fixed salaries (and who know how to budget) don’t have to worry about where the money to pay the rent and other expenses will come from. They even come to depend on an annual bonus which pays for their holidays and Christmas gifts.
2. Guaranteed Leave Benefits
Employees are legally entitled to annual leave and other leave benefits such as maternity/paternity leave or bereavement leave. This means you are guaranteed time off to take a holiday or for special occasions like weddings and funerals. And the best part of all? Most leave while working for an employer is paid leave. So, your salary will appear in your bank account as usual even if you spend three weeks on a beach in Spain.
3. Predictable Working Hours
The working hours of an employee are stipulated in his or her employment contract. For… Read More
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