Should You Take the Ultimate Step and Quit Your Job?

Do you ever find yourself with a growing resentment towards your current job? Do you contemplate leaving and starting fresh on your own to realize that dream business idea you had? You’re not alone! Studies show a trend of a growing number of self-employed individuals who now make up 51 percent of the labour force here in India alone (Aegon, 2013). However, it may prove difficult to understand the potential advantages and disadvantages of working for yourself as compared to working for a company. We’ve broken this down for you to gain some clarity before making this critical decision. 

Working for a company presents these implications for you as an employee:

  1. You’ll receive a fixed, steady income without worry. However, there is a cap on your growth prospects here. You’ll usually only be compensated within a certain pay scale and subject to increments every once in a while.   
  2. You can count on having a consistent, fixed routine. Every day of the week will follow more or less the same pattern, and you’ll have better control in planning your life out.  
  3. You’ll be able to receive a wide variety of fringe benefits like insurance, provident fund, access to facilities like libraries, recreational spaces, and canteens
  4. You’ll be immersed in a social environment, and have constant interactions with your colleagues. If you get along with them, this can allow you to create meaningful personal relationships with like-minded individuals. On the other hand, if you don’t get along with them, you’re pretty much on your own. 
  5. The repetitive nature of your job may cause you to become demotivated, because you’re not following your personal passion. You’re also constrained by company goals, policies and vision and are expected to align your personal vision with the organizational vision. 

Being self employed, on the other hand, will leave you with these implications:

  1. You have the autonomy and flexibility to decide exactly how you want to work, how long you want to work (although successful small businesses often require long hours of work put in), where you want to work, and on what you want to work.
  2. You get to execute your personal dream and vision, with no constraints. That dream business model you had, you can finally pursue it! You have no authority figure restricting you from achieving this dream of yours now.
  3. Prepare to put blood, sweat and tears into your work. The line between work life and personal life will become blurred, and you’ll find yourself regularly working into late hours even on weekends. 
  4. Quite an important point is that you’ll find yourself with an unlimited salary potential. This can be a blessing and a curse, because although you can earn an unlimited amount, there might also be times where you‘ll take home next to nothing. 
  5. It’s important to note that being self-employed means literally doing everything yourself, alone. You won’t be interacting with people much, and as a result you may end up feeling restless about this. However, a solution to this does indeed exist; you can rent a coworking space to connect with like-minded entrepreneurial individuals like yourself. 

At the end of the day, it’s up to you to decide how you want your life to look. Can you envision yourself as your own boss, successfully managing a business solo? Or do you want to remain in a comfortable position, albeit with a restricted growth potential? The choice is yours to make. 

Bibliography

Aegon. (2013.). Self-employment in India. Retrieved from

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