JOB Vs ENTREPRENEURSHIP Group Discussion
A job can be any piece of work that is performed in exchange for an agreed price and similar benefits whereas entrepreneurship is creating new ventures keeping in mind the risks and difficulties and thinking out of the box in order to make a profit.
One of the biggest differences between entrepreneurship and job is having more control.
“You have to see failure as the beginning and the middle, but never entertain it as an end.” – Jessica Herrin, founder, and CEO of Stella & Dot
“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people can’t.” – Warren G. Tracy’s student
In India, the concept started catching up with the advent of IT and when Narayan Murthy became the buzz word all around. While the success of Bill Gates and Steve Jobs in setting the US economy into a startup mode, Indians were quite shocked to learn about Sabeer Bhatia(Indian) who used to sell Hotmail to Microsoft. This proved to be the turning point for Indian entrepreneurship’s ambition. With the time, India also had its own shares of success in Flipkart, Snapdeal, etc. Starting off a website to sell became the buzz word for all and everyone wanted to join the bandwagon.
Few successful examples:
1. Bhavish Aggarwal
Founder- Ola Cabs
This young man has revolutionized the cab service in India by connecting it with the smartphones and GPS system.
2. Deepinder Goyal and Pankaj Chaddah
The best part is the Mobile App with an excellent user interface, which not only allows to locate food with GPS but also provides easy paying facilities.
3. Byju Raveendra
It gave the nation the concept of online education Byju’s App helped lakhs of students who struggled with science, mathematics or cracking the toughest exams like JEE, NEET & UPSC.
STATISTICS – What Numbers have to Say?
According to a study, only 5% of Indian adults establish their own business
Also, around 76 percent of the young workforce would like to work for a startup, whereas around 69 percent would prefer to work for an enterprise or a privately managed company.
EASE OF DOING BUSINESS
- According to the World Bank’s Ease of Doing Business 2020 report, India jumps to the 63rd position.
- It indicates that there is a steady improvement in business practices and regulations across the country. It is not only boosting India’s business environment but also encouraging upcoming startups.
- According to a report by Business Today (India). India has more than 48 million small businesses, double the number of small companies in the U.S. (around 23 million).
Breakdowns among the top industries are:
- Retail (except for motor vehicles): 40%
- Clothing manufacturing sector: 8.75%
- Food & Beverage sector: 7%
- Services sector: 6.2%
- Auto (sales, maintenance, and repairs): 3.6%
- Furniture: 3.2%
Effect of Covid-19 on jobs
In the USA, 3.3 million Americans file for unemployment as the nation tries to control the Covid-19 pandemic.
DESCRIPTION – Let’s take a Deep Dive
Obviously, a huge advantage of employment is guaranteed income. A fixed amount of money is deposited on a monthly basis into bank accounts means financial security for the employee and their family.
Typically, with employment, one will have colleagues and even other people within his/her team. This means that one can bounce ideas off of others, share things like workloads and responsibilities, complement each other’s skillsets, and moreover will have people with whom he/she can socialize.
Entrepreneurs can totally change the way we live and work. If successful, their revolutions can improve society’s standard of living.
They also make a significant contribution to national income.
Job Vs Entrepreneurship – Comparison
The certainty of paycheck vs. none
- Entrepreneurship is not really for those who cannot survive without a paycheck. The entrepreneurs may make nothing for months, sometimes for years.
- Jobs pay immediately. It is usually fixed and certain.
Incremental vs. explosive
- Entrepreneurship is not easy. But if worked through patience, it can lead to explosive growth. The explosive growth can give name and fame.
- Jobs are incremental over time. starting at the junior level one can move on to become a senior. Salary also increases consistently with the position.
Passion vs. consistent track record
- Starting own venture and following one’s dream is passion. one cannot think about consistency.
- Job is about meeting deadlines consistently. Employees have to consistently meet expectations and in turn, get rewarded with promotion.
Creation vs. continuation
- Entrepreneurship is about ideas, creations and developing something new. It is also about solving problems in a unique way and targeting opportunities.
- Job is all about the continuation of the same work often done in a much better way for survival.
Whole day vs. 9-6
- Entrepreneurs usually lose track of time. They even work more than twelve hours a day.
- People in the job often have fixed working hours and also find enough time for their families.
- Entrepreneurship is risky. One could lose all money if not planned properly.
- Jobs have relatively low risks. Even if you lose your job, you will not lose money. Also, you can get similar jobs.
Both entrepreneurs and employees are significant in this world. It all depends on one’s goals and personality. Both have the potential to be successful in their own way and need not label as either an employee or an entrepreneur to be happy.
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Author: Priyanka Mahala