As management students, we have to face a great dilemma after graduating. We find ourselves at the crossroads of life and face the ambiguity of choosing what we want to pursue in life.
Basically, there are two major options: employment or entrepreneurship. Both the options have their own rewards and drawbacks. Various talk programs, seminars and guest workshops today are trying to develop and enhance entrepreneurial spirit among the business and management students. But, is it really a wise decision for us, students, to jump into entrepreneurship? Or are there certain factors that need to be considered?
Entrepreneurship generally refers to a process of action an entrepreneur undertakes to establish her enterprise, which can also be referred as YOB (Your Own Business). An entrepreneur is the one who tries to capitalize opportunities from the environment. He’s someone who looks at a problem from a different angle and perceives it as an opportunity. Gain or profits for an entrepreneur is enormous and unlimited. One can grow very fast as an entrepreneur which may not be possible just by holding a job. Similarly, an entrepreneur has control over the work schedule and can choose when to work and when to take some time off. An entrepreneur has the freedom to make his own decisions and a chance to shape one’s career. Hence, it is an exciting field which can take an individual to greatest heights of success.
On the other hand, there are a lot of advantages of being employed too. Employment ensures financial security as it provides a fixed regular payment. A job also helps to maintain work-life balance as an employee can leave the work at the office desk at the end of the day and spend the rest of the time as he likes. As an employee, you will also be less exposed to stress and tension as there is someone else to make the major decisions for you. All you have to do is follow the orders and get paid for the same. Being an employee also provides various benefits like medical, vacation and other fringe benefits. Most importantly, employment does not involve the risk that entrepreneurs or business owners have on their shoulders.
As far as I am concerned, I don’t think that everyone should be an entrepreneur. Entrepreneurship is incredible and exciting, but we should also understand that it is certainly not everyone’s cup of tea. Being an entrepreneur, one can earn a lot of money, can enjoy flexibility in work, and can follow his/her dreams, but one should keep in mind that not all dreams come true.
Though there are a lot of advantages associated with entrepreneurship, being an entrepreneur is a big responsibility and comes with a lot of risks. One may end up losing everything (mainly huge capital and time), while trying to be an entrepreneur. One cannot simply overlook the advantages and benefits one can reap through employment.
However, for an entrepreneur filled with determination and self-motivation, sky is the limit.
The writer is a student of BBA at Thames International College in Kathmandu.