How to decide between finding a job and starting your own business
If you’re at the tail end of your degree, you might be wondering whether it’s time to start finding a full-time job or whether you should start mapping out the great business idea you’ve had for years. Of course, there’s no one size fits all solution for everyone. However, there are a few considerations that you can make that could make the process easier for you.
This article won’t include your typical, “Risk it all and shoot for the stars!” mantra. Instead, we’ll compare both situations realistically and introduce the idea of hybrid entrepreneurship. Though not everyone can start a business right now, that doesn’t mean you won’t be able to find the time for it eventually.
What is hybrid entrepreneurship?
The concept of hybrid entrepreneurship is becoming more and more popular in recent years. Essentially, hybrid entrepreneurship involves working your normal job while pursuing your business on the side. This allows you the security of a full-time job and the fulfillment of starting your own business.
For Eunica Shaw, she was working in corporate taxation after she graduated with a degree in Commerce and Law. However, she wanted to pursue something that allowed her to give back. She started Alcmena, a reusable baby product company, while working her normal job before deciding to pursue her business full-time at Workit Spaces, an eCommerce coworking space.
Watch her story here:
On the flip side, hybrid entrepreneurship isn’t all sunshine and rainbows. You’ll be working significantly more hours and will have to figure out how you balance everything. It’ll be hard to give your full attention to each priority fairly. If you have other priorities as well, such as kids or studying, hybrid entrepreneurship might be too overwhelming for you.
Reasons to find a job
There are many reasons why finding a job might be the logical next step in your life. Of course, you get a stable income, set working hours, less accountability, entitlements and more. If you haven’t built up proper work experience while studying, spending time in the ‘real world’ could give you priceless insight into how to work with others and how to manage responsibilities.
Along the same lines, you might not actually be ready to start your own business. The harsh truth is that most businesses fail and it’s important that you have the right mindset before jumping the gun. Ask yourself, can you work independently? Do you have enough discipline? Can you manage money, goals and success? These mindsets can all be built over time.
Not all entrepreneurs built their successes overnight. More often than not, people started in the corporate world before venturing into their own business. Even if your business idea feels urgent and timely, remember that it can’t become a success unless you’re prepared to make it a success. Working for others first could be the right stepping stone.
Reasons to start a business
On the other hand, starting a business could definitely be right for you. You get to set your own schedule, be your own boss, and build a higher earning potential. If you feel like you’ve already built up a significant amount of work experience while studying, you might already have the technical skills, soft skills and mindsets that will help you succeed.
Not only that, starting your own business means you can finally start making the most of the idea that you have. You can take the time to figure out how you can fill gaps in the market and how to reach the right audience. This could be way more fulfilling than working for someone else.
If you have a potential business partner or team that is ready to embark on the entrepreneurship journey, this could be another reason to start a business over finding a job. Having other people to support you improves your chances of becoming a success. You can play to each other’s strengths and weaknesses, and split the workload.
Be honest with what your circumstances are at the moment. Both paths have their advantages and disadvantages. However, how these weigh out will ultimately depend on your unique situation. Ask yourself the tough questions and be realistic with yourself. What will make you happy? What are your priorities? What are you ready for?
Featured image courtesy of Unsplash
Content and Partnerships Associate at Workit Spaces
Laura Tien is the Content and Partnerships Associate at Workit Spaces, a Sydney-based coworking space for eCommerce businesses and small businesses. She’s a recent graduate with a passion for helping others land their dream job, start their own side gig or pursue entrepreneurship.