When young adults embark on a professional career path, they must decide whether to become entrepreneurs or work as an employee. Most opt for the latter, gain a year’s worth of experience, and then reevaluate their position. At some point, most working adults have the chance to go independent and break free from the corporate structure. What are the pros and cons of each path? Consider the following points and see which professional lifestyle is best for you.
Best Entrepreneurial and Startup Businesses in 2023
Going the independent route means finding a niche in which your skills and innate talents will propel an organization forward and make it a long-term success. What are the one-person enterprises that have potential this year and beyond? Financial services, e-commerce sales, and personal services are the top three segments in which non-degree holders can thrive. In the tax preparation, resume writing, and spa services niches, entrepreneurs can build large companies within a matter of a few years.
Scholarships Are Available if You Know Where to Look
In the corporate world, college diplomas are an essential part of long-term career success. While it’s possible to get a job and work with just a high school education on your resume, a four-year degree opens a massive range of possibilities and career paths. In the 2020s, it’s fair to say that a degree is necessary for anyone who wants to get ahead. For those set on working alone or as owners of their own business enterprises, formal education is not a must. The good news for those who aim to complete college, scoring scholarship money is a matter of determination and knowing where to look.
Getting and financing a degree is much easier for those who apply for scholarships. The most efficient way to proceed is to work with a one-stop platform or website that lets you perform in-depth searches and fill out applications all in the same place. A great way to begin is with Going Merry scholarships for college students, a full-service site that makes simplifies the process. Don’t expect to get enough money to pay for everything, even though that is a possibility. Instead, apply for multiple awards and use whatever cash you get to pay for a portion of the total costs. The bottom line is to use scholarship funds to pay for schooling and decide later on whether you want to work for yourself or someone else.
Pros & Cons of Entrepreneurship
Launching a startup can be a huge challenge. It’s also a great way to build an independent life and be your own boss. The primary downside is that there are no guaranteed profits. Early months of operation, owners tend to spend long hours finding customers, organizing the business, and managing everyday activities. Many small startups fail for a lack of income. On the positive side, with the right amount of perseverance and a little luck, it’s possible to develop a sustainable customer base and build a long-term organization that offers financial security and personal satisfaction. Keep in mind that most entrepreneurs keep their day jobs while working at the new business in their spare time.
Pros & Cons of Being an Employee
Some people thrive in the corporate setting, working as team members, receiving regular paychecks, and climbing the ladder of advancement through the years. Being an employee offers short-term security and structure. But companies do lay workers off, so there’s no guarantee of long-term job security. Plus, there are those who find their jobs boring and feel the need to frequently seek new positions elsewhere. Mid-career burnout is common in industries like computer programming, engineering, and accounting.
The Historical Trend
The arrival of the digital age in the late 1980s began a long surge of activity in the entrepreneurial sector. Armed with computers and a strong willingness to fend for themselves, millions of professionals chose to start solo businesses. There have always been independent owners, but the power of computers led to an era in which more individuals decided to start and run their own companies.
In the 2020s, many working adults choose to become entrepreneurs. Computer technology has made it possible for almost anyone to run a sole proprietorship with nothing more than a small office space, a computer, and an idea. Historically, the trend is clearly headed toward more independents and fewer corporate employees. Keep in mind that many serve as loyal employees while running a small for-profit organization on the side. Expect ongoing growth in the solo entrepreneur sector through the 2020s.