It’s on record that small businesses in USA have only about 37% chances of surviving the first 4 years, and about 9% chances of surviving the first 10 years. In Nigeria, it’s generally assumed that only about 13% survives the first 4 years. In Nigeria, lack of financial support from financial institutions is the biggest discouragement to entrepreneurship. The few banks, willing to support entrepreneurs, are known for their outrageous 2-digit interest rates.
The following comparison will guide you in making up your mind.
Note: Entrepreneurs are employers
Comparison Between Entrepreneurs and Employees
🔹Entrepreneurs: They can work almost from anywhere
🔘Employees: They are usually confined to offices
🔹Entrepreneurs: They work for longer hours.
🔘Employees: Usually work for 8 hours
🔹Entrepreneurs: They work to create money
🔘Employees: They work to you earn money
🔹Entrepreneurs: They don’t recieve regular salary
🔘Employees: They are sure of regular salary
🔹Entrepreneurs: Free to use their time.
🔘Employees: Not free to use their time.
🔹Entrepreneurs: They take and bear risks.
🔘Employees: No risks involved, except for fear of being sacked.
🔹Entrepreneurs: Growth and success depends on ideas, creativity, and investment.
🔘Employees: Growth depends on promotion and promotion.
🔹Entrepreneurs: It takes hard work to become an entrepreneur.
🔘Employees: It’s much easier remaining an employee.
🔹Entrepreneurs: There’s no limit to how far one can go.
🔘Employees: Growth can be limited by age, time, or the system.
🔹Entrepreneurs: They create jobs
🔘Employees: They don’t create jobs, but safely work for others and organizations.
🔹Entrepreneurs: They are usually creative and innovative
🔘Employees: Creativity is secondary; orders and directives is what is followed.
🔹Entrepreneurs: No retirement
🔘Employees: Retirement is part of the deal.
🔹Entrepreneurs: Not entitled to retirement benefits
🔘Employees: Entitled to retirement benefits.
Having known these, you would be able to choose either to be a true entrepreneur or an employee.