Working for someone else and owning a business differ in terms of responsibility, freedom of decision-making, and planning.
Working for someone else, a person is supervised and has limited freedom to make independent decisions. Owning a business, a person has full freedom of choice; however, he has to assume responsibility for planning and results.
It is hard to say which option is better because each side has its own advantages and disadvantages. The decision to start a business or work for someone else depends upon personality type. Some individuals lack confidence in their leadership abilities and are not able to lead the team. Others prefer independence over supervision and believe in their ability to organize their own business. Despite all differences, working for someone else and owning a business requires some job being done,
A person who owns a business is responsible for organizing the whole process, building a productive working environment, developing guidance for his people, setting objectives, and ensure high productivity.
The businessman has no supervisor to tell him what to do now and what to do tomorrow. A person owning a business is responsible for the results of his work.
While working for someone else, an individual has less responsibility. He can say that he is not able to complete the work because it is beyond his job responsibilities. He can say that he failed because there was insufficient guidance.
A person who owns a business has no one to blame for failure; he has to be an expert in the field of his business and be aware of all procedures.
However, a person who works for someone might lack the motivation to do the job better. He is led by the supervisor. Not every person can become a good leader and, in my opinion, the majority of people prefer to be guided. The reason behind this is that many people are not willing to be responsible for the results. Lack of responsibility has to be compensated by the supervisor. It means that the failure of a subordinate is related to insufficient supervision. While working for someone, a person has to perform the duties he is told to; his freedom to make independent decisions is limited. He might have good ideas on how to improve the business operations, while he cannot change anything without the approval of his boss.
On the other side, a person who owns a business is responsible for the planning of his working day, activities, meetings, objectives, etc. He has to get involved in every sphere of his business and keep an eye on every person.
One of the key advantages of owning a business is complete freedom. A businessman can decide when to have a day off or vacation when to come to work, and to leave home. He can plan his work independently and does not have to wait for approval from above.
However, the freedom of planning and the need to be involved in all activities might lead to overloading at work. The workload of a businessman is usually much higher than that of a person working for someone else.
Moreover, a businessman has no stable income. It can be the case that one month he earns a lot, while the second month brings no income at all. From this standpoint, working for someone else is more advantageous because the salary is paid despite the profit earned by the company.
Moreover, a person owning a business has to make investment-related decisions and allocate money properly to generate more income. Subordinates do not have to worry about the actual profits of the company because their role is limited to meeting the goals set by their manager. A person working for someone is not involved in decision making on financial issues. From this perspective, a person owning a business is more motivated to work better because his income is directly related to his efforts, while a person working for someone is less driven to improve productivity.
Finally, a person who works for someone separates his work and private life, while for a business person, the line between work and private life is erased. Thus, businessmen attribute more value to their work and spend many hours thinking, planning, and evaluating. While a person working under supervision is responsible only for his segment of work, a businessman is responsible for the overall productivity of his business. A person working for someone has specific responsibilities, while a businessman is accountable for a wide range of activities. A businessman has to plan his own workload as well as provide leadership to others.
In conclusion, being a businessman is not as easy as many might think. Some individuals need supervision and detailed guidance to succeed, while others are inner-motivated to perform better. A business owner has to be a good leader to others as well as understand the importance of his own decisions. He has to organize the team and provide guidance on what and how to do. A person working for someone has fewer responsibilities and is accountable for a limited number of activities. It is hard for a businessman to draw the line separating business and private life. However, a businessperson can plan his own income and working day, while a person working for someone depends upon the decisions of his supervisor.