Business Article by Ryan Allis |
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Ryan Allis
Young Entrepreneur
Ryan Allis, is the CEO of Broadwick Corporation,
a provider of permission-based email marketing
and list management software IntelliContact
Pro and CEO of Virante, Inc. a Chapel
Hill, North Carolina based web marketing
consulting firm.
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Woopidoo!> Business
Articles> Ryan
P Allis> Entrepreneurship Article
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Take a Job or Make a Job - Ryan Allis |
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Are
you considering being an entrepreneur?
Are you considering starting a career?
If so, it is good to know the pros and
cons of each. The table below will help
you learn the difference in roles and
mindset between an entrepreneur and an
employee.
Entrepreneurs
Value wealth over job security
Can go months or years without payment
Long hours, especially during start-up
Potential for very large payoff
Build their own assets
Have a higer tolerance for risk
Own the company. Can only be fired
by Board of Directors.
Sit behind the desk when interviewing
Are willing to take calculated and
educated risks
Build systems for benefit of themselves
Pay taxes only on NET income
Build assets and then use them to
purchase other assets
Build passive and portfolio income,
taxed lowest
Invests from the inside
Can start other similar companies
Adapt quickly to change
Often have to dedicate yourself fully
during start-up stages. Hard to raise
a family and start a high-potential
venture.
Have access through their businesses
to much larger credit limits
Financial security once venture succeeds
Can become wealthy at young age
Have a bias toward action
Create the systems
Decides who to hire and who they work
with
Have freedom to control direction
of their company
Are able to use all of their skill
sets
Rarely do the same thing two days
in a row
Work on building assets so they’ll
never need a 401(k) or pension
Make money when they sleep
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Jobs
Value job security over wealth
Receive consistent paycheck
Regular, consistent hours
Constant but relatively low payment
Work to build someone else’s
asset
Do not like risk
Could be fired at any time
Sit in front of the desk when interviewing
Adverse to risk
Build systems for benefit of employers
Pay taxes on total income
Do not build assets.
Build active income, taxed the highest
Invests from the outside
Restricted by non-disclosure and non-compete
agreements
Often resist change
Have time to do other things besides
work—such as raise a family or
take up hobbies.
Much harder to obtain significant
credit
Will have to follow strict saving
and investment plan to reach financial
security by retirement
Will not become financially secure
while still young
Often have a bias toward passing the
bill
Have to deal with the bureaucracies
created by intricate systems of the
companies they work for
Have little say over who they work
with
Have little say over the direction
of their company
Use only a small portion of their
abilities
Often have repetitive jobs
Work on building 401(k) or pension
Make money only when they are working |
Hopefully
the table above has given you some insight
into the different characteristics of
entrepreneurs and employees. It is a difficult
choice to make for many. Many aspiring
entrepreneurs choose to work for someone
else for a few years to gain knowledge,
contacts, and capital. Others feel that
the best way is to start out as an entrepreneur
and have the advantage of quite a few
years of learning over their peers. Whichever
you decide, just make sure that the choice
is the one that is right for you, not
just the one that everyone wants you to
make.
::: Read more Ryan
Allis articles
::: Read more Entrepreneurship
articles
::: Read more Job
articles
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