I am in my 40s and recently lost my job as a plant manager. I am trying to start my own business but sometimes feel like I will never be able to make it. My wife likes security and thinks a nine-to-five job makes sense. Please help.
– Anonymous
Blake Johnson
Blake’s Take
Dear Anonymous,
Thank you for your inquiry to Blake’s Take.
Many of us grapple at some point with career choices. The freedom of entrepreneurship and the stability of a nine-to-five job only heighten the anxiety of getting it right. I happen to have experience in the decision you are facing and am happy to provide some insight.
I would begin by pointing out that both options are great when paired with the right lifestyle. Your lifestyle should match your goals, values, and current circumstances, and when these align, the advantages and disadvantages of both options will be evident.
Running a business affords you the luxury of deciding what that business does. You are free to choose something in line with all your dreams and aspirations. Other advantages of running a business arise from being the person in charge. The person in charge has the option to make all decisions or delegate responsibility where they see fit. As a past plant manager, you may have already developed some of these skills.
On the adverse side, starting a business is not easy and often takes years to become lucrative. Dedication, focus, and long hours are required to get up and running. These demands can lead to your feeling “like you will never be able to make it.” Even when a business is thriving there will likely be periods of deficit to overcome. Success is not guaranteed, and problems will certainly arise. A business owner must consider and prepare for obstacles.
Although there is a lot less freedom working a nine-to-five job, there are advantages to consider. Finding a job with an established or growing company offers the feeling of stability. Many people are more comfortable in a structured environment where they can leave the stress of the day behind. Additionally, numerous companies offer competitive salaries along with benefits like paid time off, health insurance, and retirement plans. These benefits and a steady paycheck help build the sense of security your wife is talking about.
Just like running a business, there are disadvantages that come with being an employee. Some companies like to micromanage, which limits the creative freedom of their employees. Without creative freedom, a job can quickly become monotonous. Taking a job also requires being part of a hierarchy that may be riddled with jealous and disgruntled employees. Furthermore, most jobs come with rules and schedules that you must follow. It is important to remember that with micromanagement, a chain of command, and rules, the security and stability we associate with having a job is not guaranteed.
As you can see, there can be pros and cons to both paths. I recommend making a list that aligns with your goals, values, and circumstances. If your dream is to create something and you value freedom of expression and independence, then running a business might be to your advantage. On the other hand, if your goal is to provide for your family and you value time at home, employment might be to your advantage. Once you have a customized list, go over it with your wife and a trusted mentor.
Also, consider your circumstances, but it is important to note that circumstances are often temporary. If finance is a concern now, you can always take a job and continue to develop your business on the side. Transitioning to entrepreneurship can take place over time, reducing the financial strain. Moonlighting employees have started many successful businesses.
Last, I would like to leave you with the advice a friend gave to me before starting my own business years ago, “The worst thing that can happen is you can fail.” It is refreshing to know, should you choose to continue your business and fail, you can always go back to work for someone else or try again. We only completely fail when we stop trying!
Good luck in the decision-making process and I hope you find fulfillment in whatever path you choose.
Warm regards,
