LagBlogger:

For the young highly self-motivated Nigerian graduate who has just concluded the mandatory one year NYSC programme, the number one question on his/her mind after considering how difficult it might be to secure a job is what next? Do I start submitting my CVs to companies and organizations or do I start out on my own with whatever resources I have at my disposal?

Really the choice depends on every individual some people love the idea of being their own boss that they may not consider paid employment worthwhile, whereas some others want to be on the look out for employment opportunities.

For me though I would choose the middle ground that is to seek employment with a prospective employer while pursuing my small business idea on the side. What I mean is - just as I am presently doing- run a part-time business such as blogging and teaching while I pursue employment opportunities in corporate Nigeria. For me the need to be employed still falls within my vision of becoming empowered because there are uncountable scraps of business knowledge I can acquire while I work for someone else.

For instance, marketing skills, time management skills even administrative skills which are necessary for every business person to reach the summit of the corporate world can be acquired faster if one works for more experienced professionals so that when eventually I want to launch out on my own I will be well grounded and not just using trial and error to explore the business world – one of the major causes of business failure.

So while both seem to have their merits they certainly have their demerits. Let’s look at the merits of working for someone else then it’s demerit before looking at the merits and demerits of being your own boss.
The pros and cons of working for someone else

With paid employment – the white collar job – you have a stable source of income, a more secure outlook for the future one doesn’t worry about where and how he/she would earn their next income. The monthly salary ensures that you are sure of an income likewise other benefits that come with a white collar job such as health insurance, travel allowance, study leave allowance, bonuses and other such benefits. But consider also that you may be at a loss if besides the regular job you have nothing else that occupies your long range vision. All you have anyway is a salary with very little savings if any and your earning potential is limited and crappy because it depends on what your boss thinks is good enough for you. Of course there is also limited freedom, you have to be at work whether you like it or not or else you get fired and there are many people in the labour market waiting to replace you so you have to just ‘please your boss’ by working, which is one of the reasons many people hate their jobs.


The Pros and Cons of being your own boss

Self-employment on the other hand offers you freedom, to be yourself, to pursue your dreams and ultimately to be the master of your destiny. There is the chance that you will be ‘unfairly’ rewarded with so much wealth that one might begin to think that there is a conspiracy against ‘hardworking people’ who work for someone else. Ever wondered why the boss seems to do less work but gets all the money? It’s because unlike the job keeper who gets paid for his/her time and efforts, the boss gets paid for his ideas. He uses other people’s time and efforts to get results that the market appreciates and rewards him for. In addition he can determine how long he works and if he so wishes can go on vacation every week whereas the other person working for someone else will be at work whether he/she likes it or not.

The main disadvantage is if you fail, you will have nothing to fall back on for a regular income except if you have willing family and friends to support you (but that means becoming a liability).
Really, one could say neither is better or worse more so since not all of us can be our own bosses or workers employed by others. Really for each of us, who we are and who we are willing to become determines which is better.