As the son of a Small Business owner and loyal corporate citizen for 25 years in the Aerospace and Telecom industries I thought it would be interesting to compare the pros and cons of the two career directions.
Making the topic more interesting is the perception many folks have today about corporations in general. I am an engineer with an MBA by education and my thought was to work corporate, make my money, make my contribution and go home at the end of the day. However, what I learned was that with constant pressure to perform for the board and stock holders particularly in tough economic times keeping a corporate job requires much more.
It seems in the corporation everyone wants to keep their job and this creative tension somehow fuels us to do great things so the company survives and in turn we do well also. Fundamentally, this works with the exception of a couple key points. Those exceptions are greed, jealousy and politics.
As the corporate jobs get fewer and outsourcing continues, it is harder and harder to keep a decent job in the US, particularly in a major metropolitan area such as New York City or North East New Jersey. To make ends meet in areas such as this, a family income of about $150,000 is satisfactory. This income brings a decent (two cars, house, and good food) but certainly not a luxurious life style. Savings, vacations, fine dining... are pretty much out. So with that said how does a single worker family secure $150,000 per year employment when this is considered in the top 10% of the US in salary? Add to this, international corporate pressure such as (the US employees live too well, they should not be paid so much and are relatively easy to lay-off), to keep the job it makes the equation seem risky and hard to rely on.
In order to secure, such employment the political element enters and take care of the boss and all related people in any way. Perhaps this is good as it keeps the mass aligned but it can be slow as it in reality is just a big line or process that has to move. Add a boss or group of bosses who do not care about the details and you end up with a non-optimal and frustrating work environment. Just in case my boss reads this (as you some times do), you know you are the best and this does not pertain to you.
The small business route is also a very interesting alternative. For a self-employed individual job, security is assured but business life is not. All of the sudden customers are very important. When negotiating a deal that 1% is yours or not yours and on a big enough deal it can mean something. Excess inventory, accounts receivables.... all are very important. Supplier quality takes a new meaning. When a supplier sends the wrong product or is constantly, short it is costing you personally and you cannot serve your customers well.
Yet the small business is yours. Your work serves you. Some folks tend to lean toward the self-employment solution. The trick, I believe is to be large enough that you do not have to relay on one or two customers for success. Yet, do not get too big that the enterprise is more work than it is worth. Tax relief is also more available as a small business owner.
Therefore, the question, which I ask you, is which is better:
1. Own your Own Business
2. Work in Corporate America.
3. Do both
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