If you have recently graduated from college, I'm sure that you have considered having your own business. You may even be well on your way. However, your parents may have other ideas, even be hostile to the idea of you running your own business, especially if you have little business experience to speak of. What could be the consequences of your decision later? Let us examine this classic career dilemma, blow by blow.
Parents Have Experience If you are in your late teens or early twenties, it is possible that your parents are in their 50s or at least late 40s. But what difference does this make? Forty to fifty years ago, there was a great economic depression in the United States. Stock markets have crashed; corporations and small businesses went into a tailspin, job cuts and inflations persisted for years at a time. This was when your parents were your age. They have survived the hard way and they want you to play it safe today because of all they have experienced.
Living on Salaries Make It Difficult To Support Uncertainties of Business Ventures This is true as the life eventually comes down to living on fixed incomes (salaries), monthly bills, mortgages upbringing children etc. The ability to face uncertainties is more measured in terms of monetary strength than on anything else. You may be upbeat about your new venture but they are afraid as they pay more attention to the negative aspects.
If You Have a Great Job Offer, Then Take It I know how difficult it is to ignore the entrepreneurship bug; especially when you may have tasted some success. But what happens if you receive a job offer that is hard to pass up? A pragmatic comparison, much like your bank balance in 5 to 10 years to a hassle free life should tell you what to do. Additionally, great jobs come with many advantages, such as raises, bonuses, car allowances and so forth, which clearly offset the income from a small business with limited support. Your Parents Want You to Generate Wealth the Risk-Free Way Anyone who loves their children would want to see them grow up safely into "responsible citizens".
However, working for a salary doesn't mean you should limit your intelligence to earning a salary alone. There are legal avenues where you can invest and create wealth in a less risky way, but spread over long periods. Real estate and stocks have appreciated hugely in the last decade surpassing all other asset classes in wealth creation. Mortgaging is easy for a new employee rather than new entrepreneurs, which is an added advantage.
You can still continue in your own business, provided the fundamentals are at least near perfect, that is, there is no debt needed and you have a steady stream of reliable customers. Weigh the options practically before making your decision. In the end, it is your life, but you should still be mindful of the consequences.
Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solution's Six Sigma Online offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.