College Crunch

As people finish out College, they have to decide what they are going to do next, and most will join the first company that is willing to take them, as graduates are rarely highly experienced in the work world, outside the topics they spent two or more years studying.

I have both worked for a company, and gone freelance, and there are a few advantages and disadvantages to each.

Joining a Company

There are millions of companies around the world looking for new talent willing to fill their junior roles, and trade a potentially lower pay check for the opportunity to gain some real world business experience and skills.

Advantages:
Working with a pre-existing company gives you the opportunity to learn, have access to expensive equipment, and gain experience from those more senior to you. You will also sometimes get a benefits package, meaning that you can finally get your cavities dealt with and breath a little easier when you get injured.

The most important issue to most though is that your pay check is consistent, and when you are first starting, probably higher than if you had started your own business.

Disadvantages:
For me, one of the biggest issues was following the rules, standards and ideals that had been set in place. In school, I had learned a few techniques that could have helped streamline the daily business activities, but because I was so junior and they had a schedule that they liked to keep, the idea was tossed aside.

They will also take advantage of your own inexperience sometimes, and expect you to take on tasks that would otherwise be beneath your level of expertise and experience.

You will also have to deal with corporate politics that are engrained in nearly every business over a dozen people.

Starting Your Own Business

It might seem difficult with some of the economic shifts currently happening to find the capital to start a business, but going freelance or starting a small business can be a great opportunity for students looking to make their mark on the world. I suggest that those looking to go down this path, make sure to team up with others, and not go and start a business on your own. Having support and a wider idea pool is always a good way to build a business.

Advantages:
Everyone wants to leave a legacy behind, or make the big bucks, and working for someone else can stop you from achieving either of those goals, as there might be a salary cap on the position you wanted in a company, or just the idea of working for someone else doesn’t seem like a good idea.

Building your own business is like building anything, after a while, you’ll hopefully have something you can be proud of; something that you can point to and say “I created that business.”

Disadvantages:
Controlling your own destiny might seem like fun, but it is a lot of hard work, and if you are doing everything yourself, you better understand every facet of running your business, from competition to taxes.

Usually, businesses don’t make much money in the first few years as most of the capital goes back into the business or paying off business loans. If you are looking to make a lot of money fairly quickly, going into business for yourself might not be the route you’ll want to take once graduating College.

Conclusion

Do you join a company after graduating College or build your own business? It might be a difficult choice, but it really depends on your personality, your goals, and your understanding of business.

For example, being an amazing electrician is great, but if you are unable to balance your books, promote the company, network, and carry out the various tasks that people place on you, then you might want to work for someone else, rather than starting your own company.