“Business or a salaried job? What do you think is the better option?” is one of the most common questions that I come across while interacting with those starting their professional life. Guess this dilemma has lingered for decades now.

There is no right or wrong answer here. It depends on the individual—her character traits and aspirations.

If one is mentally inclined towards a regular monthly income, then a salaried job may be the best option. Those who love taking risks to pursue a dream can opt for business. When you start a business, a key requirement for growth is that a part of the profits should be ploughed back into the business. In a salaried role, you may be better placed to fulfil the need for a steady income befitting your lifestyle.

There was a time when many budding entrepreneurs had to become salaried workers because of the lack of access to capital. Today, there is an array of microfinance and other loans for micro, small and medium enterprises for such entrepreneurs. But if you need money to buy a double-door refrigerator or a plasma TV, it is better to be a salaried worker than a business owner to secure a personal loan.

A business owner does not require any minimum educational qualifications, which are essential for those seeking a job. There are many ways to learn how to start a business. A degree in business management, learning from a mentor, self-teaching, or hiring a business advisor may all be as helpful as the other. A business owner will need exposure in varied fields such as management, marketing, production, human resources, compliance and, most importantly, finance.

For a person in the job market, qualifications may involve an educational degree, minimum years of experience, and/or certifications that an employer deems necessary to ensure that the candidate will be able to perform well in a job role. Working in a job role may also provide opportunities to develop skills and grow with new responsibilities or promotions.

While running a business gives the business owner a chance to be as innovative as she wishes to be, employees can also be innovative, depending on the culture of their organisation. However, employees must get their innovation “approved”, and the process can be time-consuming or result in rejection. A business owner, on the other hand, can veto the critics although I am not sure if seasoned entrepreneurs do this.

The bottom line: it is foolish to stick to any one option if it is not fetching results. So, if you want the security of a job but are not getting any offers, think about becoming an entrepreneur instead of just brooding over your jobless state. Similarly, if you are an entrepreneur stuck with a loss-making business and can’t see any light at the end of the tunnel, you could try getting into a job for income security and switch back into entrepreneur mode later.