Consider these things before you quit your job to start a business
Should I get a job? It's a steady paycheck every month, but there is no time for myself. I will get a good economic standing but is it enough? Will my potential reach its peak here?
These are some questions all of us have pondered at some point in our life. Every year our graduates wonder about their choices. With the rise of startup culture and wider government assistance in the country, there are more options along with risks and wondering on what to do.
Jobs
Pros
There is no denying the fact that jobs provide steady financial support. This is a great relief and lets you get on with your life without the bills hanging over your head. You can save up for your future endeavours. When asked why he chose to be in the job field instead of starting something of his own, Shaugat Ashraf, a product developer at an ed-tech firm replied, "I have inadequate support to start a business. I don't think I have enough courage to take on the risks of being a businessman. In the job sector, you will constantly get a chance to develop your skills and use them."
Ashraf further stated, "Not only do you learn new skills, but you also get to use those skills practically. Every skill you learn is an arrow in your quiver to shoot for your future." According to him, by sticking to jobs, you get to build your network, which will help you throughout your career irrespective of where you go and what you do. Networking is one of the most important steps of one's career. Our career, like our life, is unpredictable, and you never know when you need something or someone.
Cons
Jobs lack flexibility in terms of growth and pay. There comes a time when you feel there is no growth in the position, and switching becomes difficult. Not impossible; difficult. Jobs do not offer individual flexibility, as everyone is there for certain jobs.
There is no room for trial and error in jobs. With every mistake, you get marked, and opportunities start to slip away without you even knowing. Even though you get to learn from your mistakes, it comes at a price. Jobs can get monotonous owing to their routine. The only answer to this problem is to love what you do. Like everything else, the job site has downsides. But in the end, it depends on the person. What you want to do, what you see yourself doing ten years from now.
Maliha Yasmin, an undergraduate student, prefers getting a job first to get exposure to the professional world and observe the market demand very closely. "Taking a leap from employee to entrepreneur seems more convenient to me. I have not planned when I want to take that leap, as the future is all about uncertainty. Planning is important; being adaptive is more," said Yasmin.
Distribution Business
Now, there is always the option of starting a business. Especially if you feel like jobs are not for you. And, not just any business, but distribution business - a common business among Bangladeshis. When you think about it, distribution and online retail have a lot of similarities, more than most small-scale businesses.
Pros
One of the major benefits of a distribution business is a small investment. You can start off with Tk. 20,000/- worth of FMCG (Fast-Moving Consumer Goods) and gradually increase the amount of investment. When it comes to FMCG products, the risk remains at a minimum and the ROI (Return on Investment) reach breakeven. If you want to get into the distribution business, you might consider selling in wholesale or retail. When in distribution you do both supplying to local wholesalers as well as retailers. Many consider that the most charming aspect of this line of work.
Nahiyan Ibne Hashem, an ex-field marketing executive of an international firm, started a distribution business of ghee or clarified butter. He supplies to retailers and he retails himself too. In three months since starting, only a few kilos remain, with orders of 15 kilos coming in every week. This was a big success for the launch, and according to him, he has full control over the business and expresses full creative freedom over it. He managed to utilize the upcoming event of Laila-Tul-Barat's local sweet-making tradition to accelerate his sales.
Cons
The distribution business requires an extensive amount of attention and time. There might be times when you end up staying long hours in the fields. Forgetting to eat is a common problem when you are working to make your business a success. "Today I ended up staying all day at Kawran Bazar just to greet a wholesaler," said Hashem.
But this is just one aspect. There are times when you do not have sufficient funding to operate your business. Random hikes like the current oil price hike of Bangladesh can have a deadly blow. Investment rates can go up drastically. Distribution and sales will go down. We need to keep in mind that business is a gamble that dwells on many variables. But at the end of the day, hard work pays off.