For the Family Man: Job or Business?

The dilemma of choosing between a job and starting a business is a complex one, especially for the family man. While some individuals thrive on the independence and control that comes with having a business, others find immense satisfaction in the structured environment of a job. The decision ultimately depends on a myriad of factors, including the family's stage of development, income requirements, personal skills, and health considerations.

No Simple Answer

There is no straightforward answer to whether a job or a business is better for the family man. A variety of factors, including the stage of your family, the need for multiple incomes, the health insurance provided by an employer, and the ability to work remotely, all play a role in this decision. In small towns or rural areas, owning your own business might offer the most feasible path to a decent living, while in larger cities or urban areas, a job might be more suitable due to the availability of resources and support.

Factors to Consider

When considering whether to start a business or take a job, several key factors come into play:

Family Stage of Development

The stage of your family is a critical factor. If the family is young, a job might be more advantageous as it could provide more time for family. With older children, a combination of a job and a business might be a better strategy, offering the financial stability of a job while building a business for the future.

Income Requirements

The need for multiple incomes, health insurance, and the ability to cover commute costs are also important. Employers often provide health insurance and a stable income, which might be necessary for a family man to support his household. On the other hand, owning a business can provide a significant income, but it requires a high level of dedication and risk management.

Market Viability

The market viability of your potential business depends on several factors, including your skill set, the market niche, and the location. Not everyone has the skills or resources to start a successful business. Even if you do, the business might not pan out as expected, leading to financial losses.

Family Support and Financial Stability

A job provides a steady income, which can be critical for financial stability. Over the long term, it might be easier to cover monthly bills with a job, and it can also be a better path to building real wealth. A job can provide a level of comfort and predictability that is often lacking in a business.

Personal Considerations

Personal factors such as your physical and mental health, the availability of family members to help with household chores, and your skill set, all play a role in deciding whether to start a business or take a job. It is essential to evaluate your strengths and weaknesses and determine what you are capable of handling. Starting a business requires a high level of dedication and often comes with a significant risk if the venture fails.

Spouse’s Involvement

Talking it over with your spouse is crucial. If your spouse does not support the venture or the job, it can lead to marital stress and even the breakdown of the family. The emotional and financial stability of a job can provide a buffer against potential tensions that might arise from a business venture.

Following Your Bliss

It is important to be wary of advice like "follow your bliss." This advice, often cited from the 1970s book 'What Color Is My Parachute?', can be poorly advised. While following your passions can be rewarding, not every business or industry is equipped to pay well. Often, the most financially rewarding businesses are those that are the most dull and least appealing, as no one wants to do them, and people are not paying attention to the industry.

Conclusion

Ultimately, the choice between a job and starting a business for the family man comes down to a careful evaluation of the various factors involved. It is essential to weigh the financial stability, personal skills, and the support of your spouse to make the right decision that best supports your family.