People always say that starting a business is very risky but if you look at the present state of the job market, at the salaries of the employees and at the ever-increasing cost of living you will be forced to think again. In the year 2000, the average salary of an employee was $34,154 and the rate of inflation was 2.59%. In the year 2017, the average salary was $49,789 and the rate of inflation was 5.21%. The salary of an average employee increased by 3% every year but on the other hand; inflation also increased by 5.21%.
Let us understand this with an example – If in the year 2000; you got a salary of Rs 1,000 and your household expenses were Rs 700; your savings were Rs. 300(1000-700). Since the rate of salary hike was 3% and that of the inflation was 5.21%. your savings for the year 2001 would be Rs. 295(1030-735). So, for every year your saving decreases since inflation is increasing at a higher rate than income.
I think that doing a traditional job isn’t that safe, in fact, I believe that getting a traditional job is riskier than starting a business. Recently 2.8 crore people in India applied for a government job which only had 90,000 seats. So the chances of a person getting that job is a mere .03%. In a study, it was found that the chances of your startup succeeding in India are only 10% which is much more than getting an average government job.
We all are standing at the cusp of an artificial intelligence revolution. Today, big businesses are trying to get leaner and meaner because they don’t want to pay for your benefits, your pensions and your vacations. You might have heard in the news that in Delhi; automatic metro trains have been started. Most of the companies have started using machines and robots to manufacture their products. Google and Tesla are trying to produce self-driving cars. So, it is clear that the big companies are trying to automate whatever they can. In a study, it was found that 7.1 Million people will lose their jobs by the end of 2020 due to improvement in technology.
You can watch a video here that explains how Google’s artificial intelligence is talking to a human and fixing an appointment for a job.↓
Hence it is proved that doing a business or planning to startup is safer than doing a job. So if you are confused whether to go for a job or start your own business then choose the latter as there are more chances of your success if you do so.