Minimum wage job vs. entrepreneurship

teen girl  with a ten dollars billWhy should you start a business instead of just looking for a job? There are a lot of reasons why starting a business might be a better option for you.  I’m going to cover the major one in this post.

Money

Getting a job where you work for minimum wage isn’t going to make you a ton of spending cash.  That’s because you are trading your time for dollars.  You go to school 8 hours a day.  By law, you can only work a limited number of hours until you are out of high school. Maybe you are in the school band or play football.  That likely takes a few hours after school (at a minimum).  If you factor in time for homework and chores around your house, your time is limited.  So 10 spare hours a week for only $8 an hour is only going to get you $80 per week. Less really because you have to pay taxes on that income.

Now let’s compare that to running a business that you started.  You can design websites for small businesses in your company.  If you charge $50 per month to maintain a company’s website (which takes 2 hours a month), that’s $100 working only 2 hours!  $50 an hour isn’t bad. James Altucher, a very successful entrepreneur and best selling author, tells a great story of how he encouraged his teenage daughter to start a business rather than take a minimum wage job. Look at his example of how you can work less and make more money:

“I said to her, instead of that: why don’t you go to Lynda.com or CodeAcademy.com and learn basic WordPress skills. You can make blogs for stores. It would take you ONE DAY to learn the basics. Then go from door to door to every store in town. Say for $1000, plus $50 / month maintenance, you’ll make their blog or basic website for them and help them upkeep it. If they require a “shopping cart” then charge them $2500.”

 
You can read the story and his full post over on Medium at The Best Advice Ever To A Teenage Daughter Who Needs To Make Money

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