Why Full-Time 9 to 5 Jobs are Risky
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Why Full-Time 9 to 5 Jobs are Risky
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Re: Why Full-Time 9 to 5 Jobs are Risky
#2Many people view businesses as risky when in fact it is not entirely true. I wrote this quick piece to explain my thoughts on why 9-5 jobs aren’t diversified and are in fact riskier
Re: Why Full-Time 9 to 5 Jobs are Risky
#3Taleb wrote an analogy to this in “Antifragile” when he introduced a banker and a London cab driver to illustrate a similar conclusion. It was (for me) one of the key insights I took from that book.
Re: Why Full-Time 9 to 5 Jobs are Risky
#4Many people view businesses as risky when in fact it is not entirely true. I wrote this quick piece to explain my thoughts on why 9-5 jobs aren’t diversified and are in fact riskier
A lot of business are just a few customers away from being unprofitable. That being said, people do often underestimate their chances of being laid off.
Re: Why Full-Time 9 to 5 Jobs are Risky
#5I agree with this mostly but to play devil's advocate: If you are good enough to build a product that people are willing to pay for, would it be really that hard to get a new job if you lose your current job?
Re: Why Full-Time 9 to 5 Jobs are Risky
#6"With a full-time job, you might be fired due to external circumstances (such as COVID-19)"
Many businesses went under. External forces affect you perhaps more as a business owner but have some control over the response.
Re: Why Full-Time 9 to 5 Jobs are Risky
#7"Since most full-time jobs involve a single employer — it’s a one single point of failure — meaning, you just need your employer to fire you to lose your income.
With a business, you usually have more than one customer and in the majority of cases: tens, hundreds, thousands, and even millions of customers who are your revenue source"
This claim is so overly superficial that it's not helpful. The percentage of businesses that fail is way higher than the percentage of people that get laid off in any given year, typically. And it's not like businesses haven't struggled to survive during COVID-- just as much as any employee has lost their job. Losing 20% of your customers can be the difference between the company surviving or not, it's not like that just means you lose 20% of your profit.
Re: Why Full-Time 9 to 5 Jobs are Risky
#8[deleted]
Re: Why Full-Time 9 to 5 Jobs are Risky
#9This seems to ignore the costs of acquisition
Getting one source to supply 100% of your income is easier than getting 100 sources to supply 1% each. Eventually the cost of management outweighs the benefits of distributed risk.
Re: Why Full-Time 9 to 5 Jobs are Risky
#10One pays you $5, the other pays you $100k