More and more young Singaporeans are drawn to the idea of being their own boss. Advances in technology have made it easier than ever to start something of your own, and many are attracted to the independence, autonomy and flexible working hours that come with working for themselves rather than following the traditional employment path.
Many people do not realise that pursuing a career in insurance can be just as rewarding as an entrepreneurial one. Just like entrepreneurs, Financial Adviser Representatives enjoy perks such as flexible working hours and commission-based income. They also have the freedom to work wherever, whenever and however they choose, because in many ways they run their own business. Both paths are competitive and share many similarities—but there are a few benefits an insurance career offers that entrepreneurship may not.
Why choose Insurance Business over Entrepreneurship?
As mentioned above, both careers are equally rewarding and in a highly competitive market. Nevertheless, there are some differences in terms of benefits that set these 2 apart and here is the list:
#1 Initial Support
While working on your own sounds like a sweet deal, it surely is not going to be easy without any support during the initial stage. That is what you have to undertake as an entrepreneur—research shows that some of the challenges faced in this field are lack of financial capital, expertise in specific topics, resources and human capital, among others. With a career in the insurance business, you don’t have to worry as much because you can opt to attach to a company for initial stage support.
#2 No Capital Needed
If you like to work immediately without having to worry about capitals, the insurance business is the path for you. While entrepreneurs require a certain amount of capital to start, a Wealth Solutions Consultant does not. All you need to prepare to embark on this journey is a license and a laptop or any tool you deem necessary to help you close deals. Some firms, like us, would cover for your exams and supply you with the tools so that you can start right away!
#3 Guideline Provided
Yes, working as a Financial Adviser Representative does provide you with a platform to work autonomously but it doesn't hurt to have a guideline to help you stand on your feet, especially if you are still new to this. In fact, some may even find it helpful and can work more effectively with a set of guidelines. So it is safe to say that in insurance, you don't need to figure everything out on your own, unlike the entrepreneurial game.
#4 More Benefits
Other than flexible working hours, a career as a Wealth Solutions Consultant can come with additional benefits such as incentive trips, medical benefits and grants. As an entrepreneur, you may go months without income, let alone additional benefits.
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