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Research shows that in 2016, three-quarters of millennials in Singapore intend to become an entrepreneur in the next 10 years. Millennials are becoming entrepreneurial at a very young age and 32% of the respondents have already started their own business while still in school. This is mainly due to our cutting edge technology that allows them to easily start a business and handle their tech needs. The research has also shown that millennials are interested in becoming their own boss as they prefer the “do-it-yourself” model. They are also intrigued by the fact that they can work independently or autonomously and practice work-hour flexibility.

Many probably do not know this, but pursuing an insurance career is just as, or one might even argue, more rewarding than seeking an entrepreneurial career. Just like entrepreneurs, insurance agents get to enjoy similar perks such as flexible working hours, good pay and commissions. Not forgetting, insurance agents are also subject to work wherever, whenever and however they want to because they are also their own boss. Both careers are extremely competitive and share many similarities. However, there are a few benefits from an insurance career that you cannot get if you decided to pursue entrepreneurship.

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:

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.

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, an insurance agent 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!

Guideline Provided

Yes, working as an insurance agent 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.

More Benefits

Other than flexible working hours and decent pay, you can easily reap more benefits as an insurance agent. Some of the profoundly attractive benefits are yearly incentive trips, medical benefits, and special grants! You will most likely not get paid for a few months as an entrepreneur, let alone additional benefits.

Want to find out more about the pros and cons of each career? Get in touch with us!

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