Career in Entrepreneurship can be one of the most important choices you make in your life. A career that you are successful in, but also enjoy doing, will affect all aspects of your life in a positive way. But do we explore all career options before deciding? I say we don’t because statistics show that 68% of men choose the wrong career path early in their life?
Careers have changed so much since 2010. Corporate jobs turned out be less beneficial than they used to be. Job security doesn’t exist anymore. Career growth in those organisations is difficult or non-existent.
Soon every career in the corporate world will change due to the thing which we call ‘AI’. For some of you who do not know it, its Artificial Intelligence. The 4th Industrial Revolution, effecting individuals and organisations, which continues into the future? In fact, it is happening right at this moment as you read this blog, and you don’t even know it, but later on that.
For those who drive themselves, who want to take on a challenge, want more control of their time and money. The excitement creating a future, the entrepreneur career path may be the best choice.
Whichever route you pursue, make sure you do your due diligence. Research all the different options and opportunities available before you choose a career.
Helpful link: If you want to start a business, you require a business model and business plan, then maybe you should look at some of our business startup programmes
1 – What impact can YOU have, with a Career as an Entrepreneur?
Entrepreneurs create new businesses
Path-breaking offerings by entrepreneurs, in the form of new goods and services, result in new employment, which can produce a cascading effect or virtuous circle in the economy. The stimulation of related businesses or sectors that support the new venture add to further economic development.
Entrepreneurs add to national income
Entrepreneurial ventures literally generate new wealth. Existing businesses may remain confined to the scope of existing markets and may hit the glass ceiling in terms of income. New and improved offerings, products or technologies from entrepreneurs enable new markets to be developed and new wealth created.
Entrepreneurs also create social change
Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. Overall, this results in an improved quality of life, greater morale and economic freedom.
Entrepreneurs regularly nurture entrepreneurial ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development beyond their own ventures.
Some famous entrepreneurs, like Bill Gates, have used their money to finance good causes, from education to public health. The qualities that make one an entrepreneur are the same qualities that motivate entrepreneurs to take it forward.
2 – So, what’s in it for YOU, with a Career as an Entrepreneur?
Being a business owner can be extremely rewarding. Having the courage to take a risk and start a venture is part of many individuals dreams. Success brings with it many advantages:
You are independent
As a business owner, you’re your own boss. You can’t get fired. More importantly, you have the freedom to make the decisions that are crucial to your own business success.
You choose your lifestyle
Owning a small business gives you certain lifestyle advantages. Because you’re in charge, you decide when and where you want to work. If you want to spend more time on non-work activities or with your family, you don’t have to ask for the time off.
You choose your rewards
In spite of high financial risk, running your own business gives you a chance to make more money than if you were employed by someone else. You benefit from your own hard work.
You choose opportunities to learn
As a business owner, you’ll be involved in all aspects of your business. This situation creates numerous learning opportunities to gain a thorough understanding of the various business functions.
You create freedom and personal satisfaction
As a business owner, you’ll be able to work in a field that you really enjoy. You’ll be able to put your skills and knowledge to use, and you’ll gain personal satisfaction from implementing your ideas, working directly with customers, and watching your business succeed.
3 – Is it really so Easy, to be an Entrepreneur?
No, it’s not, because we live in a real world which have its up and downs, which means that a career in entrepreneurship have its downside as well. Here are some of the risks you run if you want to start a small business:
You face financial risk
The financial resources needed to start and grow a business can be extensive. You may need to commit most of your savings or even go into debt to get started. If things don’t go well, you may face substantial financial loss. In addition, there’s no guaranteed income. There might be times, especially in the first few years, when the business isn’t generating enough cash for you to live on.
You face a stressful life
As a business owner, you are the business. There’s a bewildering array of things to worry about like, competition, employees, bills, equipment breakdowns, customer problems. As the owner, you’re also responsible for the well-being of your employees.
You face the commitment of extra time
People often start businesses so that they’ll have more time to spend with their families. Unfortunately, running a business is extremely time consuming. In theory, you have the freedom to take time off, but in reality, you may not be able to get away. In fact, you’ll probably have less free time than you’d have working for someone else.
You will do things you don’t like
When you start up, you’ll undoubtedly be responsible for either doing or overseeing just about everything that needs to be done. You can get bogged down in detail work that you don’t enjoy. As a business owner, you’ll probably have to perform some unpleasant tasks, like firing people, as well.
4 – So, should I DO it or NOT?
In spite of these and other disadvantages, most small business owners are pleased with their decision to start a business. A survey conducted by the Wall Street Journal and Cisco and Associates indicates that small business owners and top-level corporate executives agree overwhelmingly that small business owners have a more satisfying business experience.
Helpful link: If you want to start a business, you require a business model and business plan, then maybe you should look at some of our business startup programmes.